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Opinion and Advise on Mortgage

gibentrau · 2011-09-04 17:16:56

Hi all, Firstly, I work for a bank and was just rejected a 100% mortgage. They are willing to give me 70% and a loan for the remaining 30%, but on the basis that i give them a cash deposit of other form of security for the bank. So here is what im thinking of doing, my parents have an apartment which is worth £400k, so…

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claire16c Posts: 7,074 Forumite

4 September 2011 at 8:55PM

Where would you live whilst this was all happening if you are renting out a potential new house?

Why dont you just save up a deposit and then buy a house? I know thats easier said than done, but if youve just finished uni whats the rush to buy a house right away?

I left uni 4 years ago. If I had bought a house then, it would have dropped in value and Id be in negative equity. Rushing to get on the property ladder is not always a good thing to do.

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