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Pay off mortgage or start a new one for a new house ?
NickReadingUK
Posts: 3 Newbie
Hi All,
I am 54 years old..
I can be mortgage free in just over 2 years by paying off an Extra 10% each year. Then after that i want to save another 50K ish and get an additional 50K mortgage for a bigger house.
So am i better off not paying off the last 10% and leave it hanging around 10K to be own on the house and Top up that Mortgage? Or am i better off paying it all off on my current house and getting a totally new 50K mortgage for the new house ?
I hope that makes sense and thanks in advance..
Nick
I am 54 years old..
I can be mortgage free in just over 2 years by paying off an Extra 10% each year. Then after that i want to save another 50K ish and get an additional 50K mortgage for a bigger house.
So am i better off not paying off the last 10% and leave it hanging around 10K to be own on the house and Top up that Mortgage? Or am i better off paying it all off on my current house and getting a totally new 50K mortgage for the new house ?
I hope that makes sense and thanks in advance..
Nick
0
Comments
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The sooner the mortgage is paid off the sooner you're not paying interest. Then again perhaps you're on a very low fixed rate that you might beat now by saving the extra somewhere ready for the move.
I do want to ask why you want to move to a bigger house. Many people approaching 60 are looking to downsize, move to the coast/mountains etc. Should you instead be bulking up your pension??I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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I am already in a very small house.. i just need to bigger room for a model railway
.. The area i live in is abit rough being another reason for the move 1 -
Anyone have any ideas? ThanksNickReadingUK said:Hi All,
I am 54 years old..
I can be mortgage free in just over 2 years by paying off an Extra 10% each year. Then after that i want to save another 50K ish and get an additional 50K mortgage for a bigger house.
So am i better off not paying off the last 10% and leave it hanging around 10K to be own on the house and Top up that Mortgage? Or am i better off paying it all off on my current house and getting a totally new 50K mortgage for the new house ?
I hope that makes sense and thanks in advance..
Nick0
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