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Save deposit or use flat as collateral???
arwynbr
Posts: 28 Forumite
Hi
I've just married and am renting my flat and have been overpaying the mortgage to get it down.
I would like to buy another property in the next few years, and wonder if it is better to save the extra money and put it towards a new flat / house OR to keep on overpaying the mortgage and use the whole flat as a deposit. (the amount I am putting in would mean that I would own the flat outright within 5 years ish)
Which scenario would be an easier sell for banks / building societies?
Any advice / experiences would be appreciated.
I've just married and am renting my flat and have been overpaying the mortgage to get it down.
I would like to buy another property in the next few years, and wonder if it is better to save the extra money and put it towards a new flat / house OR to keep on overpaying the mortgage and use the whole flat as a deposit. (the amount I am putting in would mean that I would own the flat outright within 5 years ish)
Which scenario would be an easier sell for banks / building societies?
Any advice / experiences would be appreciated.
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