FabSwingers.com forum: Rent or own?

By *ittle_brat_evie!! OP Woman
over a year ago

evesham

So it's rime for my annual 'I need to move out' quandary.

I currently live in my own little flat but it is attached to my dad's house. As I had gotten in to some financial issues after uni etc and am eternally single it works well for me.

Now I am in a better position financially (but still eternally single) I think it's time I moved out however I am 42 this year so realistically, is a mortgage right for me?

I have a small savings pot currently but not enough for a deposit on a house yet. I could realistically budget for £1000 a month for everything.

Do you rent or own?

Do you think the older you get the more renting becomes an option?

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By (user no longer on site)
over a year ago

I rent not in a position to buy, consequences from old life, but working on those

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By *acey_RedWoman
over a year ago

Liverpool

Renting but currently saving for buy.

Would you consider shared ownership? You need a smaller deposit and then you could get a shorter term mortgage on the share you have bought. Say 20 years instead of the usual 25.

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By * and M lookingCouple
over a year ago

Worcester

Thankfully, we own and would never rent as we see it as dead money going into other’s pockets.

We have a friend in Richmond who pays £1000 a month for a 1 bed apartment.

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By (user no longer on site)
over a year ago

because property is now so expensive lenders are making it possible for people in their 50s to borrow.

i see billboards with 'rent from 1200 a month' on them.

if you work in supermarkets or even some factory jobs thats nearly all your monthly money just on the rent before any other living expenses.

it wont be long before the government has to start provided rent benefits for working people earning under 1500 a month because they just wont be able to live

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By *ora the explorerWoman
over a year ago

Paradise, Herts

I Own but goodness now youngsters today are supposed to buy! I really feel for them.

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By *ora the explorerWoman
over a year ago

Paradise, Herts

"I Own but goodness now youngsters today are supposed to buy! I really feel for them. "

*goodness knows how I meant

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By *a LunaWoman
over a year ago

South Wales

I currently live with my mam. However, when I bought my own home a few years back, the mortgage repayment was much less than renting in the same area.

The trouble with owning is that you’re financially obligated to fix things. Renting (hopefully) the Landlord has to fix stuff.

There are pros and cons for both I guess - but personally I would prefer to own.

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By *viatrixWoman
over a year ago

Redhill

There is a lot of stigma about renting... people are seen as “less accomplished” if they don’t own the house they live in. Which I find ridiculous.

We own a property in Manchester but we left the area 14 years ago and have no plans to go back. We have since lived all over the south east and rented all the way.. we get criticised “you’re throwing money away” “you’re only lining the landlord’s pockets” ... well, if we are, so what? at least we have the freedom to move out whenever we want and choose the house we want. We found our only house purchase traumatic and don’t fancy doing it again. We will pay off the mortgage on our house this year and we will keep it as an asset for our children, but renting suits us and we think we’ll keep doing it for the foreseeable future.

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By (user no longer on site)
over a year ago

Own,would hate to try and start out nowadays

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By (user no longer on site)
over a year ago

Own but also a landlord. If you can afford it buy

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By *uxom redCouple
over a year ago

Shrewsbury

We rent

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By *acey_RedWoman
over a year ago

Liverpool

"Own,would hate to try and start out nowadays "

Yeah it's tough. I need a years wages essentially.

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By (user no longer on site)
over a year ago

I have a mortgage....but I have a son so this house is his future for when I die x

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By * and M lookingCouple
over a year ago

Worcester

"Own,would hate to try and start out nowadays "

Think people forget that when we started out interest rates were at 15% and today it’s virtually zero.

We pay the same amount today that we did when we took out our first mortgage so it’s comparative really.

Okay Covid and the job market won’t help but youngsters do tend to live for the day in this generation.

Just our view on things.

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By *arol321Woman
over a year ago

Poole

I own my place. But if you’re happy where you are why move? If the flat is self contained then it’s not like you’re living with your parents - you have your independence.

When you own it’s not just the mortgage you have to think about. If anything goes wrong with your property it’s down to you to fix it and anything that goes wrong always costs a fortune!

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By *wisted999Man
over a year ago

North Bucks

Firm believer in owning it gives me a little security.

I own a few other houses that I rent out. The one I inherited has had a tenant in it for a very long time and they want to stay as long as they can.

I would stay put and work on your deposit.

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By (user no longer on site)
over a year ago

Buy. I did 6 years ago. Pay £400 a month mortgage, same house rents for £640, it’s now worth £35k more than I bought it for.

No brainer, make money, don’t throw it was lining someone elses

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By *ittle_brat_evie!! OP Woman
over a year ago

evesham

"Thankfully, we own and would never rent as we see it as dead money going into other’s pockets.

We have a friend in Richmond who pays £1000 a month for a 1 bed apartment.

Hopefully the sham will be cheaper lol

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By (user no longer on site)
over a year ago

We own our own home and luckily are mortgage free. We currently rent out properties also. Personally I see both sides of the argument and getting a deposit together now is a lot of money. However buying might save you money in the long run, the security of it’s yours but on the flip side the maintenance could possibly be an issue. I’d certainly look into it, what you save a month renting might make up for the maintenance.

Good luck with what ever you choose to do.

Mrs

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By (user no longer on site)
over a year ago

"So it's rime for my annual 'I need to move out' quandary.

I currently live in my own little flat but it is attached to my dad's house. As I had gotten in to some financial issues after uni etc and am eternally single it works well for me.

Now I am in a better position financially (but still eternally single) I think it's time I moved out however I am 42 this year so realistically, is a mortgage right for me?

I have a small savings pot currently but not enough for a deposit on a house yet. I could realistically budget for £1000 a month for everything.

Do you rent or own?

Do you think the older you get the more renting becomes an option? "

Europeans rent more than buy. The problem renting is short term lease. 2yrs and your out. If a long term rental can be found I'd say rent. If not mortgages are available for you. At 42 you still have over 26 years until State retirement age.

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By *ittle_brat_evie!! OP Woman
over a year ago

evesham

Oh bloody crap. I'm 41 this yer not 42

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By *orthern StarsCouple
over a year ago

Durham

We own but really worry how our children will manage to get onto the property ladder. How people can afford to save up a deposit whilst they rent somewhere must be incredibly difficult.

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By *uenevereWoman
over a year ago

Scunthorpe

It depends on many things...

Renting

The advantage is that you pay the rent and the bills but the landlord has to deal with anything that goes wrong with the property or that is included in the rental agreement.

Cost can be prohibitive and yoy need to do your homework and make sure you use a good landlord. Check ou the How To Rent leaflet on gov.uk for lots of advice on renting.

Buying

May be cheaper than renting.

It's yours at the end of the mortgage but you will have to pay more on a shorter mortgage if yoy don't want to still have a mortgage in your 60s.

You are also responsible for anything that needs repairing or replacing. If you aren't practical, you reslly need to know someone who is, or it can get expensive.

You also need to shop around for good mortgage deals and don't be afraid to consider a run down property if it's in a good area, if you have the ability to do it up.

Part ownership is definitely worth considering.

Check with your local council and housing associations for schemes in your area.

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By *andare63Man
over a year ago

oldham

If you are a first time buyer? Then you should be able to take advantage of the 95% mortgages. On the continent they laugh at the English man and his castle scenario. Most people buy for the security and the legacy. If they don't matter then renting and the freedom it gives is a better choice.

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By *rincess peachWoman
over a year ago

shits creek

I rent.

Makes me sad that there's gonna be chuff all left for my son when I die but without a lottery win or huge inheritance it won't change (I don't play the lottery and my mum has taken me off her will so that's that)

Zero savings.

