Starting out advice.
I am wanting to start out into proprety investing. I have $10,000 cash. I have my own home worth £175,000 with £21,000 left to pay on the mortgage. I have a second mortgage which i took out to extend the house with £15,000 left to pay.
I am paying double on the second mortgage to try and get it finished and it wil be done in 3 yrs. The other mortgage in 7 yrs.
My question is should I pay the £10,000 cash off the second mortgage or should i use it as a deposit on a piece of property? Or should I sell the house, pay off mortgage and then start investing? Wife is not keen to sell though..lol!
Your thoughts would be appreciated.
Many thanks in advance
Nigel