This sounds so simple and it is, yet a lot of us that want to purchase property (using loans) usually want to do it as quick as possible. The younger the better!
Generally that is the thumb rule, yet rushing into it without doing your own homework, may one day place you into deeper debt. So what I always suggest is whatever amount of the Home Loan interest is add at least, 5 percent worth and see with your income and expenses whether you would be able to pay this comfortably, This assuming interest rates where that high. That means check out your capacity to pay.
Ensure that if that if you are paying off your mortgage with your partner, should one of you lose income or have income reduced, you are both in a capacity to cover your mortgage repayments. The other thing you can do is add lump sum payments as you pay your account off and your withdrawal facility will increase, which can be used a s back up to cover income shortfalls!
If the house you are buying is not the house you want to purchase and you are having doubts because of all different variables then there a need to not proceed. Cut your small losses now, before it could escalate to be a lot bigger loss.
You have got to be really happy with the property you buy, if not you will be miserable and disappointed. Cheer up it is not all doom and gloom, there is an opportunity to delay buying and come back in a stronger financial time.
If there is any sort of doubt in purchasing a property, pull out immediately before mistakes could be made. I t is better to purchase a different property if you are not ready at a later time!
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