first time buyer needs advice

mepone

I'm looking for help in that I have been offered my flat for £20,000 from the council (50 % off) and am needing advice on what mortgages would be best for me.
I earn about 23K a year so was looking for maybe a 10 year mortgage for £25,000 ( 5000 for improvements )
is this what I should be thinking
any help or advice much appreciated

Mortgage_Master

Hi,

Sorry, It's very difficult to offer you any guidance based of the limited information.

Check with the council to see if there is any work planned on the block in the future. Once you've bought you'll be liable to contribute. Some people in London have had a nasty surprise. There was a program on TV about this last week.

Not many lenders will lender 125% of the discounted purchase price. They don't generally like high rise blocks or 1 beds.

It's usually better to repay a mortgage as quickly as possible as it saves on interest. How quick this can be done depends on individual budgets.

Sorry I can't be more helpful.
Simon