I just scrape and have accepted this is how it is and always will be.

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By *ockosaurusMan
over a year ago

Warwick

As far as I'm concerned the rental market is a trap that you need to get out of as soon as possible (as long as you 'can' afford to).

Where I live rental prices are more than the mortgage payments for a comparible property, yet the mortgage companies will not take that you've been paying your rent for 10 years without a problem as evidence that you can pay your mortgage.

You need a massive deposit, but as you are paying a really high rental, you can't afford to save up for it.

I was 'lucky' that I was made redundant and found a new job straight away at that paid my deposit and allowed my to escape the trap. I'm even in a position to save now too.

But do not buy if you will not be able to pay the mortgage. That will just get very messy.

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By *ools and the brainCouple
over a year ago

couple, us we him her.

Stay where you are, keep saving and enjoy life.

If you're able to stay in the apartment.

Invest the £1000 a month rent money into

Stock's and shares maybe.

But don't listen to me I'm crap with money.

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By *hrista BellendWoman
over a year ago

surrounded by twinkly lights

I happily rent and have a pension and life insurance that will be put away if anything happens to me to secure the kids future uni bills or deposit etc

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By * Lexi xWoman
over a year ago

stockport

I own my house.

If I was you in your position I’d stay and live life to the max. Save some money but life’s too short.

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By (user no longer on site)
over a year ago

I own but soon I'll be renting. I really don't mind, similar to others.

Yes, it's going to pay off someone else's loan/mortgage but I'll get to live there so I don't see it as a negative plus any issues, they'll have to put right.

My equity will go into savings, my wage and age won't allow for a mortgage on my own

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By (user no longer on site)
over a year ago

I'm currently renting a house that costs me £550 a month, I just got a mortgage in principle which would buy this kind of house and it would put my payments down to like £320-£350 an month (just gotta finish saving up a decent deposit first) so I would say if you are in a position to buy than you should, renting is expensive and it's dead money

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By *indergirlWoman
over a year ago

somewhere, someplace

"I rent.

Zero savings.

I just scrape and have accepted this is how it is and always will be."

Similar situation for me as well peach x

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By *pursChick aka ShortieWoman
over a year ago

On a mooch

I’ve rented all my life and will be for quite sometime. Two reasons my first job was during early 90s recession and dealing with those that were losing everything, selling their homes and still owing huge sums put me off. Secondly, I don’t know where to settle, it’s always seemed so final and I’ve spent my life moving

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By *yron69Man
over a year ago

Fareham

Ensure your dad has a will and you are one of his beneficiaries.

If on good terms get him to gift 3k a year to you or see a solicitor about a trust. Stay with Pa if it’s cheaper. Mortgages are not good for first time buyers at the moment and rent is dead money.

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By *ittle_brat_evie!! OP Woman
over a year ago

evesham

Would it be worth seeing a mortgage advisor now even though I don't really have any deposit?

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By *andonmessMan
over a year ago

A world all of his own

I'm very fortunate to own (well, part own, the mortgage company own a bit too lol) but honestly, it's whatever works best for you.

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By *andonmessMan
over a year ago

A world all of his own

"Would it be worth seeing a mortgage advisor now even though I don't really have any deposit? "

Yes, absolutely. They know their onions far better than most of us

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By *ittle_brat_evie!! OP Woman
over a year ago

evesham

"Ensure your dad has a will and you are one of his beneficiaries.

If on good terms get him to gift 3k a year to you or see a solicitor about a trust. Stay with Pa if it’s cheaper. Mortgages are not good for first time buyers at the moment and rent is dead money."

Yeah we are on good terms and even though he is married to his second wife now he's assured me and my sisters she has no claim on the house (she has her own money and investments with no children).

I've toyed with asking him to help with a deposit but he is mortgage free on this house so not sure he'd be keen. Although he has helped my youngest sister with a deposit for a narrow boat.

My other sister got her deposit from a payout from a car crash where she wasn't even that injured lol

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By (user no longer on site)
over a year ago

"I own but soon I'll be renting. I really don't mind, similar to others.

Yes, it's going to pay off someone else's loan/mortgage but I'll get to live there so I don't see it as a negative plus any issues, they'll have to put right.

My equity will go into savings, my wage and age won't allow for a mortgage on my own "

Savings although good, isn’t as good as years gone by. Interest rates are shocking. The interest in banking monies is almost non existent. Property is an investment and I’m looking at co buying a project with my friend to do up and sell. Property will never be a waste, up and down, but the value always ends up higher that originally purchased.

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By *umblefunMan
over a year ago

London/ South East

Always buy if you can . Buy sensibly and you will reap the benefits. Property increases faster than savings.

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By (user no longer on site)
over a year ago

I bought my yurt outright.

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By (user no longer on site)
over a year ago

Own mortgage here alot cheaper the most rental properties. IDK about UK tho. 1000 a month here is a 3 bedroom ranch easily.

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By *uenevereWoman
over a year ago

Scunthorpe

" Property will never be a waste, up and down, but the value always ends up higher that originally purchased. "

That's assuming that you can afford to keep it in good order. Financial situations can change and prevent a property being properly maintained. This will have a negative on the value.

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By (user no longer on site)
over a year ago

"Own mortgage here alot cheaper the most rental properties. IDK about UK tho. 1000 a month here is a 3 bedroom ranch easily."

1000 a month here is a single bed flat if your lucky

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By (user no longer on site)
over a year ago

" Property will never be a waste, up and down, but the value always ends up higher that originally purchased.

That's assuming that you can afford to keep it in good order. Financial situations can change and prevent a property being properly maintained. This will have a negative on the value. "

A full structural survey will avoid this. Also get the best of the best home insurance and you’re converted. As long as things are serviced anything from my roof to my boiler are covered

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By (user no longer on site)
over a year ago

"Own mortgage here alot cheaper the most rental properties. IDK about UK tho. 1000 a month here is a 3 bedroom ranch easily.

1000 a month here is a single bed flat if your lucky"

Right move has many affordable well under £1000 a month properties for your location

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By *lex46TV/TS
over a year ago

Near Wells

My experiences of owning houses are not good and I rent. Although house prices go up it doesn't mean anything until you downsize or have paid of the mortgage.

By the time you've paid the interest in the mortgage, solicitor's and agents fees and even a penalty for paying your mortgage early it's not always the owner that comes out well even with equity in the property. The banks etc seem to do ok though.

I have savings and can afford a reasonable deposit and a mortgage. I just find life easier with renting. If the tap leaks I ring the landlord.

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By (user no longer on site)
over a year ago

Never rented. Started off in a one bed flat many moons ago now in our third home and mortgage free feels good knowing no matter what shit life deals now we won’t be homeless. We have had many years living very tight on cash but now the struggling seems worthwhile.

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By (user no longer on site)
over a year ago

I’m thinking of down sizing my yurt so it will free me up financially.

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By (user no longer on site)
over a year ago

"Own mortgage here alot cheaper the most rental properties. IDK about UK tho. 1000 a month here is a 3 bedroom ranch easily.

1000 a month here is a single bed flat if your lucky

Right move has many affordable well under £1000 a month properties for your location "

It's about location here too. 30 acres and 3 bedroom ranch I imagine London is like NYC ridiculous priced. I choose country living here. I can't imagine big city life it is totally not for me. I do not see the benefits living there.

