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!