Attempting to pay off the mortgage

Hi,

Back in June 2011 I decided to purchase a two-bedroom flat for £134,000 on my own. I used all my savings of £40,000 and took out a £94,000 repayment mortgage over 35 years.

As of October 2015 my flat is now worth £168,000 (according to Zoopla) and my mortgage is down to £88,000 plus I have around £51,000 in savings.

What should I do next? I have set a goal of paying off the mortgage as fast as possible but is this wise? This is the only property I have ever bought (I am 28). Should I think of eventually moving up to a house (I am single)?

Thanks, just looking for some advice
Competion Wins 2008 - £1700 - 2009 £5300
2010- £680

Replies

  • LuckyinlifeLuckyinlife Forumite
    1.6K Posts
    Forumite
    Whats the rate on your mortgage currently ?

    If your happy there stay there if you want more space move

    Im also 28 and single i have a 3 bed semi which is a bit to big really but why not have more space if you can i say for me i could easily live here for ever

    Amazing savings as well 40k now 51k smashing it :]
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • dazcouzdazcouz Forumite
    2.5K Posts
    I am very happy where I am at the moment. It may not be the largest of places but is comfy, tidy and feels like home. Maybe in the future I will move up to a larger place if circumstances change. I am just wondering what more experienced people would do in my situation.
    Competion Wins 2008 - £1700 - 2009 £5300
    2010- £680
  • lulabelle1lulabelle1 Forumite
    2.7K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    Forumite
    I'd stay where I was and continue to save hard.
    Down the line you may want to start a family - by which time you'll have lots of savings to use towards a nice house.
    You could then rent your flat out as a B2L?
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