Attempting to pay off the mortgage 30 October 2015 at 10:13AM in Mortgage-free wannabe 3 replies 576 views

dazcouz

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

Luckyinlife

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 :]

dazcouz

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.

lulabelle1

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?