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By (user no longer on site)
over a year ago

I rent with my Mum but i am kinda stuck here after my mum and dad split up and brother left. Issue is neither me or her can afford to save up for a deposit for either us to live alone or afford to pay the rent seperately especially in this area, so i would need to move to some nasty part of Bedford.

I fear im going to end up living with her until she dies or something. Then tbh i would be lost and wouldnt know what to do

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By (user no longer on site)
over a year ago

"I’m thinking of down sizing my yurt so it will free me up financially. "

Don’t think anyone’s paying attention

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By (user no longer on site)
over a year ago

We built our own house about 8 years ago.

There are benefits to renting. If shit breaks, get the landlord to fix it. If you fall out with your neighbours, you can move.

But I love owning my own house. Its mine. My castle. It has downsides but they don't compare to the security for me

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By (user no longer on site)
over a year ago

i used to own, well the bank did, and i paid them and paid off my loan, then got devorced, and had to give away half the equity, now i rent, yes it does cost abit more, but sometimes it can be easyer, but owning is always the better option if you can, but for me renting works

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By (user no longer on site)
over a year ago

"I’m thinking of down sizing my yurt so it will free me up financially.

Don’t think anyone’s paying attention"

Oh someone is.

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By (user no longer on site)
over a year ago

"I’m thinking of down sizing my yurt so it will free me up financially.

Don’t think anyone’s paying attention

Oh someone is. "

I want a yurt

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By (user no longer on site)
over a year ago

"i used to own, well the bank did, and i paid them and paid off my loan, then got devorced, and had to give away half the equity, now i rent, yes it does cost abit more, but sometimes it can be easyer, but owning is always the better option if you can, but for me renting works"

Perhaps that’s not a negative on buying property but a negative on growing apart from your partner. Sucks to hear that though. Shame these things happen

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By (user no longer on site)
over a year ago

I have a short mortgage

15 years

I pay more now, but sod working well into my 70's to pay a mortgage off

After I split from my Mrs, I rented cheaply and, as a result, waited for too long, so I was 48 before I bought again

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By (user no longer on site)
over a year ago

"I have a short mortgage

15 years

I pay more now, but sod working well into my 70's to pay a mortgage off

After I split from my Mrs, I rented cheaply and, as a result, waited for too long, so I was 48 before I bought again"

I was stung by loosing £20k after a split involving property. I bought two years later solo. It’s mine, my mistakes were big lessons

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By *ny1localMan
over a year ago

READING

I always felt sorry for the guys at work who were refused a mortgage because 'they didn't earn enough for the repayments'..but where paying more money in rent than mortgage repayments would have been.

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By *pursChick aka ShortieWoman
over a year ago

On a mooch

"I always felt sorry for the guys at work who were refused a mortgage because 'they didn't earn enough for the repayments'..but where paying more money in rent than mortgage repayments would have been. "

That’s the madness of it most pay at least a third more in rent than they would a mortgage, but the banks don’t look at that history

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By (user no longer on site)
over a year ago

I'm currently renting and selling my shared ownership place. In the same kind of dilemma!

One thing I would say, don't ever do shared ownership. I've owned and rented as well as the SO place. Shared ownership you get the bad side of both. Worst decision I ever made and has ended up costing me way more than I was lead to believe. X

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By (user no longer on site)
over a year ago

It costs more to rent at the moment than to buy. Unfortunately the deposit to buy is big. Depends on what you can afford.

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By (user no longer on site)
over a year ago

I own - but my property has doubled in price over 8 years... I couldn't afford to buy it today

I would definitely consider shared ownership or look at renting out rooms if you do decide to buy

How about something less conventional.. A house boat??

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By *urls and DressesWoman
over a year ago

Somewhere near here

I rent and I hate it, I hate lining someone else’s pocket, I hate having to adhere to landlord rules, I hate not feeling like I truly have my home and fear him selling or whatever.

I would love to buy but absolutely not in the position to do so despite having a very well respected job. Most of my friends my age have bought simply because of inheritance - I’d rather keep my family than have property because they’ve died. However, when they do pass, I’ll be in a far better position to buy.

I’m fortunate that I live in an area where rent is relatively low compared to other parts of the country but it still ch*kes me that I have nothing to pass to my children and I’ll never be free of paying someone. Then again, at least a new boiler doesn’t come out of my pocket

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By *os19Man
over a year ago

Edmonton

"So it's rime for my annual 'I need to move out' quandary.

I currently live in my own little flat but it is attached to my dad's house. As I had gotten in to some financial issues after uni etc and am eternally single it works well for me.

Now I am in a better position financially (but still eternally single) I think it's time I moved out however I am 42 this year so realistically, is a mortgage right for me?

I have a small savings pot currently but not enough for a deposit on a house yet. I could realistically budget for £1000 a month for everything.

Do you rent or own?

Do you think the older you get the more renting becomes an option? "
. If you are happy in your little flat next to your dad’s house why leave.If you decide to leave definitely take out a mortgage and perhaps consider a interest only mortgage for say 20 years then maybe sell after 18 years you will make a profit as house prices are only going to go up.

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By *ny1localMan
over a year ago

READING

That’s the madness of it most pay at least a third more in rent than they would a mortgage, but the banks don’t look at that history "
I've literally seen guys cry after being refused, because they can't see any hope for the future. It breaks your heart to see their despair.

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By (user no longer on site)
over a year ago

"So it's rime for my annual 'I need to move out' quandary.

I currently live in my own little flat but it is attached to my dad's house. As I had gotten in to some financial issues after uni etc and am eternally single it works well for me.

Now I am in a better position financially (but still eternally single) I think it's time I moved out however I am 42 this year so realistically, is a mortgage right for me?

I have a small savings pot currently but not enough for a deposit on a house yet. I could realistically budget for £1000 a month for everything.

Do you rent or own?

Do you think the older you get the more renting becomes an option? . If you are happy in your little flat next to your dad’s house why leave.If you decide to leave definitely take out a mortgage and perhaps consider a interest only mortgage for say 20 years then maybe sell after 18 years you will make a profit as house prices are only going to go up."

Only been in our house just over a year and it’s gone up by £15,000 much better return than we would of got from putting money in the bank.

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By (user no longer on site)
over a year ago

"So it's rime for my annual 'I need to move out' quandary.

I currently live in my own little flat but it is attached to my dad's house. As I had gotten in to some financial issues after uni etc and am eternally single it works well for me.

Now I am in a better position financially (but still eternally single) I think it's time I moved out however I am 42 this year so realistically, is a mortgage right for me?

I have a small savings pot currently but not enough for a deposit on a house yet. I could realistically budget for £1000 a month for everything.

Do you rent or own?

Only been in our house just over a year and it’s gone up by £15,000 much better return than we would of got from putting money in the bank. "

Really? Aside the drop in the pound and uncertainty in property value

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

"So it's rime for my annual 'I need to move out' quandary.

I currently live in my own little flat but it is attached to my dad's house. As I had gotten in to some financial issues after uni etc and am eternally single it works well for me.

Now I am in a better position financially (but still eternally single) I think it's time I moved out however I am 42 this year so realistically, is a mortgage right for me?

I have a small savings pot currently but not enough for a deposit on a house yet. I could realistically budget for £1000 a month for everything.

Do you rent or own?

The flaw in this is that you still need to have somewhere to live. I'd never take out an interest only mortgage.

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By (user no longer on site)
over a year ago

I've recently moved back to my parents and have been puzzling over the same thing. I'm currently in teacher training (pgce) providing I get an NQT job I'll be able to save a lot more come September. It just feels that everything is so expensive! X

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

We would always go for own. We sometimes struggled to pay our mortgage and went without often to do so. However it was worth it because we were able to sell our house, downsize and become mortgage free enabling us to stop working. If we were renting we'd be paying that until our dying day.

