Mortgage nightmare-could Mortgage Packager be the solution?!

tomtontom

cattie wrote: »

I'm puzzled as to why you would want to buy a flat that you know is only ever going to be sold to cash purchasers in the future?

Also, are you aware of the potential for huge bills in the future for the service charges, maintenance etc?

I know it must appear tempting to be offered a £100k discount, but on a property with a very limited appeal to any potential buyer, that is bound to be fraught with financial issues somewhere down the line, it isn't really such a good deal. The lack of other owner occupiers would concern me greatly.

I know you say you don't ever want to sell, but exactly what is the benefit in owning then? Much better to continue to pay your heavily subsidized rent to the council, knowing that all repairs & maintenance will be their sole responsibility & no financial input required from you.

Please pay attention to cattie's advice. Maintenance costs on ex LA high rises can run into the thousands, and are inevitable if you are looking for a long term investment. It really is not the bargain you think it is.

Mortgagesufferer

Thanks for the advice. I have the maintenance costs figures and everything else from the council and I have no concerns with regards to these. Also, I only need the mortgage now as in 4 - 5 years I will be in a position to pay it off but thanks anyway.