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Should I buy or wait?
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Spoonzz
Posts: 1 Newbie
Hey,
The silver lining to my recent divorce is selling our house at a good time. Even though we are splitting the equity, I now have a half decent deposit for my next place (approx £75k). The issue is that since getting our mortgage I went back to uni (I wasn't anticipating the separation!), and so my income is much lower and I can only borrow £90 from the bank. I have been priced out of my home town, and I am looking to relocate to somewhere more affordable (and buy a smaller flat to stay on the ladder).
It is possible for me to buy something I'd be happy to live in now within my budget, but I am unsure if I should go for it now or wait. On one had I could put an offer in on a flat now in a sellers market, and get it through before the stamp duty phase ends in September. Or, I could get some temporary accommodation over the summer, and wait until October after the tax break.
Should I buy now or wait? I now this is the question we'd all love the answer to, but I'd really appreciate your help!
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