T
toughcookie
Guest
Apologies if this isn't an altogether new thread but just wanted to get some advice on the following situation.
2 mortgages 1 private 1 investment property.
Property 1 bought 2005, tracker, interest rate of 1.75%, 25 year mortgage. 205k left (took out mortgage of 250k). Live in this myself and also have room rented. Mortgage 1200, rent 750.
Property 2, mortgage of 265k (originally 295k), interest rate 1.95%. currently on interest only for 5 yrs (bought is 2006), am currently overpaying on this to reduce the capital, paying 1150, receiving rent of 850. This is due to go to repayments in Dec 2011, I have no idea how much they will be. Want to pay a couple of k of mortage to continue to try to reduce term and unsure whether to pay off private home or investment property or does it make much difference??. Have about 12k savings but want to buy a car (max 5k), should i use more savings to pay off mortgage or should I hold on to savings?
I have a stable job and a gross oncome of approx 50k. longterm dont want to live in current home so am continuing my savings but end up putting a few k of mortgages every year.
Appreciate any advice/suggestions.
2 mortgages 1 private 1 investment property.
Property 1 bought 2005, tracker, interest rate of 1.75%, 25 year mortgage. 205k left (took out mortgage of 250k). Live in this myself and also have room rented. Mortgage 1200, rent 750.
Property 2, mortgage of 265k (originally 295k), interest rate 1.95%. currently on interest only for 5 yrs (bought is 2006), am currently overpaying on this to reduce the capital, paying 1150, receiving rent of 850. This is due to go to repayments in Dec 2011, I have no idea how much they will be. Want to pay a couple of k of mortage to continue to try to reduce term and unsure whether to pay off private home or investment property or does it make much difference??. Have about 12k savings but want to buy a car (max 5k), should i use more savings to pay off mortgage or should I hold on to savings?
I have a stable job and a gross oncome of approx 50k. longterm dont want to live in current home so am continuing my savings but end up putting a few k of mortgages every year.
Appreciate any advice/suggestions.