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35 year mortgage then switch to 25 year

dan_ord · 2011-03-16 10:02:27

Hello, Me and my girlfriend are in the process of getting our first house. Were looking at a 90% mortgage (10% deposit) with Abbey. We've spoken to a mortgage advisor who suggested that we take out a 35 year mortgage (fixed for 2 years) @ 6.19% which the repayments are roughly £651 a month which reverts back to a SVR of…

Comments

blueberrypie Posts: 2,402 Forumite

16 March 2011 at 11:40AM

beecher2 wrote: »

I agree that saving up a bigger deposit might be the best bet. I don't see renting as throwing away money - it is paying for a roof over your head.

And it's not throwing money away any more than paying interest on a mortgage. Either way, until you own your property mortgage-free, you're effectively renting from somebody, whether it's a landlord or a bank.

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