Regular poster but have name changed
Recognise that we are v fortunate to be in this position but we live in SE London in a large three bed terrace in a very up and coming area. We made this purchase after selling our previous property and following the death of our parent. House has rocketed in value - and given location- unlikely to reduce. We bought for £499 k and a number of similar properties in street have sold for 750k in the last few months. My husband and I have a repayment mortgage with 250k and 22 years left on it. We are overpaying and the interest rate is fixed for a 18 months more at 4%. We have a good income and reasonable savings (not earning much interest of about 50k). We are likely to move out of London in 5 years for a variety of reasons. Unlikely to be less than that. Our ideal would be to be in position to keep our house but somehow use equity to finance purchase of another. London house would be let. I do not really want to be without a London foothold.My question is - what would enable us to be in a better position - pay off mortgage through overpaying now or use additional three hundred a month or so as nest egg for another deposit. Thanks in advance if you got this far
Please or to access all these features
Please
or
to access all these features
Discuss investments with other users on our Investment forum. For more advice read our tips for saving for your child's future.
Investments
Pay off mortgage or invest?
4 replies
Jengaaddict · 07/01/2016 19:36
OP posts:
Please create an account
To comment on this thread you need to create a Mumsnet account.