AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Depends how you might want to repay the loan thing.
If you might want to settle the loan before moving, keep the cash separate so you always have access to it.
If not, taking it of the mortgage will have a much bigger impact financially albeit you can only make use of it when you sell.
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
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Good point, though If I stay around long enough for my loan repayment to be due - my Shares will be available and that'll be it sorted.
It's still a valid point though as having the cash accessible may become valuable at somepoint.
Lotus Elise 111R
Impreza WRX STi
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AndyKent
Member
Registered: 3rd Sep 05
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I've made the conscious decision not to overpay the mortgage at the moment for that reason. Until I have enough spare its worth locking it up in property.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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quote:
Originally posted by John
A year ago 
Might have to give you that one 
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Its probably better off the mortgage but as Andy correctly suggests, if you still have it somewhere you can spend it on other things. Particularly your builder portion.
That's the clincher really, you can't really just reduce the debt because you've other reasons to be back in debt, ie. having to pay that thing in the future.
You don't want to pay off the mortgage at 5% and then need to borrow 10% to pay back Redrow.
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
User status: Offline
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quote:
Originally posted by Ian
You don't want to pay off the mortgage at 5% and then need to borrow 10% to pay back Redrow.
Ok that makes sense, I'm trying to overcomplicate everything - but I just need to look at my interest rates, and pay off whatever is highest - obvious when worded that way 
Still, as useful as that is - I'm 25k short of buying a house that I want to live in and nobody has yet given me a concrete show stopper in terms of switching to rental for a few years - so it's slowly becoming a plan rather than simply an idea.
Lotus Elise 111R
Impreza WRX STi
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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Just on the mortgage front, i have told my lender im renting and its been rented out for over a year now with no questions asked. I would check though what it would go up to in the worse case, mine went up 1% on interest with Nationwide with the first 6 months free.
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
User status: Offline
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A local estate and letting agent are coming to give me a free evaluation on both sell price and rental rates on Thursday. I've been trying to tidy away our clutter in a vain attempt to make it look bigger and tidier but it's just impossible to do that whilst still living here.
When I do come to sell it'll be a fucking nightmare to make it look the slightest bit attractive. 
Lotus Elise 111R
Impreza WRX STi
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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No it won't - it'll be priced based on what it is.
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