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1st time buyer
Pooper
Posts: 2 Newbie
I'm thinking of buying a 1 bedroom place (maisonette/flat/house?) possibly a 2 bedroom if i can afford it (to rent a room out to a friend) in East London (Chingford/Woodford area).
However I'm also planning (nothing set in stone) to possibly emigrate in a few years time as well.
Can anyone suggest what type of mortgage would be best for me, as a first time buyer - and also, is it more likely that i'll make or lose money from selling my home in around 2-3 years time? (i've been tossing up whether to rent or buy... and right now im leaning towards buying!).
I'll be looking to spend no more than £150K (i have £20k for a deposit). Currently earning around £21k and hoping to get a mortgage no more than £100K.
Does this sound realistic/sensible?
any help gratefully received!
Thanks!
However I'm also planning (nothing set in stone) to possibly emigrate in a few years time as well.
Can anyone suggest what type of mortgage would be best for me, as a first time buyer - and also, is it more likely that i'll make or lose money from selling my home in around 2-3 years time? (i've been tossing up whether to rent or buy... and right now im leaning towards buying!).
I'll be looking to spend no more than £150K (i have £20k for a deposit). Currently earning around £21k and hoping to get a mortgage no more than £100K.
Does this sound realistic/sensible?
any help gratefully received!
Thanks!
0
Comments
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Hi
You would be best taking a short term fixed/capped, possibly on interest only for the time being.
You sat you want to buy for £150k, you want a mortgage of £100k and a deposit of £20k, so where is the other £30k coming from?
Unless you have overtime or bonuses, or are definately going to get a lodger I think you will be a little stretched financially
MMI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
i 'might' be able to get £50k for a deposit... if i'm lucky lol, but is £100K still going to be tough to finance do you think?0
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It could be a stretch - but there are lenders that will agree that kind of mortgage amount for you
Do you have a good credit history?
Do you have any other debts inthe background?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yeah the 100k should be easy, but I'd advise finding that lodger!I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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