buying a flat… What do you think?
by Mortgage Rates on Wednesday, September 15th, 2010 | 2 Comments
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You don’t specify your age or career information, so not sure how applicable the comments will be.
But if you are young and just into a new job, what your parents say is a valid point. You will be moving up the career ladder, and are at most risk for a transfer or better job offer elsewhere than a more seasoned worker. If you are saddled with a mortgage and a flat you may have difficulty selling, you put some pretty big limitations on your future at a point where it is so uncertain.
That doesn’t mean you shouldn’t buy, but it means you should look at renting in a different light. It is not throwing money away if it is buying you flexibility to respond to opportunities.
Note that this is from a US perspective; not as familiar with conditions in the UK. Rates are very low here right now, and about the only way they can go is up. So a variable rate loan doesn’t make sense here right now. The starting rate is attractive because the lender knows they aren’t tied down when rates move, but if you can afford a fixed rate loan right now that might make more sense.
Good luck.