Thursday 10 January 2008

Mortgage - taking the plunge

My first step was to arrange a mortgage, which I did through a broker attached to an estate agent. I did this because they are local to me, and when you work away a lot, locality is important. The issue with Buy to Let mortgages is that, unlike residential mortgages, you cannot surf and compare mortgage rates wiithout registering and risking being continually contacted from the rest of your natural life. Time wiill tell whether this proves to be a mistake.I settled on a variable interest only mortgage over 25 years with no redemption charges (very important for a quick turnaround). This will keep my monthly outgoings to a minimum, which is very much the point.I plan to set up another bank account to manage the funds. I will put my savings into this and make as many of the purchases as possible out of it, including the monthly mortgage repaymensts.

About Me

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Sarah Payne. I am a creative creature that feels the need to make stuff constantly. Whether that means making textiles, beaded jewellery, a meal or a mess I am always up to something. I demonstrate sewing and quilting skills for Create and Craft UK and US shopping channels. Website: www.sarahpayne.co.uk Twitter: @sezpayne Facebook: @sarahpaynequilter