Pay education fees or save for home down payment
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Hi guys,
I have been saving to cover 10% deposit for a home i intend to buy in 6 months time.
There was a disruption to this.. And i need to foot my wife's post graduation fees(about £11,500).. This would eat into most of my savings.
I am thinking of taking a 3 year loan to cover the fees and keep my deposit savings intact..
I would nwed to make a £385 monthly payment towards the loan
Would this plan work? Would this impact my mortgage acceptance ? As of now, i intend to take a mortgage of amount lower than what i am eligible for.
Thanks for your help!
I have been saving to cover 10% deposit for a home i intend to buy in 6 months time.
There was a disruption to this.. And i need to foot my wife's post graduation fees(about £11,500).. This would eat into most of my savings.
I am thinking of taking a 3 year loan to cover the fees and keep my deposit savings intact..
I would nwed to make a £385 monthly payment towards the loan
Would this plan work? Would this impact my mortgage acceptance ? As of now, i intend to take a mortgage of amount lower than what i am eligible for.
Thanks for your help!
0
Comments
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It will certainly impact affordability.
As worst, it will look as if you have effectively borrowed your deposit.0
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