SligoInvest
Registered User
- Messages
- 12
Any advice appreciated.
I have a mortgage on an investment property and am due SSIA of c. €40,000 in February. The plan was to take this off the mortgage, in addition to the €500 my husband and I are currently paying into the SSIA. THis will save us a lot of interest and will pay off the property in 7/8 years.
We have however seen another investment property we like and are trying to decide whether to pay off the existing loan in 7/8 years or to combine the 2 loans over 20 years.
I think we should pay off the first morgage (with reducded interest) and then buy another in 7 years over a shorter term e.g. 10 years (thus saving more interest). I know that proprty will have risen but feel that the 2 savings in interest will more than offset this. My husband is more keen to buy the new property and merge the loans - I have looked at this and feel that the interest payment are excessive.
Any opinions????
I have a mortgage on an investment property and am due SSIA of c. €40,000 in February. The plan was to take this off the mortgage, in addition to the €500 my husband and I are currently paying into the SSIA. THis will save us a lot of interest and will pay off the property in 7/8 years.
We have however seen another investment property we like and are trying to decide whether to pay off the existing loan in 7/8 years or to combine the 2 loans over 20 years.
I think we should pay off the first morgage (with reducded interest) and then buy another in 7 years over a shorter term e.g. 10 years (thus saving more interest). I know that proprty will have risen but feel that the 2 savings in interest will more than offset this. My husband is more keen to buy the new property and merge the loans - I have looked at this and feel that the interest payment are excessive.
Any opinions????