T
tennisnuts
Guest
First timer! No great dilema but any advice greatly appreciated: outstanding mortgage 66K been overpaying since start currently paying 1200pm (only 600 reqd): at these payments leave 5yrs til clear: can afford to increase this by approx 200pm decreasing term by about 9mths: We have savings of about 30k on deposit not earning much: Also have 'investment' property with outstanding mortgage 165K worth prob 200K (we purchased for 250K had 80k own to purchase with so not in neg equity)...yet! repayments about1000k pm rented for 850 so supplementing by 150.... we cud prob get more but have super tenant from start... single mom there for long term (she wants to redecorate sitting room at own expense!). Always intended this as long term so dont mind supplementing rent at present.
So Question is shud we just use our 30K to pay off outstanding mortgage and be done in 3 years but have zero savings left? Me and wife in secure jobs (me approx 120k her 60k) We on variable rate so poss big increases in future possibly... Me keen to fling everything at mortgage while expenses at minimum (kids 8 & 3) her likes having money in bank!
This prob trivial compared to some posts here but i hate making decisions (last one was buying 2nd prop..... if had my way wud have bought 2 or 3!! thank god for cautious wife!!)
So Question is shud we just use our 30K to pay off outstanding mortgage and be done in 3 years but have zero savings left? Me and wife in secure jobs (me approx 120k her 60k) We on variable rate so poss big increases in future possibly... Me keen to fling everything at mortgage while expenses at minimum (kids 8 & 3) her likes having money in bank!
This prob trivial compared to some posts here but i hate making decisions (last one was buying 2nd prop..... if had my way wud have bought 2 or 3!! thank god for cautious wife!!)