Should I Pay off Mortgage on Own House?

T

Titusfeck

Registered User
Messages
10
I have my main residence with an outstanding mortgage of about 30K, and a BTL mortgage of about 150k, and have a lump of 30K....The wife is nagging me to clear our main mortgage (maybe she wants a divorce!!), but seriously folks, is it wise to do this & forego the tax allowance on the main residence, or should I pay a piece off the bigger mortgage?
 
It generally makes more sense from a tax point of view to pay off your PPR mortgage first as the tax relief on the investment property is worth more.

But everyone's situation is different-crunch the numbers and see what works for you.
 
Thanks Ccovich & Clubman - Ive reviewed it and this is certainly excellent advice.
Cheers,
Titus
 
You must log in or register to reply here.
Back
Top