Think I'd rather wait for the right time
Next door just sold for £100k. Its been on the market for £120k for 8 months. The owner died a year ago, his daughter has been sorting his house.
Mortgage
- Thread starter Steve
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Next door just sold for £100k. Its been on the market for £120k for 8 months. The owner died a year ago, his daughter has been sorting his house.
go to a decent and really independent ifa. Not one tied into an estate agent etc. He will tell you whats avaliabl, whats realistic and help you plan through it. A mortgage isnt a millstone around your neck, its just a way of financing how youre using your property and your future financial plans.
I've seen an independant mortgage broker today. He's gone off to do some searching with my details. He'll be back friday morning with some deals.
Why? I have. But everyone does it (well a lot of people).
its only 25 years of debt if you stay put and think like that. Goes back to what i was saying. if you use it as a facility to buy a property, do it up, sell it on, make a profit, reduce the debt, buy another etc, it aint 25 years!
O
oompah
But it doesn't have to last 30 yrs, if and when the economy gets back on an even keel and you have spare cash, over pay on your monthly payments,we reduced our 25yr term taken out in 1990 to be fully paid off last year.
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thats the way to do it.
we have reduced ours to 13 years and have only had a mortgage for 6. im hoping to be free of this mortgage in 6-7 years.....trouble is im likely to need another one when i move next.
Well with any luck the interest rate will stay low for a while longer and in the meantime I am keeping up the original payments and dragging the capital down! Ain't got much in the way of savings so low interest rates don't come into my equation.
