Q I have had my offer of £200,000 accepted on a property. I have also just sold my apartment for £135,000 (minus fees), and the transaction has completed. I’m temporarily living with family so have savings of £75,000, plus the sale proceeds (a total of about £205,000) to spend on my next home.
I’ve always been good at saving but never been very knowledgable on the best ways to manage my finances for the future. The sensible side of me thinks that I should buy the property outright with no mortgage. But I’m wondering if it would be a better idea to take on a mortgage and invest some of the money. I’m also wondering, if I did take out a mortgage what size of deposit I should put down?
MH
