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From: Kevin Fielding
Hello all again.
Someone I know who has 4 IP,s advised that I pay off the mortgage on my PPOR first, then borrow for an IP.
This would probably be the ideal, but if I did that I would never be able to start.
So my question this time is - Is it better to borrow the full amount for an IP including the deposit or should you save up the deposit first to reduce the debt.
I have savings that I want to use to improve my existing house instead of paying off the mortgage, and would prefer not to dip into them for deposits.
Some guidance would be much appreciated.
kevin
Hello all again.
Someone I know who has 4 IP,s advised that I pay off the mortgage on my PPOR first, then borrow for an IP.
This would probably be the ideal, but if I did that I would never be able to start.
So my question this time is - Is it better to borrow the full amount for an IP including the deposit or should you save up the deposit first to reduce the debt.
I have savings that I want to use to improve my existing house instead of paying off the mortgage, and would prefer not to dip into them for deposits.
Some guidance would be much appreciated.
kevin
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