should i overpay mortgage

I have a £120,000 repayment mortgage and pay about £1000 per month. i have a shortfall of about £400 which i pay with savings, as income does not cover this. I have enough cash to buy a small buy to let property with my savings so I could have a rental income of about £500 which would cover the shortfall. Should I buy a property or spend this money overpaying mortgage. I think i have about 8 years left on it.

Replies

  • ThrugelmirThrugelmir Forumite
    85.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭✭
    In principle overpay the mortgage.

    What would you do if the BTL cost you money rather than generate a profit?

    What rate of interest are you paying on the mortgage?
    Real insurance claim quote : -

    "Going to work at 7am this morning I drove out of my drive straight into a bus. The bus was 5 minutes early.".
This discussion has been closed.
Latest MSE News and Guides