Newbie looking for some helpful advice please.
I have just started to dip my toe in the murky waters of home buying.
Renting at the moment.
Living in Edinburgh looking to buy in Lothians or Fife.
I have £64,000 savings for deposit.
No loans or debts
Looking at properties between £50,000 to £100,000
I have seen an Independent Mortgage Adviser and have a Decision in Principle - (Nationwide).
I am in full time employment approx £22,500 (after tax)
So the question is Mortgage or Personal Loan ?
Would i even be able to get a loan of approx £5000-25,000?
If Mortgage would it be better to go for 5yr ?
Or just buy a place with the savings - then save up buy again?
Forgive my ignorance this is all new to me.
I have just started to dip my toe in the murky waters of home buying.
Renting at the moment.
Living in Edinburgh looking to buy in Lothians or Fife.
I have £64,000 savings for deposit.
No loans or debts
Looking at properties between £50,000 to £100,000
I have seen an Independent Mortgage Adviser and have a Decision in Principle - (Nationwide).
I am in full time employment approx £22,500 (after tax)
So the question is Mortgage or Personal Loan ?
Would i even be able to get a loan of approx £5000-25,000?
If Mortgage would it be better to go for 5yr ?
Or just buy a place with the savings - then save up buy again?
Forgive my ignorance this is all new to me.