Originally posted by WTFH
View Post
I mean i'm way in a financially better position now than when i took out my mortgage 4-5 years ago & as a result have built up a big enough war chest from various contracts. I could use that to overpay my existing mortgage to have more equity in current property & when i do buy my next one' i'l need to maybe again borrow a lot with a small deposit...
Or
... i'm thinking; since i'm in a better financial position meaning i could potentially borrow more now; i can just remortgage my existing mortgage (as i said before i might keep my existing property so i would end up probably remortgage in converting to a letting mortgage) and use my chest as a big deposit for my next home. Meaning for my next property i would have a bigger deposit & would end up borrowing less.
Would this be a better option than above?
Comment