I have saved £40,000 but am not sure whether to repay my mortgage, buy a bigger share or buy a #property to let Q I own a share in a shared-ownership flat but since buying it I have moved to a much better paid job. As a result, I have managed to save £40,000 but I am not sure what is the best way to invest it. The options open to me seem to be to: repay 70% of my mortgage; buy a bigger share in my flat (which has gone up in value); or buy a property to let. It is likely that I will be looking to move to a bigger place in the next 14 to 24 months. LS A As you are looking to move in the next year or two, another option would be to hang on to the £40,000 to put down as a deposit on your next property. You typically need at least 10% of the price of a property to put down as a cash deposit when you exchange contracts on a the purchase of a property so you should at least set aside part of your savings for that purpose. Paying off some of your mortgage is also an option as the rate you are paying on your mortgage is likely to be higher than the interest you are earning on your £40,000. Continue reading... dlvr.it/7MSNFl
Posted on: Thu, 30 Oct 2014 07:12:11 +0000