This article explains the considerations which should be taken into account when entering into a new mortgage to ensure future viability. It recommends a “practice run”.
Not everyone will do it, but most people will consider it at some stage in their lives – borrowing to buy their very own home. It can be an exciting venture, but also a scary one if you don’t plan well.
Whether you are borrowing to buy your first home, or upgrade your existing property, it is imperative you take the necessary steps to ensure you do not borrow more than you can comfortably repay. You might think that’s blatantly obvious, but this can be an extremely emotional time and under such stress, sometimes common sense disappears.
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