Hello, I am a 3rd PhD student living in flat in the city centre of Glasgow. Tired of spending a lot of money for my rent, I though it would be a good idea to buy a flat in Glasgow. I have been living here for 3 years now, I am planning to stay other 2 and rent out the property that I am going to buy.
I have been told that this is a good period for buying a property, so I went to the bank and they convinced me that I could get 56000 in
25years (adding savings). I am earning 14000p. y. net (I have a nice scholarship :)).With a fix interest rate I should pay a mortgage of £350p.m. Does somebody know if:
1) is it sure to get a mortgage even if I am student? (they think that I could get money in the future.. mah! :)) I am quite scared to pay £150 for a survey and don't get the mortgage. 2) where s the best place in Glasgow to buy (I suppose that with £56000 I can get a tiny 1 bedroom or 2 bedrooms flat). Considering that I can decorate it, living inside a couple of years with my girlfriend and rent out in the future? (i.e. Dennistoun, close to Univ) 3) will it be a good investment to rent it out (at least to cover the mortgage?) 4) can you please give me any advice?I am surfing on the net try to get as many info as possible because it s a big step in my life! I will really appreciate an answer from you. Regards An old student fancy to take a big decision!