haventabreeze
Registered User
- Messages
- 12
We currently use any extra cash we have to overpay our mortgage. We plan on moving to a bigger house at some stage in the future - within the next 5 to 10 years.
My question is knowing that we’re going to be moving at some stage, does it make more sense to build up a cash deposit or continue to overpay the mortgage & build up the equity?
We currently have 305k outstanding on a house valued at 460k. My thinking has been we owe the bank that money no matter what happens so might as well clear it ASAP and save on interest/bring down the repayments in case of a rainy day.
However, if the market drops again, there could be a missed opportunity if we have no cash to hand for a deposit if it’s all tied up in our current house, which will also have devalued.
Would appreciate any advice. Thanks
My question is knowing that we’re going to be moving at some stage, does it make more sense to build up a cash deposit or continue to overpay the mortgage & build up the equity?
We currently have 305k outstanding on a house valued at 460k. My thinking has been we owe the bank that money no matter what happens so might as well clear it ASAP and save on interest/bring down the repayments in case of a rainy day.
However, if the market drops again, there could be a missed opportunity if we have no cash to hand for a deposit if it’s all tied up in our current house, which will also have devalued.
Would appreciate any advice. Thanks