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Larger mortgage deposit vs keep cash for renovations?
candle100
Posts: 2 Newbie
I would like to buy a property. In it's current condition, I can live in it, but would like to modernise it.
I have some savings. Is it better to put as much down as a mortgage deposit (I am first time buyer), and then release equity in the property to modernise? Or to keep money back to modernise, and put less down as a deposit?
I'm sorry if this seems a stupid question, but I really am unsure what's the best thing to do.
I have some savings. Is it better to put as much down as a mortgage deposit (I am first time buyer), and then release equity in the property to modernise? Or to keep money back to modernise, and put less down as a deposit?
I'm sorry if this seems a stupid question, but I really am unsure what's the best thing to do.
0
Comments
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Keep your money, they may not be happy to increase the mortgage.
Depending on rates and how quickly you want to renovate an offset mortgage may be worth considering.0
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