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Mortgage Vs Savings
ferny1984
Posts: 1 Newbie
We are in a very lucky position not to have a mortgage or our current property and have sold it for 118k.
The houses we are looking to move to cost between 150-180k
We have savings of about 15k
My husband is disabled and only works part time, earning less than 10k. I have a full time job, but a low wage - just less than 20k/year pre tax.
Husband gets disability benefits, but aren't eligible for any other help due to our savings.
Our dilemma is this - get a 30-60k mortgage to buy our new property, depending on what we pick, or put our savings into new property and get a 15-45k mortgage?
All savings are in account with as high a rate as we could get at the time - think around 3.5%
We are good at saving, however neither of us have an 'official' pension (we are aged 25 & 29).
The houses we are looking to move to cost between 150-180k
We have savings of about 15k
My husband is disabled and only works part time, earning less than 10k. I have a full time job, but a low wage - just less than 20k/year pre tax.
Husband gets disability benefits, but aren't eligible for any other help due to our savings.
Our dilemma is this - get a 30-60k mortgage to buy our new property, depending on what we pick, or put our savings into new property and get a 15-45k mortgage?
All savings are in account with as high a rate as we could get at the time - think around 3.5%
We are good at saving, however neither of us have an 'official' pension (we are aged 25 & 29).
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