We have a 2 bedroom house with approx Euro 165,000 to pay off. The mortgage was for 30 years and we have 20 years to go. We are on a vairiable rate and in negative equity of approx Euro 80,000 - 90,000.
Ideally we would like to sell and move to a bigger house. I would like to do this in the next 2 -5 years.
I have Euro 6,000 in savings. I would like advise on whether I should put it into the mortgage as a lump sum. Is there any benefit to this? Or should I hold onto this money and try and grow it for a deposit on a new house?
It may not be possible for us to move as our income has greatly reduced since we bought the last time.