We have a property we let out in Brighton....We have 52 k left on it...it is worth about 160 k...We rent it out as we live overseas where we rent a family home.
We pay 220 pounds interest a month on that 52k loan. We make very little on the 52 k...so it seems obvious to me we just use my savings to pay off this flat my husbAnd bought ...it is in his name. But am I missing something? We may well sell that flat in the next few years to release equity to buy in the U.S.....We rent a family home we love here but probably should buy as we, plan on staying in the U.S. and live in an expensive city...350 k for a modest family home near good schools so similar to London. We would still have some savings left...say 20k in the uk if anything needed doing on that Brighton property.
It seems obvious if you are, paying 5 percent to borrow 52 k and have 52 k in an account getting 1 percent....you pay your loan off.
Any savvy financial people able to input on this? It means we cannot buy in the U.S.....as that money is our deposit for a house here....my feeling is Brighton is a safe market...the property will most likely go up in value...in the next few years we could hang onto it for.
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should we just pay off tye 52 k left on our mortgage if we can?
30 replies
KierkegaardGroupie · 17/01/2015 17:52
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