Daimo B
Member
Registered: 20th Mar 00
User status: Offline
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quote:
Originally posted by whitter45
yes Ian totally agree and for the first 10 years ypu pay nothing off the amount you borrow as your paying off the interest thats added. Its the last 10 - 12 years wheee you really pay the amount borrowed
Similar if you could pay the 120K mortgage off in 11 years instead of 25 you would save 91K
100% it not ideal if can put money down its always better
[Edited on 24-01-2007 by whitter45]
Our statement that came through a few weeks ago says we've already paid off a few K off our actual mortgage.
Agreed, if you CAN afford it, get a deposit, but on a £180k house, thats a big deposit  We chose to kit out the house instead, run the first 3.5 years of a mortgage, then will change in in favour for a better rate in the future.
I guess it depends on your situation. I had no plans to move out, but the other half wanted to. So we had basically a year of saving, no-where near enough for a deposit, but plenty to fully kit the house out with everything (sofas, washing machine, kitchen kit, tv/audio, PC, bed etc etc..). It also meant we were saved and bought a house within a year, opposed to saving for 2-4 years hard. Also enough to cover solictor fees and all the other gubbins involved (so in actual fact, you may have £10k odd saved for a deposit, but £2K+ of that will go on fees, stamp duty etc etc...) so u've actually got less.
It depends on your situation, ours worked for us and we've got not a toooo bad rate. For some it works, for others it won't. Our mortgage actually meant we got £1k free as well (as long as the term is over 3 years, if not, we have to pay it back).
Just found out last night we've already made £15k on the house in 10 months as well  So we're already in the clear as such.
It really depends how quick you want to move out. But i do agree its better to have a deposit, but, its not a neccesity.
[Edited on 24-01-2007 by VXR]
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