Starting out advice.

[Nigel Richards]

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