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I'm a Novice - but considering doing this.....
Comments
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Why dont you keep it simple and just take out a nice standard repayment mortgage and then if you are good with money you can overpay.
Endowment/ISA/pension type mortgages are now very much out of favour.
As a first time buyer with a 20/25% deposit I think lenders would be more willing to lend to you if you have a repayment mortgage and large deposit, good credit history.
Think long term POST OFFICE 5 year fix at 4.15% with 75% LTV and fee of £599. Mortgage term of say 20/25 years.
Then overpay if you can afford to.0 -
Good luck. More mortgage lenders are declining interest only mortgages as a majority of them do not have a sufficient repayment vehicle.Motto: 'If you don't ask, you don't get!!'
Remember to say thank you to people who help you out!
Also, thank you to people who help me out.0
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