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Should i be a MFW..
Cousinavi
Posts: 3 Newbie
Hi all, im new so please bare with me..
Im 33 and have a shared interest-only morg with my brother. We both have seperate endowments covering our own half of the morg.
I have saved enough up to be morg free.
However, if i do pay off my half where does this leave my situation reguarding getting another morg etc? Would i be classed as a first time buyer again, im not earning great money so wouldnt it be best to carry on with the morg so i can borrow more.. should the time come. I realise we wont be living together forever so need to make a plan for the future.
Im not really clued up on what/where to go with this money, should i save it for my own place or get the morg paid off..
Im 33 and have a shared interest-only morg with my brother. We both have seperate endowments covering our own half of the morg.
I have saved enough up to be morg free.
However, if i do pay off my half where does this leave my situation reguarding getting another morg etc? Would i be classed as a first time buyer again, im not earning great money so wouldnt it be best to carry on with the morg so i can borrow more.. should the time come. I realise we wont be living together forever so need to make a plan for the future.
Im not really clued up on what/where to go with this money, should i save it for my own place or get the morg paid off..
0
Comments
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Hi Cousinavi
Sorry, I don't know the answer but just wanted to say have you tried posting this on the mortgage or house buying etc board?MFW Start Date 1.4.08. Updated 23.1.18. MFW date 1.8.18
Original Mortgage o/s £187,643 / £71,904 (-115,739)
Repay o/s £92,661 / now £55,900 (-36,761)
Int Only o/s £94,982, now £16,004 (-78,978)
Total daily interest £1 [a) £0.77 b)£0.23
Total OP's:2018 target £TBC YTD £1,9950 -
Hi abouttimetoo, no i havnt yet. I see if i can move it, cheers.0
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