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2nd home: save for deposit or pay off current mortgage? Advice please
Aman1513
Posts: 1 Newbie
Hi All,
Thought I'd come here for your views as forums have helped in the past!
I pay the mortgage for my parents house and now would like to get my own. Should I try and pay theirs off as much as I can so it's either paid off or so low I don't need to worry OR try and save for a deposit for my own place?
Not sure what works out better in the long run. If I only have to worry about one mortage it will really reduce my worry but then I am not sure if ever I will save enough to get a deposit for my own place?
What's best to do? Pay of the current mortage? Out of fixed period and ok tracker so worried about the BBR rise too!
Thanks.
Thought I'd come here for your views as forums have helped in the past!
I pay the mortgage for my parents house and now would like to get my own. Should I try and pay theirs off as much as I can so it's either paid off or so low I don't need to worry OR try and save for a deposit for my own place?
Not sure what works out better in the long run. If I only have to worry about one mortage it will really reduce my worry but then I am not sure if ever I will save enough to get a deposit for my own place?
What's best to do? Pay of the current mortage? Out of fixed period and ok tracker so worried about the BBR rise too!
Thanks.
0
Comments
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100% mortgages don't exist any more, so building up a decent deposit is essential if you want to buy.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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