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In a lucky position
king100
Posts: 1,565 Forumite
I am in a lucky position to be able to afford about 180k cash for a house.(please note i am a 1st time buyer), but believe me this puts me into a situation.
My choices are as follows.
1. Buy property without mortgage, wont be my ideal home. Re mortgage property about 120k and buy another smaller place (1 bed flat) and rent that out. ( Have been doing some homework on this the renting part), topping up the mortgage plus the rent to pay it off quicker.
2. Buy property and have a mortgage ( so will be able to have a bigger house).
With the housing situation and interest rates rising i am wondering if anyone has any ideas concerning renting (being a landlord), the situation of house prices and interest rates.
My choices are as follows.
1. Buy property without mortgage, wont be my ideal home. Re mortgage property about 120k and buy another smaller place (1 bed flat) and rent that out. ( Have been doing some homework on this the renting part), topping up the mortgage plus the rent to pay it off quicker.
2. Buy property and have a mortgage ( so will be able to have a bigger house).
With the housing situation and interest rates rising i am wondering if anyone has any ideas concerning renting (being a landlord), the situation of house prices and interest rates.
I all have learnt is from others on many sites.
Seek legal help if unsure.
Dont pay Private Parking tickets - they are mere invoices.
PRESS THANKS
}
Seek legal help if unsure.
Dont pay Private Parking tickets - they are mere invoices.
PRESS THANKS
}
0
Comments
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Buy the house for £180k that is the best house you can find. One you like.
Then do nothing for a year.
See how that goes.
Owning a house will make you understand property owning more and your next decision will be more informed.
As for another/any mortgage - make sure you can comfortably live without that money in case you have to. e.g. if you buy a BTL what happens if nobody EVER rents it....0 -
Buy my house which is 160k and live it up with the 20k.It's not paranoia if they really are after you.0
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Not that we can expect to have ALL your personal finacial details - & I CERTAINLY wouldn't make it webwide knoledge....
Is the £180 going to exhast your cash holdings, leaving you with only a minimal amount as your 'rainy day, just in case' fund?
If so, you'd be better off getting SOME, maybe 30-50% on mortgage, to make you a bit more cash fluid.
You can then get used to paying a mortgage, for when you move upmarket.
You'd not need to resort to other forms of borrowing, if things didn't go as you expect.
Better still, get a mortgage for the maximum you can & as an offset scheme, leave it as if it were paid up & you've still opportunity to draw on the funds, if need be.
VB0 -
You would be amazed by the extra quality and space even £10,000 buys. Buy the house you need/want for the next few years, unless you are really desparate to join the BTL stampede.Been away for a while.0
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