M
misterman
Guest
Hi all, I'm hoping for some advice here, as history has showed me to be bad with money!
I own a house that I rent out covering the mortgage (just about)
i owe 178k on that house, and it's worth about 110k. I have a Tracker Mortgage currently at 2.65% (ECB+1.15)
i have about 10k of personal loan/credit card debt.
i've just inherited 70k.
So i'm suddenly faced with lots of options. I figure I clear the CC and Personal Loan debt first (as it's the highest interest)
I then have 60k left to either deposit or pay a lump off my mortgage.
I like the idea of reducing the capital on the mortgage as it reduces the cost if i am ever without a tenant (who knows what'll happen to rental market) and my mortgage is pretty cheap compared to what's out there now.
What would you all do?
I own a house that I rent out covering the mortgage (just about)
i owe 178k on that house, and it's worth about 110k. I have a Tracker Mortgage currently at 2.65% (ECB+1.15)
i have about 10k of personal loan/credit card debt.
i've just inherited 70k.
So i'm suddenly faced with lots of options. I figure I clear the CC and Personal Loan debt first (as it's the highest interest)
I then have 60k left to either deposit or pay a lump off my mortgage.
I like the idea of reducing the capital on the mortgage as it reduces the cost if i am ever without a tenant (who knows what'll happen to rental market) and my mortgage is pretty cheap compared to what's out there now.
What would you all do?