Mortgage Query

sabs90

Hi there

With my current job I am looking at buying my first house at auction in mind to do it up and then live in it. After looking at mortgages I think I would need a 25year term but I'm not sure what this means. Do I have to own that property for 25years or be penalised? The thing is I may have the opportunity to relocate with my job in 8 months, meaning I would need to sell this property. Would this affect me in anyway such as having to pay a fee?

Any help would be much appreicated thanks!

ACG

You cant usually sell a property within 6 months of buying it.
If your thinking about moving then by the time you have paid all the fees you would probably lose money so it might not be worth buying.

A 25 year mortgage is just a loan. You can own the property for less than 25 years, thats just how long the mortgage is fior. You can pay it off sooner but you may have to pay an early repayment charge which can typically be 2-5% of the mortgage.

dimbo61

I think you need to do some research on mortgages and what your plans are!
There is little point in buying a property if you have to sell it in 6/8 months time.
Have you saved a deposit ? Do you have experience of buying at auction and DOING UP the place ?
This could be a wind up but you need to do lots of reading if you are serious
Property Developer in the making !!!!