paying off mortgage

dd95

hi all after recommendation from another board;

other half and myself are looking to purchase our first home for around 100k (needs renovation) with a despot of 15k.

i have just qualified as a lawyer (earn 26k starting off) and my other half earns 22k.

our plan has always been to buy a cheaper home, pay off the mortgage quite aggressively and then move to our forever home when we are in equity - is this possible/a good plan?

we would pay 900pm between us which would mean we should pay off the mortgage in 8 years, save like hell for 2/3 years and then hopefully look at our forever home in the region of 500-600k..

your thought are much appreciated!

ec9wrr

Posted on the other thread but I don’t think this is a good idea. I wouldn’t overpay on mortgage whilst rates are so low. Instead, pay it into a stocks and shares isa. If you’re married you can pay £40k a year in between the two of you. Overpaying makes very little sense to me.

dd95

bump!any other advice?

thanks!

dd95

any other advice?

thanks!