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Original poster

To overpay mortgage or to buy a holiday home

56 replies

WakeMeFriday · 17/06/2025 01:55

We have some savings and I feel really tempted to explore a holiday home in Spain but my DH thinks we would be better off either by paying off our mortgage or buying a buy to let in UK.
I am more of a dreamer while my DH is more practical.
What would you do in our position and also please share any insights on buying holiday home in Spain.

OP posts:
Sommertidenhejhej · 17/06/2025 15:21

Holiday homes are pretty unethical.

Mooselooseinmyhoose · 17/06/2025 15:24

I have a holiday home in france. I don't let it out to strangers but have family and friends stay.

It was very cheap and the process of buying and maintaining it was a million times easier than the UK. My children go for 6 weeks every summer and come home all tanned and speaking French.

I would highly recommend a holiday home!

fussychica · 17/06/2025 15:35

I'd only buy a holiday home in Spain if you're intending to move over full time which is harder to do post Brexit. We did this 20 odd years ago and lived there for a decade. When we came back we sold the house as we couldn't justify the upkeep and having that money tied up abroad. We still spend around 3 months a year there but now rent for those periods as it's pretty hassle free, especially when you know the area. I still see places I'm tempted by but I come to my senses when I think of all bureaucracy involved now.

Even if you do decide to buy definitely do a long term rental in your chosen area first to make sure that's really where you want to be.

allthemiddlechildrenoftheworld · 17/06/2025 16:44

DeathNote11 · 17/06/2025 08:01

North of England. We're now in a situation where councils are telling people to stay put till the bitter end, because there's nothing for them to move families in to. So proceedings always run to the point of bailiffs. £2k to £2.5k for court & eviction specialist, then the inevitable £0.5 to £1k for repairs/replacements. I consider myself very lucky that the property isn't mortgaged. If I'd been having to pay that every month it'd have financially crippled me.

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I am in scotland and we have reached the stage where the eviction has been granted as of last week, but he still gets 30days to appeal. we dont expect him to appeal. we have not spent a penny yet but he still owes us 6k rent so we will chase it. the eviction itself should not cost that much even in england. luckily, my dson is able to do the eviction so that wont cost us anything. but even then, -in scotland, the eviction itself would only cost 2 - 3 hundred

MondayYogurt · 17/06/2025 16:50

I don't think the brink of WW3 is the best time to commit to somewhere requiring flights.

https://www.reuters.com/business/energy/oil-prices-rise-iran-israel-conflict-fans-supply-worries-2025-06-17/

slowraindrop · 17/06/2025 18:57

TooTiredToType77 · 17/06/2025 08:53

Alternatively...put the extra money you have into a S&S ISA (£20k let year each, so possibly £40k max per couple). It's a long term investment, minimum 5 years, all gains tax free. 'Should' do better than the interest rate your mortgage is on. Can see in 5/10 years of you want to keep saving or pay off chunk of mortgage.

Look at Meaningful Money on YouTube

6 months expenses easily accessible
Paying into pension regularly
Regular savings - ISA

Totally agree with this.

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