M
maimai100
Guest
Upon the recent sale of my property I am left with approx € 50k.
Having read many posts on the site I see that one of the main mottos is DO NOT SAVE WHILE PAYING BACK DEBTS
I wish to purchase a new build property for € 350 k. I cannot decide whether or not to:
(1) Put the total € 50k against the house and get a mortgage of € 300 k.
or
(2) Put say € 30 k against the house, get a mortgage of € 320 k and have € 20 k in savings.
My personal feeling is that I will probably never have the opportunity again to have a lump sum like € 20k to put into savings for my childs future, for security, for emergencies that happen over the years etc, etc.
If I put the total € 50 k against the house, once I am paying the mortage, there will not be much left each month to put into savings after all of the other monthly expenses.
But then again if I put the total € 50k against the house, I am borrowing less for the mortgage and thus paying less interest over the life of the mortage.
So I am left with a headache € 20 k savings and € 320 k mortgage, or € 0 savings and € 300 k mortgage
I look forward to reading your advice / opinions
Having read many posts on the site I see that one of the main mottos is DO NOT SAVE WHILE PAYING BACK DEBTS
I wish to purchase a new build property for € 350 k. I cannot decide whether or not to:
(1) Put the total € 50k against the house and get a mortgage of € 300 k.
or
(2) Put say € 30 k against the house, get a mortgage of € 320 k and have € 20 k in savings.
My personal feeling is that I will probably never have the opportunity again to have a lump sum like € 20k to put into savings for my childs future, for security, for emergencies that happen over the years etc, etc.
If I put the total € 50 k against the house, once I am paying the mortage, there will not be much left each month to put into savings after all of the other monthly expenses.
But then again if I put the total € 50k against the house, I am borrowing less for the mortgage and thus paying less interest over the life of the mortage.
So I am left with a headache € 20 k savings and € 320 k mortgage, or € 0 savings and € 300 k mortgage
I look forward to reading your advice / opinions