{"id":129733,"date":"2022-09-12T13:00:04","date_gmt":"2022-09-12T06:00:04","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-i-pay-off-my-mortgage-or-use-the-money-for-a-deposit-on-a-second-property\/"},"modified":"2022-09-12T13:19:40","modified_gmt":"2022-09-12T06:19:40","slug":"should-i-pay-off-my-mortgage-or-use-the-money-for-a-deposit-on-a-second-property","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-i-pay-off-my-mortgage-or-use-the-money-for-a-deposit-on-a-second-property\/","title":{"rendered":"Should I pay off my mortgage or use the money for a deposit on a second property?"},"content":{"rendered":"


\nIf I paid the remaining balance I could rent out my home and save for a deposit on another placeQ I\u2019m a 42-year-old full-time professional and in a rather fortunate but tricky situation, which I would like your help with. My seven-year fixed-rate mortgage is coming to an end on 2 May 2023, after which I am not sure whether I should remortgage or pay off the balance.I have about 20% of the mortgage left, which I could pay off as of today. However, I would incur an early repayment charge of just over \u00a33,000, so I think I\u2019d better wait until the fixed deal expires as the charge no longer applies once the mortgage is on a variable rate. If it\u2019s paid off, I\u2019d still have a bit of a safety net of about \u00a310,000 left for any emergency expenses. Continue reading…
\n
\nSource : theguardian.com
\nRead more…Should I pay off my mortgage or use the money for a deposit on a second property?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If I paid the remaining balance I could rent out my home and save for...<\/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-129733","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-xKt","jetpack-related-posts":[{"id":17198,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hsbc-launches-fixed-rate-mortgage-below-1\/","url_meta":{"origin":129733,"position":0},"title":"HSBC launches fixed-rate mortgage below 1%","date":"June 21, 2016","format":false,"excerpt":"\r Customers given opportunity to lock in for two years at 0.99% interest rate \u2013 but they will need deposit of at least 35%HSBC has launched Britain\u2019s first fixed-rate mortgage with an interest rate below 1%, as competition among lenders hots up and the cost of borrowing for banks and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12818,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/yorkshire-building-society-launches-cheapest-two-year-fixed-rate-mortgage\/","url_meta":{"origin":129733,"position":1},"title":"Yorkshire building society launches cheapest two-year fixed-rate mortgage","date":"May 12, 2016","format":false,"excerpt":"\r Borrowers with 35% deposit will be offered the lowest rate on the market of 1.17%, potentially sparking a price war as lenders compete for businessAnother mortgage price war could be on the cards after Yorkshire building society launched a two-year fixed-rate deal with an interest rate of just 1.17%.The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11972,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/barclays-launches-lowest-ever-10-year-fixed-rate-mortgage\/","url_meta":{"origin":129733,"position":2},"title":"Barclays launches lowest ever 10-year fixed-rate mortgage","date":"January 7, 2015","format":false,"excerpt":"\r Latest salvo in mortgage war is good news for buyers and professionals as property market dipsBarclays has fired the latest salvo in a new mortgage price war by launching the lowest ever 10-year fixed-rate loanThe mortgage, which is available from 8 January and comes with a \u00a3999 fee, allows\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63204,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/extraordinary-interest-rates-on-10-year-fixed-rate-mortgage-deals\/","url_meta":{"origin":129733,"position":3},"title":"\u2018Extraordinary\u2019 interest rates on 10-year fixed-rate mortgage deals","date":"November 2, 2014","format":false,"excerpt":"\r Is a decade too long to tie yourself into a mortgage? Just watch out for early repayment charges, brokers warnTen years \u2026 it that too long to tie yourself into a mortgage deal? Lenders don\u2019t seem to think so and have started to launch decade-long fixed-rate deals with \u201cextraordinary\u201d\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":98435,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/can-my-ex-partner-get-a-mortgage-deal-so-she-can-stay-in-our-house\/","url_meta":{"origin":129733,"position":4},"title":"Can my ex-partner get a mortgage deal so she can stay in our house?","date":"September 24, 2018","format":false,"excerpt":"\r She doesn\u2019t have funds to buy me out and couldn\u2019t afford to pay the whole mortgageQ My partner and I bought a house together as tenants in common with a four-year fixed-rate mortgage. The house was \u00a3370,000 and the deposit was \u00a3150,000 which I had inherited on my dad\u2019s\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139358,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/average-five-year-fixed-mortgage-rate-in-uk-falls-back-below-6\/","url_meta":{"origin":129733,"position":5},"title":"Average five-year fixed mortgage rate in UK falls back below 6%","date":"September 28, 2023","format":false,"excerpt":"\r First time since early July that average rate has been below 6%, with some deals now under 5%The average new five-year fixed mortgage rate has fallen back below 6% for the first time since early July, according to the sector\u2019s leading data provider.Across all deposit sizes, the typical five-year\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/129733"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=129733"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/129733\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=129733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=129733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=129733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}