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By *tephanjMan
over a year ago

Kettering

Lucky for me I own my home only finished paying for it last year

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By *ady LickWoman
over a year ago

Northampton Somewhere

We own, have recently remortgaged at 0.8% which is a brilliant deal. I'd never get an interest only because although it is usually cheaper you are literally just paying interest so at the end of the term you still owe the original amount.

I'd say it's definitely worth you getting some independent mortgage advice, at least you'll know what your options are.

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By (user no longer on site)
over a year ago

I have a sizeable compensation payout due..should be this year..looking at buying a renovation job in South West France..an old barn ideally with an outbuilding or two attached..can pick up some real bargains for around £20,000 - £30,000 and long, hot summers guaranteed too.

Most of the lower priced properties are out of my reach in London anyway, plus you don’t get the value for money or the space, so renting at the minute until I decide on my next move when my money does land in my account.

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By (user no longer on site)
over a year ago

"I have a sizeable compensation payout due..should be this year..looking at buying a renovation job in South West France..an old barn ideally with an outbuilding or two attached..can pick up some real bargains for around £20,000 - £30,000 and long, hot summers guaranteed too.

Good luck. Brexit will have made it way harder. How you going to fund the rest of the property....

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By (user no longer on site)
over a year ago

Good luck. Brexit will have made it way harder. How you going to fund the rest of the property...."

Expecting quite a bit more than £30,000, plus 25% of my pension will be out in just over 18 months so I will have more than enough to renovate, looking at renting out an outbuilding eventually to fellow Fabbers then..lol

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By (user no longer on site)
over a year ago

Good luck. Brexit will have made it way harder. How you going to fund the rest of the property....

So not £20-£30k then? I’d look deep into it. It’s maybe not as easy buying abroad these days

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

Good luck. Brexit will have made it way harder. How you going to fund the rest of the property....

Sounds idyllic. It's something we'd love to do but the rules governing ex pats income etc have put us off

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By (user no longer on site)
over a year ago

Good luck. Brexit will have made it way harder. How you going to fund the rest of the property....

So not £20-£30k then? I’d look deep into it. It’s maybe not as easy buying abroad these days"

Been researching it for a long time now and as much as the initial purchase will be around £30,000, possibly looking at another 20k to get a stunning job done..still loads cheaper than what property is in Blighty..plus a little adventure for 10-15yrs with our European neighbours

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By (user no longer on site)
over a year ago

Good luck. Brexit will have made it way harder. How you going to fund the rest of the property....

So not £20-£30k then? I’d look deep into it. It’s maybe not as easy buying abroad these days

But European guidelines aren’t involving us now. So old research is dangerous

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By (user no longer on site)
over a year ago

Always researching, so I will see how the land lays in a year or so

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

"Always researching, so I will see how the land lays in a year or so "

The main obstacles we found are the 90 day rule and the minimum income requirement.

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By (user no longer on site)
over a year ago

"Always researching, so I will see how the land lays in a year or so "

But confusing how you have 20-30k coming your way but it’s a lot more than that now? Clearly explaining a scenario, well it’s key, unless it’s fabricated

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By (user no longer on site)
over a year ago

"Always researching, so I will see how the land lays in a year or so

The main obstacles we found are the 90 day rule and the minimum income requirement. "

Just researching and exploring my options at the minute, nothing set in stone so see how things pan out in the next 12-18 months

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

"Always researching, so I will see how the land lays in a year or so

The main obstacles we found are the 90 day rule and the minimum income requirement.

Just researching and exploring my options at the minute, nothing set in stone so see how things pan out in the next 12-18 months "

Well good luck to you, hope it works out. We've got friends with some beautiful properties in France

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By (user no longer on site)
over a year ago

Il. It sure what your position is in terms of monthly bills in your flat, but you really want to move out I would put some serious effort into saving up a bit more money so you can buy.

If you have £1000pm to spend on doing it, then providing that’s not what you’re already spending I’d deduct what you spend on living now, be frugal and save the rest for a year or 2. You’ll be living to the same standard you would if you did move out whilst saving.

Obviously if you spend £1000pm already then that won’t work

I wouldn’t waste your money on rent she

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By *partharmonyCouple
over a year ago

Ruislip

We rent where we're living while the house I own is rented out. That peculiar arrangement is because of how my marriage ended.

My advice would always be to own if you can possibly manage it. It is far more cost effective and you will have much greater security when the mortgage is paid off.

Your repayments are likely to be considerably lower than £1,000 per month. They will calculate the amount you can borrow by looking at what you earn, not by what you can afford each month. You may find the deposit issue is where you have difficulty.

Since it looks like you can afford to overpay, I'd advise you to look at an offset mortgage, or go for one where you can make additional payments without charge and with no penalty for paying it off early.

The thing to do is to find a broker. I can recommend one if you like. Be aware almost all of them take hunting down. They will never call you back unless you pester them. Luke

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By *ally34bTV/TS
over a year ago

Preston

Stay renting and invest in bitcoins.

Very risky strategy but worth the risk if your currently secure. Get out as soon as you make a bit. Don’t get too greedy and then re-evaluate.

Self investment ISA are possible a safer option.

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By *ilverjagMan
over a year ago

swansea

"So it's rime for my annual 'I need to move out' quandary.

I currently live in my own little flat but it is attached to my dad's house. As I had gotten in to some financial issues after uni etc and am eternally single it works well for me.

Now I am in a better position financially (but still eternally single) I think it's time I moved out however I am 42 this year so realistically, is a mortgage right for me?

I have a small savings pot currently but not enough for a deposit on a house yet. I could realistically budget for £1000 a month for everything.

Do you rent or own?

Do you think the older you get the more renting becomes an option? "

I just replied to you privately, as it was a bit long winded to post in open forums, but feel free to share it with anyone who may be in the same position as yourself.

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By (user no longer on site)
over a year ago

I rent my cottage. Its ridiculously expensive but I love it and it's been a beautiful place to bring up my boys.

Every month is a struggle financially, despite having a fairly well paid job.

Sadly there's no chance I'll ever be able to save for a deposit to buy somewhere anytime soon.

I'm sad because it means that I'm effectively stuck, I'm frustrated because a mortgage would be far less every month and there's always the worry the owners decide to sell.

If you are comfortable where you are and it works for you, I'd say stay there.

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By *ittle_brat_evie!! OP Woman
over a year ago

evesham

"I own - but my property has doubled in price over 8 years... I couldn't afford to buy it today

I would definitely consider shared ownership or look at renting out rooms if you do decide to buy

How about something less conventional.. A house boat?? "

My sister is just in the process of buying one of those.

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By (user no longer on site)
over a year ago

We have a mortgage, looking to relocate in next 5 years or so once mortgage free and have few jobs done before selling.

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By *asques and boxersCouple
over a year ago

Ashford and dept16

"So it's rime for my annual 'I need to move out' quandary.

I currently live in my own little flat but it is attached to my dad's house. As I had gotten in to some financial issues after uni etc and am eternally single it works well for me.

Now I am in a better position financially (but still eternally single) I think it's time I moved out however I am 42 this year so realistically, is a mortgage right for me?

I have a small savings pot currently but not enough for a deposit on a house yet. I could realistically budget for £1000 a month for everything.

Do you rent or own?

Do you think the older you get the more renting becomes an option? "

If your considering purchasing consider location and price threshold. Ownership offers more stability potential but only if you can afford it.

