hi, need advice in following scenario ,
home: tracker@ecb +.85%, 275k mortgage on 450K value, 23y left.
buy to let (A): @ svr -.4% = 4.65%, 286k mortgage on 250k value, 28y left.
buy to let (B): @svr -4%= 4.65%, 182k mortgage on 23(0k value, 27y left.
top up loan on B: @3.55%, 80k, 18y left.
home is not linked to the other loans as regards security etc.
All loans joint with my wife, both public servants, at present, we are in position to overpay or restructure loans in order to pay circa an extra €700 pm. Have 30k in savings @ 1.5%. The rental incomes, plus €250 from our salaries, meet the full repayments on both buy to lets and top up loan.
We are thinking of relocating to rural ireland in next 3 years .
Should we pay off home loan quicker or put extra cash and savings, towards more expensive buy let mortgages/top up loan (loss making atm, plus usual wear and tear, furniture/fittings replacement costs etc, expenses). My wife believes our home loan should be paid off first but I believe the more expensive loans should be first, as if interest rates go up we may be find it difficult to service these loans.
All thoughts / comments welcome . Thanks.
home: tracker@ecb +.85%, 275k mortgage on 450K value, 23y left.
buy to let (A): @ svr -.4% = 4.65%, 286k mortgage on 250k value, 28y left.
buy to let (B): @svr -4%= 4.65%, 182k mortgage on 23(0k value, 27y left.
top up loan on B: @3.55%, 80k, 18y left.
home is not linked to the other loans as regards security etc.
All loans joint with my wife, both public servants, at present, we are in position to overpay or restructure loans in order to pay circa an extra €700 pm. Have 30k in savings @ 1.5%. The rental incomes, plus €250 from our salaries, meet the full repayments on both buy to lets and top up loan.
We are thinking of relocating to rural ireland in next 3 years .
Should we pay off home loan quicker or put extra cash and savings, towards more expensive buy let mortgages/top up loan (loss making atm, plus usual wear and tear, furniture/fittings replacement costs etc, expenses). My wife believes our home loan should be paid off first but I believe the more expensive loans should be first, as if interest rates go up we may be find it difficult to service these loans.
All thoughts / comments welcome . Thanks.