Properties, a big investment

A while ago, my manager had bought a flat near the college. There had been some minor problems with the previous owner where the structure of the flat may need to be inspected and approved before they could sign the paperwork. However, all is good now because my manager has moved into his flat and he walks to the college everyday.

Few days ago, I read from the newspaper saying that would-be house buyers will need to save their whole year salary in order to pay the deposit of the house which is up to £21,000 to some amount which I have forgotten.

In my manager’s case, he actually borrowed money from two separate mortgage lenders; one for the deposit (sort of), and one for the rest of the amount. Well, that was because he was a first time buyer. Still, it is very good that he was able to find a property near the college and there is a superstore nearby. It takes him about 15 minutes of walk to the college and another 5 – 10 minutes to town which is reasonably better than me; 30 minutes walk to college if I walk fast.

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