Mortgage advice please

RichPaula

Hello,

Please can I have some advice. I have bought my property and can afford £250 per month to do 'something' with. This figure will increase by another £300 next year once I've paid for a conservatory.

I have no other debts apart from my mortgage which is 200k. Having only just started my mortgage I have 35 years left (moved into my current house last week).

On the conditions of my mortgage I can pay 6k in over repayments before hitting charges.

I have two young (toddler and preschooler) sons who I want to make as secure as possible in the future house wise. However I also want to make myself as comfortable as possible. My question is... Do I:

A) make over payments on my mortgage up to 6k
save up a deposit for a second property to buy to let which I can then give to the boys when they are adults (I understand there are tax implications here). Or at least allow them to rent when they don't want to live with us anymore, saves them renting and giving money to other people then eventually give them the property
C) do a mixture of the two. Use some of my money to over pay and use some to save for a deposit. I know this will take longer to do though
D) if I do buy a second property would it be shrewd to buy new builds off plan then re-sell once completed? I know that there isn't a guarantee in valuation here though. Then pay any money accumulated off our current mortgage?

My head is spinning because experts seem to disagree on what is best.

I don't know if this is relevant but if it makes any difference our house now is a 4 bed and will certainly be suitable for the foreseeable future but we have got our eye on one more move to our forever home to get a 5 bed. Would mortgage lenders look at our over payments favourably when offering mortgage deals? Would a buy to let property somehow negatively influence future mortgage deals because we would have more debt? Sorry to sound dense and to waffle but I am totally confused!

Please no nasty comments, just advice wanted

Thank you for your time

ACG

You need to decide on what you want to do.

Buying a property to let out is not for everyone (I used to have a BTL and in 18 months I had a tenant who burnt the carpet and denied it, which meant I had to go and dig out receipts showing it had been fitted the day before he moved in and also continuously locking himself out and then another who drilled a 6 inch hole in a wall to allow ventilation for the cannabis farm she had growing), the house was in a nice area and both tenants had good stable jobs. What would you do if a tenant decided to not pay rent and you had to go through the eviction process - potentially taking months... could you afford to pay 2 mortgages?

That really is something only you can decide on. Once you have decided its then easier to make a plan about what is the best option.

Having a BTL in the background should not cause lenders any major concerns in the main. There are sometimes a few small hoops you need to jump through but nothing too difficult.

Making overpayments would not really impact on you getting a mortgage one way or the other, it would just mean you have more equity to move across for the deposit when the time comes.