Info
Rented House interest only due Nov 27 on a tracker
owe 185 value 220 bought for about 170
Rent 1150 pm
Rented apt paying down capital
Owe 150 value 210 bought for 270
rent 1120 pm
20 ish years left on Mortgage
our home
owe 145 value about 380
Over paying baout 400 om on mortgage 20 ish years left
I am 44 and work for a semi state for the last 12 years in a DB pension so will get 33 of the 40 years.
Earning 75k Sakary
I have managed to save about 100k in bank and CU
No loans other than
Wife is 39 is a a solicitor 2 years PQE
Salary is 55k no pension to speak of and not sure if she will get maternity top up in current pandemic
I am looking for advice on next step
Questions
1. Should I put some of my savings into our own house as it is the highest interest rate.
2. I know if I sold both the rentals now I could be clear of them and maybe 50k ish ahead with capital loss of apt balancing out the capital gain of the house.
3. What is the best long term saving for the new baby ( we were thinking child allowance plus a topup from us over 20 years)
Or maybe just hang tough for 3 to 5 years and see what happens and hopefully clear all 3 mortgages on the back of selling the 2 rentals and some savings.
I know crystal ball stuff.
Rented House interest only due Nov 27 on a tracker
owe 185 value 220 bought for about 170
Rent 1150 pm
Rented apt paying down capital
Owe 150 value 210 bought for 270
rent 1120 pm
20 ish years left on Mortgage
our home
owe 145 value about 380
Over paying baout 400 om on mortgage 20 ish years left
I am 44 and work for a semi state for the last 12 years in a DB pension so will get 33 of the 40 years.
Earning 75k Sakary
I have managed to save about 100k in bank and CU
No loans other than
Wife is 39 is a a solicitor 2 years PQE
Salary is 55k no pension to speak of and not sure if she will get maternity top up in current pandemic
I am looking for advice on next step
Questions
1. Should I put some of my savings into our own house as it is the highest interest rate.
2. I know if I sold both the rentals now I could be clear of them and maybe 50k ish ahead with capital loss of apt balancing out the capital gain of the house.
3. What is the best long term saving for the new baby ( we were thinking child allowance plus a topup from us over 20 years)
Or maybe just hang tough for 3 to 5 years and see what happens and hopefully clear all 3 mortgages on the back of selling the 2 rentals and some savings.
I know crystal ball stuff.