Interest only mortgages, your opinions
- Thread starter zetec452
- Start date
Perhaps if I said im a student and looking to buy a house with an interest only mortgage?
To rent in my area will cost between 400-450 per month. I've sourced a flat which will cost me 350 per month on an interest only mortgage. Surely it would be worth it? Or am I walking to stand still?
To rent in my area will cost between 400-450 per month. I've sourced a flat which will cost me 350 per month on an interest only mortgage. Surely it would be worth it? Or am I walking to stand still?
Its definately not a long term investment. I imagine i'd be using the property for 3-5 years at most in which I hope house prices will have gone up a little.
Im my view its cheaper than renting and hopefully ill make a little bit of dosh at the end. A risk worth taking?
Im my view its cheaper than renting and hopefully ill make a little bit of dosh at the end. A risk worth taking?
Fortunately the building maintance is taken care of by the owners of the bottom floor. So if anything goes wrong on that side of things im ok. Water rates are also taken care of.
Its a 2 bedroom flat which I would hope could be quite attractive to first time buyers like myself once I've finished with it. There aren't to many cheap flats in the area as most are new developments which are easily 40k more than this property.
I am on a fixed interest mortgage for 3 years and perhaps when im working I can acutally purchase the flat on a "proper" mortgage. At the moment in just seeing it as a better way to live as a student with the Mrs.
The property is rather nice with no neighbours around, its also nice and quiet which is something that its hard to get in a rented new development or house.
I do understand that property will eventually fall in price, at that point i'll just have to keep the flat and rent it.
Its a 2 bedroom flat which I would hope could be quite attractive to first time buyers like myself once I've finished with it. There aren't to many cheap flats in the area as most are new developments which are easily 40k more than this property.
I am on a fixed interest mortgage for 3 years and perhaps when im working I can acutally purchase the flat on a "proper" mortgage. At the moment in just seeing it as a better way to live as a student with the Mrs.
The property is rather nice with no neighbours around, its also nice and quiet which is something that its hard to get in a rented new development or house.
I do understand that property will eventually fall in price, at that point i'll just have to keep the flat and rent it.
Captain Planet said:He also says you should go and talk to a mortgage advisor/financial advisor as opposed to relying on the opinions of people on a forum
I have an independant financial adviser who will give me the best advise and package, not just something from the Halifax
I was asking for generall opinions, I've already applied for the mortgage.
One would assume that most of the people who are saying dont buy already have there own property? I don't fancy living with my parents and certainly don't see any benifit in spending 150 per month more just to rent something.
Sequoia I do enjoy reading your posts and thanks for the input.
I have already had the acceptance of my mortgage and everything is going through for exchange next week. The forum hasn't swayed me either way.
It is interesting to read everyones views, I'm getting a nice place with most stuff taken care off so at the monent, such as the buildings maintance and boilers and stuff like that. Its almost like having the best parts of renting but paying for it via a IO mortgage.
So lets hope the market will rise in this area.
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I have already had the acceptance of my mortgage and everything is going through for exchange next week. The forum hasn't swayed me either way.
It is interesting to read everyones views, I'm getting a nice place with most stuff taken care off so at the monent, such as the buildings maintance and boilers and stuff like that. Its almost like having the best parts of renting but paying for it via a IO mortgage.
So lets hope the market will rise in this area.
.Captain Planet said:I have also made absolutely no sense if you are not thinking of buying in Sheffield at all
Sorry matey im not living in Sheffield. Although it is a nice place to live im no hanging around.
Im moving to a village just outside bromsgrove Worcestershire.