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Best strategy for getting into the ladder?
WorriedBorrower
Posts: 17 Forumite
Hi all,
As first time buyer and contractor, I was cautious in borrowing too much. I was given 440k credit, but I've taken 62% of that, 276K. I was concerned about the potential interest rates increases, as the only way now is up.
Now, sometimes I think I should have been more aggressive in borrowing.
What do you guys think it is a good approach for a first time buyer:
a) be a bit conservative and buy a starter home (325K, semi 3 bed) and wait some two, three years to move up in the ladder.
b) get all you can borrow and buy towards a dream home.
All feedback will be much appreciated by this first time buyer.
Cheers all!
As first time buyer and contractor, I was cautious in borrowing too much. I was given 440k credit, but I've taken 62% of that, 276K. I was concerned about the potential interest rates increases, as the only way now is up.
Now, sometimes I think I should have been more aggressive in borrowing.
What do you guys think it is a good approach for a first time buyer:
a) be a bit conservative and buy a starter home (325K, semi 3 bed) and wait some two, three years to move up in the ladder.
b) get all you can borrow and buy towards a dream home.
All feedback will be much appreciated by this first time buyer.
Cheers all!
0
Comments
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Borrow what you can afford to repay. If moving up the ladder is in your plans. Then overpay the mortgage. This way you'll build equity and won't be impacted so greatly by any increase in interest rates.0
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