Move house or pay off mortgage ? Help

Nicolle1232

Hi everybody need advice making a big decision, me and my partner have 40,000 left to pay on the mortgage. We currently can't over pay untill July 2020 and we aren't living in the best area which is making me won't to move house asap as we now have a baby . My partner has suggested we stay here for the next 6-7 years pay of the mortgage and then we can rent this out and be mortgage free on the next house? However it just seems such a long time to wait when I'm not happy living around this area and we currently have the deposit to put down onto a new house . What do you think and suggest ?

longway2go

A few things I would think about:

Does the area you live in mean that your baby would be in catchment for a less than favourable school?

Will you struggle to rent your current house due to location?

How much extra will the mortgage be when you move in a monthly basis?

Nicolle1232

Yes thankyou all of the above I do need to consider ! Me personally I won't to love Asap due to how bad the area is . Hopefully we can sell and move on . My partner just wants to pay this off but could take years for that.

Thrugelmir

Perhaps consider moving once your youngster approaches school age. That's a compromise. Financially you'll be better off.

billy2shots

Quick question, how will paying off your mortgage and renting it out make your new house mortgage free?

Do you mean the rent will pay your new mortgage?

Are you aware about the stamp duty cost of buying a second property?