Pension or property ??

[Tuearts right boot]

Currently paying £500 / mth into a pension pot, not the biggest pension pot in world however, also paying off a Holiday rental mortgage of about the same and with the prospects of further interst rises....hence the question. I have an FA but looking for a wider opinion. I can and have been paying off 10% per annum on the mortgage ( got 10 yrs to go ) but that would mean taking payments / money from other sources which I'm not too sure about. Cheers in advance.

 

[aguero93:20]

Euromillions

 

[dickie davies]

Currently paying £500 / mth into a pension pot, not the biggest pension pot in world however, also paying off a Holiday rental mortgage of about the same and with the prospects of further interst rises....hence the question. I have an FA but looking for a wider opinion. I can and have been paying off 10% per annum on the mortgage ( got 10 yrs to go ) but that would mean taking payments / money from other sources which I'm not too sure about. Cheers in advance.

Put the rent up on the property

 

[Gareth Barry Conlon]

Currently paying £500 / mth into a pension pot, not the biggest pension pot in world however, also paying off a Holiday rental mortgage of about the same and with the prospects of further interst rises....hence the question. I have an FA but looking for a wider opinion. I can and have been paying off 10% per annum on the mortgage ( got 10 yrs to go ) but that would mean taking payments / money from other sources which I'm not too sure about. Cheers in advance.

Not enough info to advise. But....

If the mortgage is on a low rate keep it. If you're about to renew on 5%+ then maybe pay it off. Mortgages are usually cheap money and worth keeping. But current rates might change that.

 

[Tuearts right boot]

Put the rent up on the property

Not easy in the current climate, had to reduce it slightly, need the bookings, the twats in government are taxing holiday rentals 300% council tax if bookings are less than 186 nights.

 

[Tuearts right boot]

Not enough info to advise. But....

If the mortgage is on a low rate keep it. If you're about to renew on 5%+ then maybe pay it off. Mortgages are usually cheap money and worth keeping. But current rates might change that.

4.8% variable

 

[Gareth Barry Conlon]

4.8% variable

What are you getting with other investment?

If you are investing in low risk low return stuff then better off diverting the money to pay of the mortgage. If its invested more broadly and earning over 5% then keep as you are.

 

[GornikDaze]

Is the property insured……?

 

[Tuearts right boot]

What are you getting with other investment?

If you are investing in low risk low return stuff then better off diverting the money to pay of the mortgage. If its invested more broadly and earning over 5% then keep as you are.

Other investments are ...pension !!, said property and 50k in premium bonds giving the average return. So it looks like paying the mortgage off is the better idea ?

 

[MCFC Wirral]

I own two. One I live in and one I rent out. When I upsize, I’m going to rent both out. I contribute basic levels to a private pension and can claim full state as I’ve always worked.

Should be fine.