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is this a viable option?
Vickyh
Posts: 108 Forumite
Hi my Husband and i are hoping to move to Clacton on sea and stay with our in-laws to save enough for a house. I am hoping someone can give me some advice on what we are proposing to do.
We are currently rent privately so lose 55% of my husbands wage to rent. We have no way to save after all bills etc. He currently earns after deductions £1454.00
By staying with the in-laws we could put aside a minimum of £1k a month and would not be staying for more than a year.
We have seen a new build asking for 5% deposit and go through the newbuy scheme.
I was thinking for a mortgage i would like to go for an interest only for a short while- possibly 5 years, to build up savings- which we haven't got at the moment.
We have 1 dependent and i am a SAHM- however if we do go to clacton i would be able to get a job as there would be childcare available with my in laws.
Any help or advice would much appreciated!
We are currently rent privately so lose 55% of my husbands wage to rent. We have no way to save after all bills etc. He currently earns after deductions £1454.00
By staying with the in-laws we could put aside a minimum of £1k a month and would not be staying for more than a year.
We have seen a new build asking for 5% deposit and go through the newbuy scheme.
I was thinking for a mortgage i would like to go for an interest only for a short while- possibly 5 years, to build up savings- which we haven't got at the moment.
We have 1 dependent and i am a SAHM- however if we do go to clacton i would be able to get a job as there would be childcare available with my in laws.
Any help or advice would much appreciated!
0
Comments
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You wont be able to get an interest only mortgage. They are available but only in very specific circumstances - income needs to generally be £75k plus, property value over £500k with about £250k equity in it.
those figures are probably not that accurate as i have never done an interest only mortgage but you get the idea, your circumstances are not close to being what is required.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 -
Thank you! at least we know where we stand on that front0
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