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Mortgage advice for first time buyer

Audioh8 · 2021-04-06 19:59:27

I have been approved for a mortgage of 180,000 I am currently 27. Would there be any point in buying somewhere now in prime rental location that could be gradually done up while I live in it with the idea of selling it or renting it out eventually. My father and myself would renovate it over time to minimise cost of…

06-04-2021 7:59pm

#1

Audioh8

Registered Users, Registered Users 2 Posts: 41 ✭

Join Date: January 2013

Posts: 18

I have been approved for a mortgage of 180,000

I am currently 27.

Would there be any point in buying somewhere now in prime rental location that could be gradually done up while I live in it with the idea of selling it or renting it out eventually.

My father and myself would renovate it over time to minimise cost of labour.

A kind of “starter house” rather than renting at the moment which in my eyes is simply throwing money away.

Is it possible to pay off a mortgage early to then get a new mortgage? Or will the penalties incurred make that futile.

Any and all advice welcome.

Thanks in advance

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