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monz101x

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  1. Hi all I hope you can help. I have been doing some research into property and I am looking for some advice. Initially I was looking at residential mortgages for properties on the outskirts of London and can only really afford a one bedroom at the moment. However, I am not in a rush to leave home and have been thinking whether it would be better to wait until I can purchase a two bedroom instead. Purchasing a one bedroom I would not be able to rent a second room to a tenant to share the house/flat with me and when having children in next few years I would also need to upgrade size of property. I was thinking the residential would be a liability, rather than an asset as I would make no profit other than the equity. on the other hand I have been looking at buy to let, which can Ben tricky for first time buyer if you do not own a residential property already. However, there are banks that will borrow to first time buyer if you have 25% deposit. I was thinking this would be a good idea to eat some profit and equity in a property and then purchase a residential in a few years. I also read that it can be tricky to get a residential if you have a buy to let mortgage already as she bank count this as existing debt. Does anyone one have any experience or advice? Thanks Mon
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