questions for my UK friends!
Does anyone own a house/flat in the UK can can you explain to me a little more on these kinds of mortgages you hvae because you guys hvae a ton of weird differnet kinds, and while over here we do the principal (repayment)+ interest loans basically only, it seems you can also in the UK do interest only loans and pay the full balance at the end of hte interest paying term??? Does this mean you can just sell it before the term is over and use that money to pay the balance on the loan so you're basically jsut renting the place for cheaper than renting??? or whatever?
SO MANY QUESTIONS SO MANY
Also, I'm aware of stamp tax and a ton of random other one-time fees, but how does the taxes/insurance factor in? Here, I pay $700something on my principal/interest payment per month, plus another 250$ish for taxes and homeowners insurance combined. Do you have other fees like these that would add on to the overall monthly costs?
In general, would it be more wise to purchase, if possible, doing an interest only loan than renting? The renting cost seems much higher. Or is that a creepy way to do something. Are the loan lengths different for principal+interest than just interest? Which would be what skews the payments more evenly?
QUESTIONS
SO MANY QUESTIONS SO MANY
Also, I'm aware of stamp tax and a ton of random other one-time fees, but how does the taxes/insurance factor in? Here, I pay $700something on my principal/interest payment per month, plus another 250$ish for taxes and homeowners insurance combined. Do you have other fees like these that would add on to the overall monthly costs?
In general, would it be more wise to purchase, if possible, doing an interest only loan than renting? The renting cost seems much higher. Or is that a creepy way to do something. Are the loan lengths different for principal+interest than just interest? Which would be what skews the payments more evenly?
QUESTIONS