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£200k inheritance, property ladder or not?
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Buy a property, but consider too maintenance costs and any rises in interest rates. Rents will only ever be going up and you really don't want to be dependent on the whim of a landlord when retiredGather ye rosebuds while ye may0
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Ladders go both up and down.0
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but depends where in the country you are as well.....1
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theartfullodger said:Ladders go both up and down.1
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I would buy a property but would make sure at the same time I was contributing a reasonable amount to any workplace pension I had for the future.1
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Thanks everyone for your replies! The majority seem to say buy, which is what we expected. It was great to read the reasons too.We are currently paying £1400 a month to rent in Devon. We've looked at mortgage options with putting down a deposit of £150k, which leaves us with monthly mortgage repayments of between £1,800 and £2,200 a month, depending on the house price. So not cheaper than renting and quite a stretch each month, plus pressure to stay in the job that provides the salary this mortgage would be based on. If I had to take a drop in wages...scary.So I guess the options are to put in the whole £200k to bring down the mortgage repayments, or compromise on the house and go smaller/less desirable area. At 49, I doubt a mortgage lender would allow the length of the loan to increase to reduce payments that way.0
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Have you been to a mortgage advisor as suggested, or just looked at the deals available on-line?If you've have not made a mistake, you've made nothing0
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Or move across the channel to wales and buy a 2 bed terrace for 90k....
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RAS said:Have you been to a mortgage advisor as suggested, or just looked at the deals available on-line?
I don't know if certain lenders are more recommended for older mortgage applicants...guess that's another question for them.0 -
jem1276 said:RAS said:Have you been to a mortgage advisor as suggested, or just looked at the deals available on-line?
Her courage will change the world.
Treasure the moments that you have. Savour them for as long as you can for they will never come back again.1
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