financial advise

stevetaylor20

i can't find a good financial advisor. i seem unable to make a decision about:

- just paying off my own mortgage in full
- buying someone cheaper out of london and renting out, with a 2.5% mortgage
- buying somewhere in london for like 400K + with what would be a 4.4% mortgage, as i'm a contractor, a large mortgage i'd have to show my company accounts, the smaller mortgage above i could get with my personal tax records.

To me it seems buying somewhere for 150k say in southampton on a 2.5% rate repayment mortgage makes sense. i'd make no money per month but someone else would be paying the mortgage.

Then again i'd like to be mortgage free as soon as possible, least i like this idea.

jodles16

Hello! Im not sure how much help I can be but will try!

Do you need to move? Could you do work to your current house to make it better to stay? There is the mortgage free forum as well which might be useful to go and have a nosy on.
I guess it might make more sense to buy a cheaper property to rent at least initially then perhaps buying something bigger if necessary! I would definately look for a good mortgage advisor, ours is amazing and I trust her implicitly for both the mortgages we have gotten. She also answers my random questions randomly throughout the year! Im in Wales though so she wouldnt be that useful to you... Try word of mouth with people you know and work with, and most of all good luck!

Jodles :j

Thrugelmir

Good luck with finding a 2.5% BTL mortgage. I think you are somewhat being optimistic.

Settling ones own mortgage at least provides security and provides peace of mind.

longtermplanner

My guess is you must be making making good money as a contractor and this normally involves a lot of work and mental concentration. It may be that getting a BTL would be a good financial move, although I suspect you have left it several years too late to pick up a bargain. But at this point in you life you probably don't need the extra complications of daling with tenants or agents and tax returns etc.

I would suggest that paying off your own mortgage has the huge advantage of simplicity. Keep your finances simple and put your effort into your career, which you are good at