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[quote][i]Originally posted by Daimo B[/i] [quote][i]Originally posted by whitter45[/i] 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] [/quote] 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 :lol: 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 :D :D :D 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] [/quote]
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