I know this is more a money question but looking for traffic!
I’m 32 and should have 130k deposit, assuming I sell my current house for 250k, which is apparently doable as far as estate agents are concerned.
When I bought that house I only had 30k deposit.
My question is this... do I buy somewhere with a minimal mortgage of say 70k or do I borrow the most I can get from the bank and buy a place for more like 380k with a bigger mortgage?
I have more income now than when I bought the first house and I’ve been given mixed views on this. Some say take what the bank will offer as they won’t offer as much again the older you get/if my salary decreases (possible if I have to change jobs although not worried about actual repayments, I would still meet those). Other people say just get a 50% mortgage and reduce your repayments while owning more of the property outright, so looking at maybe 130k equity and 130k mortgage or less. People also say the larger you buy the more money you are likely to make and you can always downsize. I’m also aware the interest rates are low etc now.
What’s the best option do you think?
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Finances for a house, which option?
10 replies
Autumnall · 30/08/2020 23:06
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