Cost do not end on purchase up keep is yours. If you intend to have a single life style why not consider multiple occupancy? You have the ability to take loggers earning non taxed income £7500 to cover part or all of the mortgage costs. Doubt lenders will take it into account as I don't belive it cannot have a tenancy agreement but I am not sure about that.

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By (user no longer on site)
over a year ago

I’ve just got a hammock installed into my yurt.

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By *luebell888Woman
over a year ago

Glasgowish

I have always bought and never rented. I do this as the house will be left to my children. I am not rich and struggle every month but renting would cost more in the long run.

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By *ewfie02Couple
over a year ago

Ayrshire

"So it's rime for my annual 'I need to move out' quandary.

I currently live in my own little flat but it is attached to my dad's house. As I had gotten in to some financial issues after uni etc and am eternally single it works well for me.

Now I am in a better position financially (but still eternally single) I think it's time I moved out however I am 42 this year so realistically, is a mortgage right for me?

I have a small savings pot currently but not enough for a deposit on a house yet. I could realistically budget for £1000 a month for everything.

Do you rent or own?

Do you think the older you get the more renting becomes an option? "

Buy a boat and live on it. We live on ours!

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By (user no longer on site)
over a year ago

"So it's rime for my annual 'I need to move out' quandary.

I currently live in my own little flat but it is attached to my dad's house. As I had gotten in to some financial issues after uni etc and am eternally single it works well for me.

Now I am in a better position financially (but still eternally single) I think it's time I moved out however I am 42 this year so realistically, is a mortgage right for me?

I have a small savings pot currently but not enough for a deposit on a house yet. I could realistically budget for £1000 a month for everything.

Do you rent or own?

Do you think the older you get the more renting becomes an option?

Buy a boat and live on it. We live on ours! "

What kinda boat is it? Impressive

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By *annaBeStrongMan
over a year ago

wokingham

"Thankfully, we own and would never rent as we see it as dead money going into other’s pockets.

We have a friend in Richmond who pays £1000 a month for a 1 bed apartment.

Near reading, I pay 900 for the same

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By *annaBeStrongMan
over a year ago

wokingham

Take out the biggest mortgage you can over the longest time frame possible and get your monthly payments as low as possible.

Take the rest and sink it into smart investments.

Money in your house does nothing for you except depreciate with inflation

Make that money work for you, don’t sink it into a house.

Debt will set you free

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By (user no longer on site)
over a year ago

"Take out the biggest mortgage you can over the longest time frame possible and get your monthly payments as low as possible.

Take the rest and sink it into smart investments.

Money in your house does nothing for you except depreciate with inflation

Make that money work for you, don’t sink it into a house.

Debt will set you free "
property doesn’t increase undeniably faster then inflation then huh? So pay for something that even if it’s worth 10% of your overall financial commitment (which it’s not) is worse than paying for something you own 0% of?! Then pay rent in retirement? Is what you say? Dude, what is your actual opinion? Schools way gone, been a rebel isn’t the way

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By *andare63Man
over a year ago

oldham

"I’ve just got a hammock installed into my yurt.

Living it

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By *annaBeStrongMan
over a year ago

wokingham

"Take out the biggest mortgage you can over the longest time frame possible and get your monthly payments as low as possible.

Take the rest and sink it into smart investments.

Money in your house does nothing for you except depreciate with inflation

Make that money work for you, don’t sink it into a house.

Debt will set you free property doesn’t increase undeniably faster then inflation then huh? So pay for something that even if it’s worth 10% of your overall financial commitment (which it’s not) is worse than paying for something you own 0% of?! Then pay rent in retirement? Is what you say? Dude, what is your actual opinion? Schools way gone, been a rebel isn’t the way"

Pay the minimum on your mortgage because you most likely can sell any at point for a profit

Sink the rest of your earnings into smart investments.

An extra £200 a month pain of your mortgage does nothing for you. An extra £200 a month in investments does

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By *hesblokeMan
over a year ago

Derbyshire village

We rent (council) but we're soon to exchange contracts on out first house - paying much more for a mortgage (5% deposit) than we would rent but we can do it and after a few years it drops quite a bit.

Can't wait.

Also, the most stressy thing we've ever done.

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By (user no longer on site)
over a year ago

wondered why my insurance cost so much, shit happens such it up and dont hold your hand out, ive had many times i could have gone down that route, but didnt, im not a leach on the rest of us, makes me sick

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By *annaBeStrongMan
over a year ago

wokingham

Rude comment when you have no idea the context. The guy could be in a wheelchair from a not his fault car accident for all you know

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By *ittle_brat_evie!! OP Woman
over a year ago

evesham

More fool you then. Isn't that the whole point of insurance?

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By *andare63Man
over a year ago

oldham

What an idiotic judgemental bitter statement

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By *ermite12ukMan
over a year ago

Solihull and Brentwood

I lived in a damp maisonette for the best part of 10 maybe 15 miserable years.

It was a leasehold. On moving having paid £24,000 to get the lease updated to enable me to sell. I made just under £5,000.

I should have moved way earlier. Now living (Way beyond my means....but something has to change in the next year??) in a flat. Current rent is £895 a month. But it's warm, free of damp and in a good area.

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By *tella HeelsTV/TS
over a year ago

west here ford shire

Evie, always loved your look xx

Only advise I can give is renting is wasting money, but purchasing a property will need money 5% deposit..

Have you looked at shared ownership?

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By *pursChick aka ShortieWoman
over a year ago

On a mooch

"I’ve just got a hammock installed into my yurt.

Can see the estate agents words.... rustic, cosy self contained two bed

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By (user no longer on site)
over a year ago

Consider ourselves lucky to be now mortgage free after years of debt servitude. The housing situation for our young people is truly awful these days and unfair. We’d always say buy if you can but renting does allow for mobility

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By *ittle_brat_evie!! OP Woman
over a year ago

evesham

"Evie, always loved your look xx

Only advise I can give is renting is wasting money, but purchasing a property will need money 5% deposit..

Have you looked at shared ownership?"

I have and will discuss as an option with a mortgage person but as someone else indicated and other friends have mentioned its a tough gig to get out of I understand.

I have seen some re-sale shared ownerships through housing associations though. What are peoples thoughts on those?

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By *ittle_brat_evie!! OP Woman
over a year ago

evesham

"Evie, always loved your look xx

Only advise I can give is renting is wasting money, but purchasing a property will need money 5% deposit..

Have you looked at shared ownership?"

Oh.... And thank you for the Compliment

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By (user no longer on site)
over a year ago

"I’ve just got a hammock installed into my yurt.

Living it

You know it, I’m off the grid

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By *arkus1812Man
over a year ago

Lifes departure lounge NN9 Northamptonshire East not West MidlandsMidlands

I have had the good fortune to manage to own all the houses I have lived in over the years. Took my first mortgage out in 1960 at the tender age of 20,!0% deposit, Max loan 2.5 x salary, Interest rate 14% 25 yr max mortgage length, property was a new build 2 bed bungalow priced at £1800.

Had 3 jobs to cover all the costs.

Finally became mortgage free in 1996 at the age of 56.

What would your position be with the flat be if your father passed away, would you then have to move out?

One thing which is becoming quite popular now is mortgage free parents taking out equity release on their own property to provide deposit for the kids, depends on relationship with parents though.

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By (user no longer on site)
over a year ago

I used to own. But life happens and fucked all that up. I imagine I’ll now only ever be able to rent. Which I guess is ok. Whilst I’m trapped in the uk because of COVID I’m reliant on the kindness of family to put me up.

