Mortgaging a leasehold vs rent

ANONOYMOUS

Hello everyone,

I'm a bit new here but I'm after your opinion.

I've seen a nice flat for around £60000 that is leasehold but has 113 years left on the lease. I'm 23 years old and I have a 20% deposit.

So here is my question:
Would it be worthwhile mortgaging the flat then selling or renting it out when I'm married/ready to move out in roughly 8-12 years?

Or is this a bad move?

Thank you, I really appreciate the advice.

wierddumpling

A few things to consider would be
1) can you afford the cost of moving as well (solicitors etc)
2) do you know the area well, can you see yourself living there for at least a couple of years
3) is a mortgage cheaper than rent? Can you try before you buy?
4) do you have money in place for repairs

A lease of 113 years is good even if you kept the property for 20 years it would still have a good lease.

How many bedrooms does the flat have?