Due to Mums death, we now have enough money to pay the mortgage off on the house- 43,000 which then leaves 15,000.
We have been thinking for a while about investing in property in Turkey, to rent out for the time being, until we decide what we want to do in the long run. His parents have offered to help out, and with savings over there, all money available adds upto 100,000.
This is where it gets complicated. Do we pay off the mortgage here, and buy property in Istanbul and rent out, or do we reduce our mortgage to 5 years, pay that with DHs wage, and use the money available to buy two properties, and therefore get two lots of rent in return. The rent from two properties would work out around 1000 a month, and that would be saved up in the bank over there.
If we reduce the mortgage to five years, we'd be paying 811.00 a month, yet if we paid off the mortgage and took out a long for the same amount to put towards the properties, we'd be paying back 740.00 a month over 5 years.
DH has fried my brain with this, so I told him Id think about it whilst he was at work. I cant even finish writing this without my brain hurting! Does anybody have any suggestions as to what we should do for the best?