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By *hesblokeMan
over a year ago

Derbyshire village

"Consider ourselves lucky to be now mortgage free after years of debt servitude. The housing situation for our young people is truly awful these days and unfair. We’d always say buy if you can but renting does allow for mobility "

As maudlin as it sounds, one of my (Mr) reasons for (finally) buying somewhere is so we can leave something behind - watching my friends adult kids looking for places is a real eye opener - if we weren't lucky enough to have semi-decent jobs we'd have no chance at all. At least when we pop off there's something left behind.

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By (user no longer on site)
over a year ago

I own but it was due to working from an early age, all through uni full time, and also realising I needed to buy due to paying most of my parents bills (including rent) for years.

The situation with housing is unfair. My gran tried to tell me it’s hard because I spend on takeouts

60-70 years ago it seems you could buy a house (not the fanciest ones) with a normal job on one persons salary. My grandparents who were poor and properly working class, bought several houses on just my grandads earnings. He never had a “skilled” or high earning job.

Bit of a tangent but I do believe housing affects so much. Society seems to require a couple to work full time to mostly get by but still be stuck renting. I think kids should have a full time or mostly full time parent at home (mum or dad) which is not possible with the way everyone has to grind away. Guess that’s a bigger discussion though.

TL;DR

I own but had to scrimp and save since a teenager. Housing costs too much and is unfair. Societies set up is shite (bit of a generalisation).

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By *oroRick1027Man
over a year ago

Middlesbrough

I pay £450 a month for my studio flat, including

Gas

Electric

Water rates

Poll tax

TV licence

Broadband

Could have had a one bedroom flat for £500, but don't need it. The studio is plenty big enough for me.

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By *arkus1812Man
over a year ago

Lifes departure lounge NN9 Northamptonshire East not West MidlandsMidlands

The leaving something behind can have its pitfalls however. Deteriorating health issues for me are bringing care home residency ever nearer and any money from the sale of my house would soon be swallowed up in fees.

I did have foresight of this years ago with one of my neighbours and subsequently I placed my house into trust eleven years ago, the day my grandson was born.

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By *andare63Man
over a year ago

oldham

I did have foresight of this years ago with one of my neighbours and subsequently I placed my house into trust eleven years ago, the day my grandson was born."

Excellent call

. It really galls me that homeowners are penalised. Yet those that have been a burden to the benefit system get it all for free

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By *uliaChrisCouple
over a year ago

westerham

"Stay where you are, keep saving and enjoy life.

If you're able to stay in the apartment.

Invest the £1000 a month rent money into

Stock's and shares maybe.

But don't listen to me I'm crap with money. "

Kind of this really^^^^

Unless you really need to move, save or enjoy your money.

Economic situation might be very different in 12 months.

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By (user no longer on site)
over a year ago

I own my house ,one of my sisters rents & pays more out than I do granted I've owned mine for years I'm 44 by the time I'm 51 I'll be mortgage free but still to pay all that money in rent & not own it. If you have a child or children it's something to pass on to them if you don't then nephews or nieces or leave to whomever you like , I feel renting is dead money. I totally understand not everyone is in the position to buy but I think if you can buy then buy . Oh btw I used to rent my house. Then the council gave me the opportunity to buy my house off them so I jumped at it.

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By (user no longer on site)
over a year ago

Own. Very glad not to be renting anymore xx

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By (user no longer on site)
over a year ago

haha..how can you make an ill-informed comment without knowing the facts of my accident..??

A stupid cab driver made an illegal u-turn in London, smashed my hip up pretty bad, 15 weeks off work, 9 weeks on crutches, an operation to pin my hip back, pins which will now be with me until I pop my clogs. Suffered terribly psychologically for weeks after, still only around 95% recovered some 2 and a half years later. He admitted liability and I thought I would claim for the pain, suffering and other things connected with the accident.

Nothing wrong with that.

I hope your insurance climbs even more due to the stupid cab driver but that you never go through what I did.

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By *ady LickWoman
over a year ago

Northampton Somewhere

haha..how can you make an ill-informed comment without knowing the facts of my accident..??

Nothing wrong with that.

I hope your insurance climbs even more due to the stupid cab driver but that you never go through what I did.

While I think the comment made about your claim was pretty mean and you shouldn't have to justify yourself you totally let yourself down by adding that last bit!

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By (user no longer on site)
over a year ago

haha..how can you make an ill-informed comment without knowing the facts of my accident..??

Nothing wrong with that.

I hope your insurance climbs even more due to the stupid cab driver but that you never go through what I did.

While I think the comment made about your claim was pretty mean and you shouldn't have to justify yourself you totally let yourself down by adding that last bit!"

Just their insurance, nobody else’s

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By *ady LickWoman
over a year ago

Northampton Somewhere

haha..how can you make an ill-informed comment without knowing the facts of my accident..??

Nothing wrong with that.

I hope your insurance climbs even more due to the stupid cab driver but that you never go through what I did.

While I think the comment made about your claim was pretty mean and you shouldn't have to justify yourself you totally let yourself down by adding that last bit!

Just their insurance, nobody else’s

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By (user no longer on site)
over a year ago

I own currently but will need to sell in a few years. After that I envision renting forever more. I would prob have enough for a deposit but would never be earning enough for a decent mortgage and not sure I would want to own again, houses are hard work to look after.

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By *hatYorkLadMan
over a year ago

York

I don't see renting as 'Lining someone else's pocket', I just see it as having a nice place to live with the freedom to up sticks at short notice if I change jobs or whatever. Not many people over in Europe are bothered about owning, it's a very British obsession. I've probably got 20 years left on this planet if family history is anything to go by so what's the point in buying (renting from the bank) something that will just be sold off to pay death taxes and then someone else will buy (rent it off the bank) when I'm dead?

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

You should buy , I just sold this property and about to take on a large mortgage at 50. My mortgage was 580 pm for this house worth 350k to rent this house would cost 1250 pm it’s a no brainier.

Interest rates are so low, it make sense to leverage credit and borrow to gain equity that’s increasing at 5% a year instead of saving money thats increasing less than 1% a year

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By *rank speakerMan
over a year ago

Worcester

"I Own but goodness now youngsters today are supposed to buy! I really feel for them. "

Don't feel sorry for youngsters. They have a years holiday aka gap year. Travel the globe spending even more borrowed money then run up further debts at university. I started work the same week I left school and worked continuously till forced to stop through health. A degree is now of dubious value due to everyone having one? It's a marvellous way for the government to keep down unemployment figures though. Wake up and get a proper job and let's get this country manufacturing again rather than just providing services and selling each other things that we don't need thus financing other countries intent on taking over the world.

A very old fashioned view? Yes. But it's what put the great in Britain instead of the third rate country we now are? ( stands back and waits for the p.c. mob to over react?)

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By *rank speakerMan
over a year ago

Worcester

In other words. Buy if you can persuade a profiteering bank to lend you the money instead of paying millions in bonuses to the undeserving pen pushing old boys network of self serving profiteers

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By *inky_couple2020Couple
over a year ago

North West

"I Own but goodness now youngsters today are supposed to buy! I really feel for them.

A very old fashioned view? Yes. But it's what put the great in Britain instead of the third rate country we now are? ( stands back and waits for the p.c. mob to over react?)

Perhaps we should put small children up chimneys again too? Is there too little cholera in your water? Life expectancy too long? Let's bring back the good old days, eh?

