Hi, just wondering what your thoughts are on this?
I currently pay 1000 pcm rent, and mortgage would likely be around 600. If I carry on renting for 6 months I could save up a 10 percent mortgage but would waste 6k in rent in this time. I'm looking to buy a property to last around two years as I'll be in a much better financial position after this and can afford something nicer.
Obviously the rates are much higher for a 5 percent mortgage but if I only fix for two years, I will either move or get a new mortgage for the current property with a higher deposit.
Thoughts?
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5 percent deposit / 95 percent mortgages
7 replies
MagggieMay · 19/03/2018 15:25
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