I am a first time buyer looking to get a mortgage. I expect to be approved for a 250k property. I am looking at a 2.65% 3 year fixed rate.
I intend to sell the property in around 5 years and build on a site I have. I expect I will build a house costing 300-325k.
Questions I have.
I intend to sell the property in around 5 years and build on a site I have. I expect I will build a house costing 300-325k.
- I may end up buying a new build and taking advantage of the 10% FTB grant
- I may spend a lot less than the 250k I was approved for
Questions I have.
- I have no clue about purchasing a house what or where can I find out the key things to check.
- What are the pitfalls of buying now and intending to build a few years later. I am aware I might lose my first time buyers grant.
- Will getting a 150k mortgage now and needing maybe a 300k mortgage in 5 years cause me any issues? 20% deposit wont be an issue.