Equity Home Loans - mortgage.......?

mortgage.......?

morning boys and girls.. my daughter and her boyfriend are saving to get a mortgage,in your oppinion which is the best to go for. or would renting be better. (in england). thank you ppl.

Public Comments

I say getting into your own place is best, as renting is only throwing dead money away. Don't over commit though.
how can anyone answer that given so few details?
Renting is just paying someone elses's mortgage, so if possible then should definately buy.
Buying your own freehold property is a good investment for the future considering how house prices are rising. If they have "time" to save then a good deposit will help secure a mortgage better. Of course there are schemes to buy and part rent to help out in the early years of ownership, look these up also.
NOT enough info to answer the QUESTION!
getting a mortgage is going to always be the best option as you are buying your own property however it may not be the best option for them yet. They need plenty of savings, 1 to get the mortgage rate down and 2 so that they can decorate the house etc. House prices and mortgage rates are going up and it is getting harder and harder for first time buyers to get on the property ladder why? because most young people dont earn enough to secure £150,000 mortgages which will only get you a nice 2 bed house! The more they save the bigger the mortgage can be. If they have never lived together before I would suggest renting for 6 month, so that they can 1 get a feel of living away from home and paying bills etc and 2 see how they get on living together. They may realise they dont want to after a while! it takes longer to sell a house then it does to just move out after 6 months renting. Yes it may be 'dead' money but it wont have been for nothing and 6 months of wasted money is better than years of wasted money which is what some people do by renting all their life!
Where are you located??? Better yet...where are they buying..or renting??? Honestly, now IS the best time to buy...BUT... not for what people are asking for.... More like...10-30K LESS then what they are asking for.. UNLESS...it is a foreclosure or short sale. There is NO reason to pay even CLOSE to full price for ANYTHING right now. Call me.... I can help you....if not for anything but for the sake of forming a new {life long} relationship:) Dane Michael 517.819.4223
You should get your daughter and her boyfriend to speak to an independent mortgage broker who will give them advice (a reputable broker will not charge for advice) and can search a panel of lenders to see what deals are available to them (this should also be free).
I'd wait a year for the market to cool down ...prices may drop by even 15%. It depends on their salaries but the rule of thumbis borrow no more than 4 time of salary
This depends on many factors such as how much they have to put down, their credit rating, income etc. I suggest starting here: http://www.tomvoli.com/pay-off-mortgage-early/ This will give them a good idea how to structure their budget for a better result. Good Luck