cee_the_atheist
New member
Hi
So context here . Im 26 Y/O earnig around 75k annually and I bought a house last year worth 215k and have a 185 k mortgage on it
Currently im using the rent a room scheme rentig 2 rooms covering my mortgage payments of 1250 for a 15year mortgage . So essentially living mortgage/rent free
So essentially able to save around 2-2.5 k a month and have 73k in savings currenlty ( Most of it invested in Vangaurd fund )
Here is my idea and 2 options
Option 1 Im thinking of trying to save around 120-130 k ( should take 2 years im guessing ) and buy a doer upper house in the south east with cash and tip away at it myself as i know alot of tradesman. Then i can keep renting my house atm
Option 2 Overpay my mortgage every year an have it cleared in 2-3 years?
I prefer option 1 as its more exciting and ill have 2 assets and essentially own my house with cash that i can do my own work on and then have the rented property
But i know option 2 will be alot less stressfull but i find boring and i like the idea of buying a house with cash and if anything happened and i wanted to move abroad could just sell my mortgaged house or keep renting it ( I know there will be tax implications)
So context here . Im 26 Y/O earnig around 75k annually and I bought a house last year worth 215k and have a 185 k mortgage on it
Currently im using the rent a room scheme rentig 2 rooms covering my mortgage payments of 1250 for a 15year mortgage . So essentially living mortgage/rent free
So essentially able to save around 2-2.5 k a month and have 73k in savings currenlty ( Most of it invested in Vangaurd fund )
Here is my idea and 2 options
Option 1 Im thinking of trying to save around 120-130 k ( should take 2 years im guessing ) and buy a doer upper house in the south east with cash and tip away at it myself as i know alot of tradesman. Then i can keep renting my house atm
Option 2 Overpay my mortgage every year an have it cleared in 2-3 years?
I prefer option 1 as its more exciting and ill have 2 assets and essentially own my house with cash that i can do my own work on and then have the rented property
But i know option 2 will be alot less stressfull but i find boring and i like the idea of buying a house with cash and if anything happened and i wanted to move abroad could just sell my mortgaged house or keep renting it ( I know there will be tax implications)