First Time Buy in London

helpmesave123

Hi all,

I'm looking to buy a house with my brother in London both as first time buyers. We're looking to spend up to £350k on a 3 bedroom place or up to £295k on a 2 bedroom place in East London. I have a few questions:
- do you think it will be possible to rent out the third room?
- what is better, a two year tracker or two year fixed rate mortgage?

Thanks!

kingstreet

Your projected lodger income won't buy you a bigger mortgage to purchase for more at the outset.

helpmesave123

I'm also looking to do renovation work on the house, possibly including: new kitchen, new bathroom, decoration (painting the walls and changing in the carpet) in each room. All of the renovation work will be cosmetic rather than structural. I know this is quite vague, but how much do you think this would cost?