After paying off mortgage, what next

[contractor79]

Say you are single and have paid off the mortgage on your 2-bed.

What next? Get another flat and buy-to-let?

Buying bigger house with a new mortgage seems strange and unecessary.

[zamzummim]

Say you are single and have paid off the mortgage on your 2-bed.

What next? Get another flat and buy-to-let?

Buying bigger house with a new mortgage seems strange and unecessary.

How about letting your 2 beds and buying a bigger property - the let from your 2 beds should pay for your new bigger property mortgage.

[nomadd]

Say you are single and have paid off the mortgage on your 2-bed.

What next? Get another flat and buy-to-let?

Buying bigger house with a new mortgage seems strange and unecessary.

How about forgetting property whilst the market is in the middle of a crash? Save your cash and dip in in 3-5 years time when the market has dropped. I mean, it's not like the economy is booming at present, so why lock cash away in a depreciating asset.

Nomadd

[KentPhilip]

I remember walking into the Nationwide a few years ago and saying "I'd like to pay off my mortgage balance please" loudly at the counter.

They told me I had to phone in instead.

Must have thought I was a right nob

[contractor79]

How about forgetting property whilst the market is in the middle of a crash? Save your cash and dip in in 3-5 years time when the market has dropped. I mean, it's not like the economy is booming at present, so why lock cash away in a depreciating asset.

Nomadd

hmm, you think it will drop even further? wow, that's gonna really hammer some people I know. Some bought 2-bed flats for 200k+ ! And now they're asking 165-170k. I bought mine for 135k lately and in my view it's better flat than what they paid 200k for in the 2005/6 boom time.

[Evil Hangover]

Vegas

[s2budd]

My advice would be to....

If you are living away from home at the same location for a long, long contract then buy another place there.

else

Max out on the ISA allowance + save cash and then buy another property in a year or two.

[TykeMerc]

Max out on the ISA allowance + save cash and then buy another property in a year or two.

That's probably the best advice.

I'm not convinced that the property market has hit bottom although it could easily be close in some areas.

While I doubt that property will rocket like it has done in the last decade or so it's probably a sensible investment in the long run if rented out wisely.

[contractor79]

would be nice to get buy-to-lets providing main income, say £40,000 rent each year, then I'd go and work contracts if I need some pocket money

think that's a long way away. I don't want all my income to be down to my personal work effort.

[moorfield]

Say you are single and have paid off the mortgage on your 2-bed.

What next? Get another flat and buy-to-let?

Buying bigger house with a new mortgage seems strange and unecessary.

Remortage on an offset and repay keeping the balance down under £5k.

Use the offset funds for cheeky cash offers (+ small mortgage if necessary) on bigger piles being sold by desperate sellers.

Depending on the state of the market then sell or rent the 2-bed.