erol_h Posted February 10, 2008 Share Posted February 10, 2008 I already own a flat which im currently renting. My fixed rate is coming to an end this november and i will have another lump sum. Should i purchase another property or should i take a big chunk out of the current mortgage i have. It does mean i will actually be earning something at the end of every month instead of breaking even. What do lot think as im only 21 and not sure whats the best route to take? Link to comment Share on other sites More sharing options...
ozz Posted February 10, 2008 Share Posted February 10, 2008 I already own a flat which im currently renting. My fixed rate is coming to an end this november and i will have another lump sum. Should i purchase another property or should i take a big chunk out of the current mortgage i have. It does mean i will actually be earning something at the end of every month instead of breaking even. What do lot think as im only 21 and not sure whats the best route to take? If it was me I'd buy another property but I don't know what you are looking for, what your goals are, what you earn, what kind of money you're talking about. I personnaly find property a better bet than most other investments. Work out what you can afford and go for it - see an IFA if it helps but I always find no-one knows better than yourself what you can afford to lose. I've always avoided reducing the mortgage too much as you'll never know when you'll need the money and its often very difficult to get it back (I lost a house once because they offered me only 2k of the 40k equity). As long as your mortgage is manageable then why not look at another. Link to comment Share on other sites More sharing options...
grahamc Posted February 10, 2008 Share Posted February 10, 2008 I would buy another, maybe something in Europe or a holiday rental? Something that yu can use... Link to comment Share on other sites More sharing options...
erol_h Posted February 11, 2008 Author Share Posted February 11, 2008 Well i will have 20k in my hand come june and the money coming in isnt a problem as i still live with my parents and only pay for a phone bill once a month. Plus the rent i get does cover the mortgage. Im just worried that the property prices wount really go up as they are already high as they are. Link to comment Share on other sites More sharing options...
osso Posted February 11, 2008 Share Posted February 11, 2008 Replace your N/A with a Single Turbo powered supe!! Link to comment Share on other sites More sharing options...
keancy Posted February 11, 2008 Share Posted February 11, 2008 I wouldn't buy a House right now, instead I would wait and watch the Market a while. May be your best option for a minute. Link to comment Share on other sites More sharing options...
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