📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

2 mortgages or 1?

I have a residential property and a buy to let. I'm on a 3 year plan then intend on selling the buy to let. Wondering if it would be best to use the profit to pay off the residential mortgage, then use that fully paid off property as deposit towards a new house (is this possible?) or use the profit towards a deposit on another house and leave the residential mortgage as is. My senses say, pay off as fast as poss to avoid interest BUT can I use the paid property toward another?

Comments

  • El_Torro
    El_Torro Posts: 1,932 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    If you're asking if you can sell your property with no mortgage on it and use the money you make as a deposit for a more expensive property then yes, you can. 

    It also depends on how soon after selling your Buy To Let property you plan to sell your residential property and move to a more expensive place.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.5K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.9K Spending & Discounts
  • 244.5K Work, Benefits & Business
  • 599.8K Mortgages, Homes & Bills
  • 177.2K Life & Family
  • 258.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.