We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 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?
441Bermuda
Posts: 4 Newbie
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?
0
Comments
-
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.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.8K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards