(no subject)

[mstislavl]

I've developed a crazy idea to buy a flat in NCL. I have enough money for a deposit and there are banks that provide mortgage to people on work permits - Halifax, for example. As soon as I bring nIcholas over, I wouldn't be able to rent a room and flat's rent is comparable with a mortgage. So why waste the money?

Comments

[oryx_and_crake]

I don't know how it is done in Briatin, but here in Canada if you buy some realty you have to pay lots of fees - and then, if you have to sell it within a few years, you might actually carry some losses. Of course, the price of your house/apartment might go up, but it might go down as well. If (let's consider the worst scenario possible) you have to leave the country in, say, 3 years from now (your work permit is not extended, immigration laws change etc.), the price stays the same or goes down, you are forced to sell anyway, and then you'll be still indebted to your bank or building society, your credit history will be ruined, which might create problems if there is a global european database on credit histories etc. I am not trying to dissuade you, just trying to show the other side of this coin.

[oryx_and_crake]

Briatin = Britain... way to go, straight to nedosyp :-)

[mstislavl]

a PhD student from the lab next dooor just bought a house for 25K. hovewer, she says that the area is reaaly bad: drugs, people on the dole, rubbish everywhere. The school in this area must be awful and my son is going to school in a year. Terrraced houses in the area where I live now cost about 180 - 200K, i can never dream about it. modern flats cost the same. but I've seen a couple of two bedroom flats in Wellsend advertised with starting price 58-60K. this should be within my grasp if Halifax provides its usual 3,25 annual salary morgage.

I know about fees, additionally now there is a capital gain tax for flats over 60K. the real question is whether I intend to stay in UK for more than 3 years. I do.