question about porting mortgage and getting second mortgage.

fletcher1985

hi just a quick question.

ok i have 80k left on my mortgage on a 5 year fix at 2.79% ending in 2027 which i can port, I own the house and my partner of 5 years wants us to buy a house together which i also want. 

we have savings maybe about 15k at the moment but my question is should i put 10k on my current mortgage so when we have to get a second mortgage we could afford more or use it like a deposit to make the second mortgage lower.
we are looking to sell next year so should have at least 20-25k saved. 

its because my partner earns less then me but total is about 39-40k combined and we want a bigger house. all suggestions welcome. 

fletcher1985

anyone have any advice?

MWT

fletcher1985 said:

we have savings maybe about 15k at the moment but my question is should i put 10k on my current mortgage so when we have to get a second mortgage we could afford more or use it like a deposit to make the second mortgage lower.

It doesn't seem to make any sense to reduce the size of the lower interest rate mortgage...

You should be earning a lot more than 2.79% from your savings, and you will want to minimize the amount of the additional borrowing as it will be at a higher interest rate...