03-04-14, 10:48 PM
(03-04-14, 09:39 PM)Punkstig link Wrote: Haha, that submarine one is pure comedy!
I'm intrigued arfa - please give me some advice on how I get to buy property up north when my current living costs are higher than my income?
Obviously I don't have enough savings for a deposit to get a mortgage.
Bearing in mind my job, and daughter are here so moving up north isn't an option either!
The train of thought is you use mortgage allowance to buy house up north where prices are dirt cheap still. Not to move there but to rent thus not costing you a penny and giving you hopefully a monthly income while waiting for property to rise in value.
A couple of problems there
1. As you say your outgoings are more than your income so getting mortgage could be hard
Although if going the not so straight way your rent here wouldn't come in to the calculation since in theory you'd be moving to the property
2. if doing it the legit way you would have to go for a buy to let mortgage and even if you could get the 100% mortgage buy to lets aren't available to first time buyers. Or so I am told.
Women have chocolate men have bikes.....
including ones who like chocolate....
including ones who like chocolate....