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Unfortunately life doesn't entitle you to a mortgage simply because you want one. Times have changed since your mum got a mortgage, lenders are much more cautious about lending and income, it isn't just free money because you want a house. The best thing you can do is to do a bit more research. Goog...

I'm sure the bank that you have done the mortgage calculator with will have guides about their mortgages and how it all works.



Which woman do you mean? The accountant? Accountants generally deal with tax, not mortgages so I wouldn't take her advice as gospel - do your own research.

Plenty of the big banks have simple mortgage guides and calculators, it may be worth having a look at those to give you a general idea. I must say though that your numbers seem very ambitious. Don't forget that out of that deposit you'll have to pay stamp duty and fees, so you won't have the full am...

I don't envy you having to make that decision! Good luck with whatever you decide. What sort of difference is the monthly payments on options 1 and 2. Have you looked at an amortization calculator to see where you would be in 2 years with both options when you remortgage? That might be worth a look....

I think it all depends how risk averse you are and what you are comfortable with (sorry!) Personally I would always go for a better LTV, however I can't see it would be very nice to live on a building site and the temptation of getting the building work out of the way before you move in!

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