{"id":120834,"date":"2021-06-07T13:00:03","date_gmt":"2021-06-07T06:00:03","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/im-paying-off-the-mortgage-on-my-flat-whats-the-best-way-to-buy-a-house\/"},"modified":"2021-07-18T17:05:19","modified_gmt":"2021-07-18T10:05:19","slug":"im-paying-off-the-mortgage-on-my-flat-whats-the-best-way-to-buy-a-house","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/im-paying-off-the-mortgage-on-my-flat-whats-the-best-way-to-buy-a-house\/","title":{"rendered":"I\u2019m paying off the mortgage on my flat \u2013 what\u2019s the best way to buy a house?"},"content":{"rendered":"


\nI\u2019m wondering if I should sell my current property, or try to keep it to bring in rental income Q I bought my flat with a mortgage about six years ago, scraping my way in as a first-time buyer just before any of the government\u2019s help-to-buy schemes were available. I chose fairly low repayments and a long mortgage term, reflective of my financial circumstances at the time. Last year, I secured an amazing job with a much higher salary and it has changed my life. I\u2019ve paid off all my other debts \u2013 apart from my student loan and mortgage \u2013 and now have savings and investments. My mortgage is a five-year fixed rate with an interest rate of 1.54% and 23 years left of the mortgage term.I have calculated that between overpayments and reducing my mortgage term, on my current salary, I could be mortgage-free in the next five to seven years. My thinking is to reduce the balance while I am still in the fixed rate-period, and then just pay off the rest using my cash savings (since they are earning very little interest) when it moves to the standard variable rate (SVR). Continue reading…
\n
\nSource : theguardian.com
\nRead more…I\u2019m paying off the mortgage on my flat \u2013 what\u2019s the best way to buy a house?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I\u2019m wondering if I should sell my current property, or try to keep it to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-120834","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vqW","jetpack-related-posts":[{"id":151,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/i-want-to-remortgage-the-family-home-to-buy-my-daughter-a-flat-my-worry-is-tax\/","url_meta":{"origin":120834,"position":0},"title":"I want to remortgage the family home to buy my daughter a flat \u2013 my worry is tax","date":"December 17, 2015","format":false,"excerpt":"\r The plan is to grant her an informal mortgage, which she could pay directly to the bank, but would her repayments be considered taxable rental income for me?Q My daughter is struggling to have a mortgage approved on a new flat costing \u00a3200,000. 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Additionally, whether you are already on the property ladder, or it is your first venture into\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19924,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/all-you-need-to-know-as-a-first-time-mortgagor-in-the-uae\/","url_meta":{"origin":120834,"position":4},"title":"All you need to know as a first-time mortgagor in the UAE","date":"July 16, 2016","format":false,"excerpt":"\r The decision to get a mortgage is not one people take lightly - and rightly so. Mortgages are likely to be the biggest loans, or investments, that you will make in your lifetime. 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