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Mortgage & Loan; Am I Doing The Right Thing?
Alpen
Posts: 1 Newbie
My partner and i are 51 & 52, and live in rented accomodation at £850 pm. I am self employed and earn around 30k, my partner is employed and earns £18500. a mortgage of 140,000 has been agreed by L&C. we cannot get a 100% mortgage as i have had an IVA which was paid off in full january of this year. as we have no savings, we have considered taking out a loan to cover the 10% deposit (assuming we can get one - if so, where?).bearing in mind the repayments for mortgage and loan, would we be better to move to cheaper rental for 6/12 months and use what we save towards the deposit, even though we will still need to borrow the balance, or risk applying for a loan now? could really use some advice, please!!
0
Comments
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Go for cheap rental for as long as it takes to save the 10% deposit...the market may go in your favour...in 12 mnths time who knows what you will need to pay for your property?? Now feels like the wrong time to stretch yourselves...paticularly if one of you is SE.0
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