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Buy outright and remortgage, or mortgage first?
Comments
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worried_mummy wrote: »Kev - do you really think I would tell you??? This is my baby trying to buy!
That was a bit banter! anyway you have almost convinced me she is doing the right thing! good luck at the auction!0 -
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That was a bit banter! anyway you have almost convinced me she is doing the right thing! good luck at the auction!
I'm not going to let her pay 'over the top' - If we can get it for the right money - we will. If we have to buy elsewhere - to get about the same result, we will.
I'll keep you posted and thank you for your help - very much appreciated!!0 -
2 day exchange of contracts, instant draw down - regardless of a mortgage offer? Can complete it cash. I think my baby is in a good position? I just don't want her to jump on the wrong ship?0
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So its would currently be "worth" £110,000 - £120,000 all shiny & gorgeous, so call it 115K. You think drops may be around 10 - 15% in the coming year?
A 10% drop on 115K leaves it "worth" 103.5. A 15% drop on 115K leaves it "worth" 97K.
Her investment will be say 75K purchase + 15K spend = 90K.
So she will have spent 90K to end up with a house worth 103K-97K after one year. It's quite tight, doesn't stack as an investment IMO. If there are falls in year two as well?
Offset that against her travel costs and what she really wants to do and what you want her to do. Course there is nothing stopping her doing this buy and refurb plan in a years time and getting the best of both worlds.0 -
As a matter of interest - what happened with this one?0
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