Buying a flat

[big_man]

What advice would you give to a student who doesn't want to throw all his money away on renting?! What's the story when it comes to buying a flat and getting a student mortgage? Any experiences or tips on where to go to get info would be greatly appreciated as I am not sure where to start.

Thanks.

[ohidunno]

How are you going to pay the mortgage? well paid PT job?

[big_man]

The same way I'd have to pay rent!

Part-time job, help from parents and the rent from my flatmates.

[rpguk]

I highly doubt that anyone would offer you a mortgage at reasonable rates unless you have a very large deposit, you are simply too much risk.

I think your best bet would be to wait a few years until you have a secure job and a proven track record of paying off finance.

[james_j]

Why is renting throwing money away? Look at total costs, plus freedom to move on more easily if you want.

Renting: freedom of movement, no maintenence bills, no stamp duty on purchase, no estate agents fees on selling.

Mortgage: 25 (sometime more) years with a millstone around your neck, plus about 10% cash down minimum. OK, the property will probably appreciate over time, but you'll only enjoy the cash return when you retire and trade down.