My Grandad, who died recently at the age of 89 came from a dirt poor background. Zero brass farthings to rub together and the one thing he did NOT want to do was look back. He was immensely proud of the fact that mundane factory work was and is not the only prospect for his children, grandchildren and great-grandchildren and he actively encouraged us in our educational pursuits. I know which POV I'd lean towards.

PS: my gap year was spent working, full time, as a single parent, I saved up and continued to work through uni, with my son in tow. And yes, I was 18.

Hopefully none of the dreadful youth of today will be needed to wipe your backside in the care home

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By *oodmessMan
over a year ago

yumsville

"Stay where you are, keep saving and enjoy life.

If you're able to stay in the apartment.

Invest the £1000 a month rent money into

Stock's and shares maybe.

But don't listen to me I'm crap with money.

Kind of this really^^^^

Unless you really need to move, save or enjoy your money.

Economic situation might be very different in 12 months. "

An advisory (from a non expert).

Investing in stock and shares has it's pitfalls. Market sentiment, companies beating or not meeting forecasts, share dilution, interest rates, annual rotations, forward earnings, even managers boosting prices to make stocks look attractive, all affect yield or potential loss.

The average investor has little knowledge of announcements that may impact prices the very next day - of what is priced in or what is under valued.

Last year there was a massive market correction - companies have done very well and we are at the tail end of it. Managers are now looking for the next trend and nobody can really figure out what that might be.

You have to really time any purchase pretty well (either in shares or funds) and hold until you think there is no more money in it or gain best value.

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

"I Own but goodness now youngsters today are supposed to buy! I really feel for them.

A very old fashioned view? Yes. But it's what put the great in Britain instead of the third rate country we now are? ( stands back and waits for the p.c. mob to over react?)

Continuing to do the same things when everything has changed isn’t very smart is it ? Shall we send them down a mine with a shovel ? Do you think that will pay for your pension and healthcare ?

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By *acey_RedWoman
over a year ago

Liverpool

"I Own but goodness now youngsters today are supposed to buy! I really feel for them.

A very old fashioned view? Yes. But it's what put the great in Britain instead of the third rate country we now are? ( stands back and waits for the p.c. mob to over react?)

It's usually those from wealthy families who can afford a gap year to go travelling. Anyone I knew who took a gap year before university it was to work full time to save money. I've been abroad 3 times since I turned 18 with my own money. Those 3 holidays cost me £1600 in total. That's not enough for a house deposit. I also have a "proper job".

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By (user no longer on site)
over a year ago

My yurt is in a field of its own.

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By *ora the explorerWoman
over a year ago

Paradise, Herts

"I Own but goodness now youngsters today are supposed to buy! I really feel for them.

A very old fashioned view? Yes. But it's what put the great in Britain instead of the third rate country we now are? ( stands back and waits for the p.c. mob to over react?)

So all the youngsters have gap years spending borrowed money? Ok

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By *asycouple1971Couple
over a year ago

midlands

Just become mortage free 5yrs earlier this year. Got the house at the right time with a large deposit before the prices shot up.

The government needs to step in and help 1st time buyers more, the price of a house is so high now that I cant see the younger generation buying.

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By *isfits behaving badlyCouple
over a year ago

Coventry

For me it'd always be ownership of a property on its own plot of land (rather than a flat or apartment). The world is a constantly changing and insecure place. There's something quite settling and secure about having your own Land, your kingdom of you.

Also in the current climate with such high rents and such low intrest rates makes far more sense. Monthly repayments are quite a bit lower than rents in a lot of cases. One day you'll be mortgage free. Thus free from paying monthly for the roof over your head. Plus a vary good chance your property is worth a good deal more than you paid for it.

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By (user no longer on site)
over a year ago

Lucky enough to buy my first house at 20yrs old with cash, wasn't expensive at the time, just £43.000, sold it for £240.000 and moved to Wales in Jan 2020

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By *oodmessMan
over a year ago

yumsville

"Stay where you are, keep saving and enjoy life.

If you're able to stay in the apartment.

Invest the £1000 a month rent money into

Stock's and shares maybe.

But don't listen to me I'm crap with money.

Kind of this really^^^^

Unless you really need to move, save or enjoy your money.

Economic situation might be very different in 12 months.

An advisory (from a non expert).

The average investor has little knowledge of announcements that may impact prices the very next day - of what is priced in or what is under valued.

You have to really time any purchase pretty well (either in shares or funds) and hold until you think there is no more money in it or gain best value.

If you look at the Guardian business pages today, you can get a general overview of what happens on any one day. You also have to bear in mind this is after the fact - as this morning people are waking up to losses as traders are able to sell before the market opens.

"The selloff isn’t abating. Instead, it’s getting a bit worse... "the risk-off tone" is spreading through the whole market"

"There are 600 European companies in the Stoxx 600 share index...and currently 585 of them are down"

Yesterday, traders started to punish the Big Tech on Wall Street..

"Whilst this was a tech-led sell-off, the worst sectors are the reflation plays (i.e, the new ‘momentum’ stocks) - basic materials, financials and energy. On the Stoxx 600, the worst sectors this morning are consumer cyclicals, tech and basic materials with only a handful of stocks in the green."

eg's

NatWest is down 3.3%, after the UK government cut its stake in the bank last night, selling around 5% of the company’s stock. Renishaw down 5.7%, IAG (-4.7%). JD Sports (-3.2%), Antofagasta (-2.7%), Aveva (-3%)

Whether you invest in shares or funds you really need to take independent financial advice, time any buy in, take profits, buy when you can afford to, be prepared to hold shares for years or be dedicated to the potential future of the company.

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By *ugby 123Couple
Forum Mod
over a year ago

O o O oo

When we had our first mortgage many moons ago it was because there were not many places to rent apart from council housing which you could be on the list until pension age so had no choice but to buy. It worked out OK though as at your age now we were 4 years away from being mortgage free on that house

If I was in your position and could afford to buy I think I still would, by the time you are pension age it will be finished and you would only have bills to pay rather then bills and rent.

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

"For me it'd always be ownership of a property on its own plot of land (rather than a flat or apartment). The world is a constantly changing and insecure place. There's something quite settling and secure about having your own Land, your kingdom of you.

Never understood the desire to be mortgage free , it might “feel” good, but it makes no financial sense , you should borrow as much money as you can afford at 1.14% , use it for a lovely home , second/holiday to enjoy and watch it grow at around 5%. Much more fun than investing and much less risk

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

If you're mortgage free and don't work it's fairly difficult to borrow and repay the money

. Mortgage free for us means job free too and that's the way we like it

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By *annaBeStrongMan
over a year ago

wokingham

"I Own but goodness now youngsters today are supposed to buy! I really feel for them.

A very old fashioned view? Yes. But it's what put the great in Britain instead of the third rate country we now are? ( stands back and waits for the p.c. mob to over react?)

Spoken like a true boomer that doesn’t understand how wages haven’t kept up with inflation.

This guy probably got a house too big with no questions asked.

My parents got a 3 bedroom house despite having car finance, some debt, 3 kids and no deposit.

Try that today.

Average wage in the UK is 30. Most standard houses in the UK are running 200-300k minimum. And even if a 5% mortgage is available banks will only let you lend 4.5x your salary and if you have any debts or dependants then it’s even less.

Boomers truly think leaving school at 16 to work in the steel mill is the reason they have a house, and it’s nothing to do with being born at a time when the banks were lending.

Just such a boomer mentality of “get this country manufacturing again”. Get with the times, it’s not the 60s anymore. Big business is tech. Manufacturing is mostly gone for cheap labour abroad and the stuff that is still around won’t net you enough to buy property anyways.

