We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgages and rental income
Comments
-
Went to see an advisor today. We discussed how much deposit (£40k) i would have and my wage (£25k). he went straight off onto his various websites, smashing and punching in figures. He went to A&L, Halifax and Nationwide amongst others.
Based on affordability, he reckons that I could get a mortgage of about £133k on a 30 year mortgage, £137k on a 35 year mortgage and, £142k on a 39 year mortgage. he calculated my only debt (2k on a credit card) and I was amazed how much of a difference that made when not inputted.
He explained everything to me quite well, I went in as if I had not read a single thing.
He also explained the difference between Interest Only and Repayment options. Stating that if I only (for example) lived at my property for about 2 years and sold it, it was worth taking the Interest Only option. Any longer, Repayment was the only real option.
So I'm off to reduce that debt to <£500.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards