What would you do?

39 Posts


House been valued at £235k, got a £70k mortgage. Looking at 2 options. Do the usual 'hike the mortgage up a bit' to move up the ladder a bit....or move down slightly and be mortgage free. We've seen a house that would mean the only compromise we're making is no garage/drive and a small courtyard garden (but that doesn't bother me - no weeds!) and we seem to be gaining bigger spaces room wise (old house).
But if I free up £500 a month (mortgage payment), not sure I'd know what to do with it and where better an investment for your money but property? Would you save this or would you buy a small 2 bedroom terraced house as an investment to rent out?
Thoughts?
But if I free up £500 a month (mortgage payment), not sure I'd know what to do with it and where better an investment for your money but property? Would you save this or would you buy a small 2 bedroom terraced house as an investment to rent out?
Thoughts?
0
This discussion has been closed.
Latest MSE News and Guides
Replies
No probs re. the garden, as not everyone wants the hassle of tending one.
Could you look around for a property with a driveway, that is still within your price range? Some purpose built blocks of flats have garages. It doesn't seem like you are in any rush, so don't do anything hasty if you have doubts.
The second property to let out is a good idea, but might involve more work than you think. And of course, all your eggs would be in the property market.
I've never driven a car in my life
My gut feeling: downsize to the house you've seen, stash some money in ISAs for a couple of years, then have a look around for the perfect letting property and buy when you're ready.
Member #6 SKI-ers Club
Bonus that I forgot to mention...It's opposite work for me....not that I travel far at the moment but to all intents and purposes I could sell my car!
I'm swaying towards going for this house, paying off the mortgage, and putting some spare money into ISAs and some into longer term savings.
Let's just hope our house sells now! Board only goes up this week so ...fingers crossed!
Member #6 SKI-ers Club