I’m a junior doctor who has saved up about £50,000 and am keen to clear my £80,000 debt
Q I am a junior doctor working in the NHS and earning about £40,000 a year. I have managed to save about £50,000 after several years of working while living at home. I currently have a student loan of about £80,000 at 6.6% interest a year, amounting to £4,500 extra a year. I am currently paying the minimum, and am keen to pay off the loan soon.
I would like to use my savings to buy a buy-to-let property and use the rental income to pay off my student loans. However, this will be my first property, and I am anxious about whether this will affect any future mortgages towards my own home, and whether it will even be worth the hassle in the long run. I would be very grateful for your opinion.
AH