Hi there,
Curious to hear people's opinion on the best course of action to take.
I would like to trade up from my existing apartment which has an outstanding mortgage of circa 300k left on it. My destination property is in the region of 450k but my current level of debt (the 300k) is hindering my ability to get a second mortgage.
I have a lump sum in the region of 100k.
The question: Is it better to reduce my current mortgage from 300k to 200k or could this lump sum be better used in the purchase of the new mortgage (450k).
Curious to hear people's opinion on the best course of action to take.
I would like to trade up from my existing apartment which has an outstanding mortgage of circa 300k left on it. My destination property is in the region of 450k but my current level of debt (the 300k) is hindering my ability to get a second mortgage.
I have a lump sum in the region of 100k.
The question: Is it better to reduce my current mortgage from 300k to 200k or could this lump sum be better used in the purchase of the new mortgage (450k).