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FTB with few questions
gotmaintvtr
Posts: 82 Forumite
myself and my GF are looking to buy middle of next year (ok i know a little early for qestions)
but im wondering what would be better for us repayment or interest only for first few years.
we have a combined take home of £3800 every 4 weeks.
we are 23 and 21 years old.
im thinking of getting interest only for first 5 years to allow more money a month for decorating and furnishings etc. and in the meantime overway what we can afford.
we are looking at houses around the 200k region with a 10% deposit
any info will be great as to what would be better etc.
jamie
but im wondering what would be better for us repayment or interest only for first few years.
we have a combined take home of £3800 every 4 weeks.
we are 23 and 21 years old.
im thinking of getting interest only for first 5 years to allow more money a month for decorating and furnishings etc. and in the meantime overway what we can afford.
we are looking at houses around the 200k region with a 10% deposit
any info will be great as to what would be better etc.
jamie
0
Comments
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Chances are you will have to go on repayment. Interest Only is being restricted for over 75% and likely to be unavailable very soon.
FSA are getting tough.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
90% LTV with no IO isn't going to happen. Nor is it a good idea.0
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