Advice please - mortgage free or invest the money?

squirrelchops

Dear all

I have bought a house for £150k cash (borrowed from relative and some of my own money) - this was due to it being a repossession and I had to move very quickly.

Currently I have another house on the market for £350k - I own this outright having inherited it some years ago. There will be a capital gain to pay on approximately £100k

Is the best bet always to be mortgage free?

By this I mean the plan was to remortgage new house and get mortgage for £80k to pay back the money lent to me.

Is this sensible or should I use the proceeds of house sale to be mortgage free?

The reason I am asking is that I could see how £80k could be better invested elsewhere and make a higher rate of return than the equivalent monthly cost of the mortgage.

Financially paying the mortgage is no issue - I earn £33k and am 37 so many years more of gainful employment. I work in a field where there is no fear of job shortages.

Any advice gratefully received

squirrelchops

Any advice? Nearly 400 views over 2 separate threads and not one reply....

Cream_Tea

:hello:Ok I will break the internet silence.... I don't know too much about this but on a smaller scale when I've asked for advice on what to do with my earnings each month people seem to been keen on the idea of covering all bases eg pay debts, save, contribute to pension and OP mortgage. I'm sure on a larger scale this also is true. Invest some, reduce your mortgage and pay relatives back.
I hope this is of some help if only to break the ice :hello:

Libber

edit: nevermind, misread