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London Investment - how long is too short?

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Comments

  • brodawel
    brodawel Posts: 153 Forumite
    Job wise how secure are you at the moment? and what about in 5 years time, do you think you would still be in a position to get a mortgage should you wish to buy something later on? I'm just wondering if you might be better getting it over and done with now whilst your earnings qualify you for the mortgage. When you're 40 you'll have less earning years ahead of you and you may struggle to meet the criteria for the loan. Or am I worrying too much! :o
  • heyya99
    heyya99 Posts: 9 Forumite
    If I decided not to sell in 5 years, and rented the place out, would I have to factor in the extra repayments because the switching to a buy to let?
  • elverson
    elverson Posts: 808 Forumite
    Not necessarily - you would need 'consent to let' from the lender but you wouldn't necessarily have to pay a higher rate for the mortgage.
  • heyya99
    heyya99 Posts: 9 Forumite
    All agents are spinning the same yarn - it's currently a buyer's market because of uncertainty about Brexit and the new stamp duty. Hard to know what's going to happen.
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