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Mortgage repayment period / repayment
marianlondon
Posts: 6 Forumite
I am in the process to buy my first property. They accepted my offer and the survey is already done.
Everything is ok with the bank and the mortgage: the repayments, the repayment period, my deposit...
I am still waiting for some replies from the seller.
I am fist time buyer, single.
I have been searching for more than 2 years, I couldn't find something closer to my workplace and decent.
I'm renting a room in a share house. the rent is cheap and I am happy there.
I have a quite big deposit, more than half of the price of the property.
My intention is to rent it out at the beginning and in 3-4 years time see what my situation is (if I work closer, If I have couple, if I have children..). but I think that property "is not the one".
My question is:
I can put down more deposit, and, what it would be better for me?
- Pay less every month?
- Reduce the repayment period?
Many thanks,
Everything is ok with the bank and the mortgage: the repayments, the repayment period, my deposit...
I am still waiting for some replies from the seller.
I am fist time buyer, single.
I have been searching for more than 2 years, I couldn't find something closer to my workplace and decent.
I'm renting a room in a share house. the rent is cheap and I am happy there.
I have a quite big deposit, more than half of the price of the property.
My intention is to rent it out at the beginning and in 3-4 years time see what my situation is (if I work closer, If I have couple, if I have children..). but I think that property "is not the one".
My question is:
I can put down more deposit, and, what it would be better for me?
- Pay less every month?
- Reduce the repayment period?
Many thanks,
0
Comments
-
marianlondon wrote: »My intention is to rent it out at the beginning and in 3-4 years time
You need to wind back a little. As this is a game changer. Which puts a totally different complexion on matters.
Suggest you post on the Mortgages and Endowments board.0 -
You will need a buy to let mortgage if you are planning to rent it out - is that what your bank have agreed to? Most won't allow a BTL mortgage to a first time buyer.0
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