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Velocio
- No, as you have identified you have a market to sub-let / have lodgers from.
- No, because your future circumstances usually improve and what is top of budget today isn't in 5 years, 10 years, etc. Also with interest rates where they are you'd be silly not to take advantage.
- Yes, but it works out in your favour to some extent... just get a 2-3 year fixed rate now and when that expires re-mortgage as applicable if your circumstances change. Everyone re-mortgages when the fixed term expires.
- Huge... 1-5% of the total loan value, fix for the term you're guaranteed to stay for.
- No, as you have identified you have a market to sub-let / have lodgers from.
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@Velocio thanks very much.
#2 - hadn't even thought of this. Should get a pay rise in a year when I finish the grad scheme.
#3 - what do you think from a business case point of view? I hate the idea of living month to month in say London, only being able to invest a few hundred in a stocks and shares ISA, paying 30-40% of my salary in rent building and no equity in a house at all.
#4 - thanks. Will do lots more research on this but early stages and this thread was a good place to start. Whatever I get I think I'll do a 2 year fix as I'll be in Derby for at least 18 months from purchase of property. Don't know beyond that. Interest rate will be around 1.5%
bobble