SarahG Posted October 9, 2023 Share Posted October 9, 2023 Really hoping this will be my last post on mortgages and we can finally get started in the new year! We have been hit by various delays with my father being extremely unwell and very sadly one of the builders we were talking to died in a car accident. Please everyone take care when driving around in the early hours. We do now have a builder and hopefully enough finances 😬. We have an existing mortgage which is up for renewal in January. So question is should we use our funds to pay off this mortgage which would leave us with enough to just about cover our contingency fund only or should we use the self build mortgage to pay it off as our land purchase stage payment and keep all our cash so we can pay for our contingency fund and initial project costs and foundations stage? The rest will then be mortgage funded. Link to comment Share on other sites More sharing options...
nod Posted October 10, 2023 Share Posted October 10, 2023 I would hold on to your cash Lije with most things It’s better to have it and not need it 1 Link to comment Share on other sites More sharing options...
Mr Punter Posted October 10, 2023 Share Posted October 10, 2023 +1 The more cash you have, the less you will fret. You will already have enough to worry about. 1 Link to comment Share on other sites More sharing options...
SarahG Posted October 10, 2023 Author Share Posted October 10, 2023 This is what I was leaning towards. Would rather use my hard earned cash to pay for something “real” and the mortgage can stay in the cloud or wherever it is! Link to comment Share on other sites More sharing options...
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