ASK316: Should I go ahead with this expensive mortgage? PLUS: How should I use the property cycle when refinancing?
It’s Tuesday and you know what that means! Rob & Rob are back with another round of listener questions.
This week we’ve got two great questions about mortgages.
Our first question is from Cameron from South Africa, and it's got the guys divided
Cameron is around 2 years away from getting his permanent residence in the UK and this has caused lenders to be reluctant, leaving him with limited mortgage options.
He’s currently looking at getting a flat in Nottingham city centre and has recently been offered an interest only mortgage, with an interest rate of 7.7%!
What he wants to know is what Rob & Rob would do in this situation. With Nottingham being one of our hotspots for 2022 would they still invest?
Next up, we’ve got a question from Arun.
The mortgage term on Arun’s home is due for renewal in 2025, and according to the 18-year property cycle, a crash is due slightly after this.
Arun wants to know Rob & Rob’s thoughts on refinancing before you suspect a crash is coming and whether the risk of negative equity is such a bad thing?
Thankfully for Arun, we’ve got the perfect podcast episode to help answer this. In fact, it’s almost as if we recorded this episode, just for him.
How do you use leverage in a boom and crash?
Tune in to find out what else Rob & Rob have got to say.
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The next question on Ask Rob & Rob could be yours.
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