Hi guys,
We've been reading all related threads and cannot decide about what's the best option for us.
In brief - we owe 186k on our cheap tracker. We are buying a new house for 230k which we will rent out for 2 years or so before we do a big renovation job on it. We have 230k in savings. Wondering whether or not we should get a mortgage on the new house or use our savings. Reason for even considering a mortgage is that interest is tax deductible. Appalling at this stuff, thanks in advance if any of you have answers/suggestions from experience.
Wonderer 1 and 2
We've been reading all related threads and cannot decide about what's the best option for us.
In brief - we owe 186k on our cheap tracker. We are buying a new house for 230k which we will rent out for 2 years or so before we do a big renovation job on it. We have 230k in savings. Wondering whether or not we should get a mortgage on the new house or use our savings. Reason for even considering a mortgage is that interest is tax deductible. Appalling at this stuff, thanks in advance if any of you have answers/suggestions from experience.
Wonderer 1 and 2