saab lover

saab_lover

Question
Currently i rent privately ,could i get a mortgage to buy a house,would it be cheaper.I have no deposit but do own a house abroad and would that be an advantage to get a mortgage as i have equity in the value of the house.

gingeralan

Very vague question as to whether it's cheaper or not, couldn't really say without knowing how much u pay, how much property is worth in your area etc. but I doubt u would a mortgage these days with no deposit, you would probably need already 10% or more like 15% if you want a decent rate.

londonTiger

renting and getting a mortgage isn't all that bad. Landlords are havin a tough time right now, I know someone who is renting out a house for about £20 cheaper than their mortgage, and renting out their flat outside London because it's cheaper.

You shouldn't really look at the price difference to see if it's worthwhile to rent or buy, but rather if you're willing to be planted in one place for the next 15-20 years. Sure there is an option to sell your house and buy elsewhere but it's not wise to do so because you lose a lot of money if you sell your house and remortgage on another house.

Thrugelmir

saab_lover wrote: »

but do own a house abroad and would that be an advantage to get a mortgage as i have equity in the value of the house.

Equity abroad has no value

maninthestreet

You would need to sell the house abroad to release the equity and use it as a deposit to buy a property here in the UK.