i am 24 year old,
thinking of buying a terrace house here in NI in a small town.
looked at the prices, they are arround £40k
i have over 50% of savings, and thinking to pay 50%as deposit and the rest repay in 5 years
what most economic way is in my situation?
my income is £14K gross i just checked on comparison sites what i could choose from, and see that many of lender doesn't count it as mortgage asks to take more loan than house costs(strange).
found that HSBC and their online bank first direct are cheapest
with no setup fees, 2year fixed rate
my plan would be to save some money in those 2 years and then pay as much i can. as i don't want to owe for a long time,
now i rent the house of worse condition ant pay more then mortgage would cost, so decided the time has come.
i need opinions is my plan most efficient or something i could do better.
thinking of buying a terrace house here in NI in a small town.
looked at the prices, they are arround £40k
i have over 50% of savings, and thinking to pay 50%as deposit and the rest repay in 5 years
what most economic way is in my situation?
my income is £14K gross i just checked on comparison sites what i could choose from, and see that many of lender doesn't count it as mortgage asks to take more loan than house costs(strange).
found that HSBC and their online bank first direct are cheapest
with no setup fees, 2year fixed rate
my plan would be to save some money in those 2 years and then pay as much i can. as i don't want to owe for a long time,
now i rent the house of worse condition ant pay more then mortgage would cost, so decided the time has come.
i need opinions is my plan most efficient or something i could do better.