I currently have an interest only mortgage (owe £79,000) at a rate of 3.39%. overal length left to run = 17 years, deal runs out in November 2015. I have been on interest only now for 2 years, having paid £15,000 over that time so original mortgage was £93,000. I am able to save around £12K per year at least for the next 2 years and 6 months. What is the best thing to do, I know it is probably to pay off the mortgage but Santander will only allow me to pay 10% per year, what is the best thing to do with the rest (used up my ISA for this year 2012/2013 and will look to set up another one for 2013/2014. Should I do a little for both ?
What would be the risk of using capital from my house (value £215,000) and put down a deposit for another house to rent out? Just so unsure what to do. Can anyone advise please - my income is the only one in my house by the way.
What would be the risk of using capital from my house (value £215,000) and put down a deposit for another house to rent out? Just so unsure what to do. Can anyone advise please - my income is the only one in my house by the way.