Morgage 1st Timer
Discussion
Hi looking for advice for my daughter who is 22 and looking for her first flat
Flat prices around £120k
Salary £18k would expect to rise fairly quickly but rather be safe than sorry and still have a social life
No debt and savings of around £10k
How sensible is shared ownership?
what sort of term would be available, is 25 years the maximum?
Are their any other goverment schemes that would help
New mortgage ISA, when will they start?
Assuming at this stage we are not adding any help although we probably will, could we secure against our house, around £300k of equity in it with around £20k left to pay
Flat prices around £120k
Salary £18k would expect to rise fairly quickly but rather be safe than sorry and still have a social life
No debt and savings of around £10k
How sensible is shared ownership?
what sort of term would be available, is 25 years the maximum?
Are their any other goverment schemes that would help
New mortgage ISA, when will they start?
Assuming at this stage we are not adding any help although we probably will, could we secure against our house, around £300k of equity in it with around £20k left to pay
Thanks Sarnie,
we could find £10k or so with out too much trauma to help with deposit.
With shared ownership who decides on the split and how much is the rent element?
Could we do a buy to let mortgage using our equity and my daughter pay us the rent (additional mortgage), both houses would be hers anyway at some stage.
Trying Hard to retire at 55 so also need not to help too much
we could find £10k or so with out too much trauma to help with deposit.
With shared ownership who decides on the split and how much is the rent element?
Could we do a buy to let mortgage using our equity and my daughter pay us the rent (additional mortgage), both houses would be hers anyway at some stage.
Trying Hard to retire at 55 so also need not to help too much
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