It’s a level of privilege these people don’t understand.

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By *ady LickWoman
over a year ago

Northampton Somewhere

"I Own but goodness now youngsters today are supposed to buy! I really feel for them.

A very old fashioned view? Yes. But it's what put the great in Britain instead of the third rate country we now are? ( stands back and waits for the p.c. mob to over react?)

Maybe 20-30 years ago but not now.

None of my 3 children want to go to uni. They are well aware that they would start working life in debt up to their eyeballs.

It's not how you said anymore. It's incredibly difficult for our young people, unless they have well off parent's!

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By *ed velvet thornWoman
over a year ago

over the rainbow

I rent due to the fact I never stay in 1 place longterm 6 yr is my limit then im off somewhere else ..... I know buy a caravan but I don't drive

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By (user no longer on site)
over a year ago

Been in the position of renting but now buying if you can get council home i would rent but i was private renting so was worried about being evicted although every nhouse rented was left in a better state than when i moved in

Live in Wales would not be able to rent in most English citys

My nephew just bought house in london costing him £750000 and its got no garden to speak off and smaller inside than mine

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By *ogueAngelMan
over a year ago

Near Bath / Bristol

Other factors like deposit and location aside, I paid £450 a month for my mortgage on a 6 bed house worth £650k when I was with my ex. After we split, I'm now renting a tiny 2 bed for £800 per month.

If you can buy and budget for it, I would.

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By *essie.Woman
over a year ago

Serendipity

41 isn’t old to buy a property. Loads of people get divorced in their 30s 40s 50s and buy another property then. I started over in my mid thirties.

Shared ownership gives you the option to just buy a share and rent the rest. You can staircase up to 100% if you become in a better position financially.

Plus If you have a occupational pension, buying makes sense. Then when you can take your tax free cash sum from it, that would pay off a portion of the mortgage.

They do mortgages up to age 85 from some lenders now!

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

"41 isn’t old to buy a property. Loads of people get divorced in their 30s 40s 50s and buy another property then. I started over in my mid thirties.

Shared ownership gives you the option to just buy a share and rent the rest. You can staircase up to 100% if you become in a better position financially.

Plus If you have a occupational pension, buying makes sense. Then when you can take your tax free cash sum from it, that would pay off a portion of the mortgage.

They do mortgages up to age 85 from some lenders now!

I dint know if it’s still available but you used to be able to get 20% equity loan from the government and pay nothing for 5 years , an alternative to shared ownership with rent. I’ve done this in the past and then used a bridging loan to pay it off before selling so that you only pay back 20% of purchase not sale price

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By (user no longer on site)
over a year ago

I haven't read all the comments as there are a lot but as someone who works in the mortgage industry I would say buy if you can. Interest rates are low and property inflation is still good

Although renting gives you more flexibility you need to consider what happens when your income reduces perhaps significantly on retirement. If you own somewhere hopefully your mortgage will be paid off by then but if you're renting then you still have potentially a sizeable monthly payment to fund with no security. Unless you're paying heftily into a pension or investment plan it's something to consider.

As for first time buyers it's incredibly hard particularly where I live the average house price in Surrey is around 600k yet the average wage is 30k. For a couple that's 10x their joint salary. Unless they have a sizeable deposit they have no hope of buying and with rents averaging £1300pm for a 2 bed house there's little chance of saving a deposit either

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By (user no longer on site)
over a year ago

"I Own but goodness now youngsters today are supposed to buy! I really feel for them.

A very old fashioned view? Yes. But it's what put the great in Britain instead of the third rate country we now are? ( stands back and waits for the p.c. mob to over react?)

Spoken like a true boomer that doesn’t understand how wages haven’t kept up with inflation.

This guy probably got a house too big with no questions asked.

My parents got a 3 bedroom house despite having car finance, some debt, 3 kids and no deposit.

Try that today.

Boomers truly think leaving school at 16 to work in the steel mill is the reason they have a house, and it’s nothing to do with being born at a time when the banks were lending.

It’s a level of privilege these people don’t understand."

Yep another example of someone ignoring inflation and wages not keeping up.

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By *rank speakerMan
over a year ago

Worcester

"I Own but goodness now youngsters today are supposed to buy! I really feel for them.

A very old fashioned view? Yes. But it's what put the great in Britain instead of the third rate country we now are? ( stands back and waits for the p.c. mob to over react?)

Perhaps we should put small children up chimneys again too? Is there too little cholera in your water? Life expectancy too long? Let's bring back the good old days, eh?

PS: my gap year was spent working, full time, as a single parent, I saved up and continued to work through uni, with my son in tow. And yes, I was 18.

Hopefully none of the dreadful youth of today will be needed to wipe your backside in the care home

I guessed someone would jump on me in a similar vein. Obviously I was making rather sweeping generalizations and there's always someone that proves there are some brilliant exceptions and this lady is obviously one of them. I think we probably live in the best time ever actually with the advent of new medicine and technology I just think that the older generation appreciate it more than the youngsters who rather take it for granted and waste wonderful assets like the internet playing games and Facebook? I love Google but often can't get a signal when near a school at home time due to the kids logging in to update their social media?

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By *acey_RedWoman
over a year ago

Liverpool

"I Own but goodness now youngsters today are supposed to buy! I really feel for them.

A very old fashioned view? Yes. But it's what put the great in Britain instead of the third rate country we now are? ( stands back and waits for the p.c. mob to over react?)

Perhaps we should put small children up chimneys again too? Is there too little cholera in your water? Life expectancy too long? Let's bring back the good old days, eh?

PS: my gap year was spent working, full time, as a single parent, I saved up and continued to work through uni, with my son in tow. And yes, I was 18.

Hopefully none of the dreadful youth of today will be needed to wipe your backside in the care home

Oh Frank. That isn't how Internet works.

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By *inky_couple2020Couple
over a year ago

North West

You not being able to get a signal has bugger all to do with school kids updating their social media. You don't state if you refer to the use of a wired desktop computer, a WiFi desktop connection or a smart phone, but the problem is with your internet connection or network provider. For example, in this area, you have zero chance getting a signal with EE or 3 smartphones. Virgin Media is next to useless for WiFi but Sky Superfast is brilliant. Suggest changing provider or upgrading speed-wise

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By (user no longer on site)
over a year ago

I own. Downfall is I have to fix everything myself which can be a pita if it’s something big.

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound

Evie, what will you have to give up to own or rent? Nowhere will give you the deal you have now.

If you really feel now is the time then start looking around and get a sense of what is out there and how much it will cost.

Start saving what you will need to cover the rent on something you really like. That will give you a sense of how much you'll miss out on the other things you spend on and will give you a deposit for either a mortgage or a rental.

Get some advice on what your mortgage options are.

Although shared ownerships makes owning easier you have to remember you only own a portion and rent arrears on the bit you don't own can mean you may not be able to sell easily when you want to.

I bought nearly 30 years ago and it was tough in those early years. I then had to find double the purchase price to do the roof, windows and put heating in 10 years later (I couldn't afford to do it earlier). Ten years later I had to find the money for more work and then a few years on £40k to secure my dwindling lease.

It has taken nearly 30 years for my home to feel secure... just in time to sell it to pay for residential care as I get old.

We have a narrative in this country that ownership is best but it isn't always. Our rental system helps perpetuate the narrative. Rental isn't for everyone but don't rule it out without thinking about what is right for you.

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By *rank speakerMan
over a year ago

Worcester

"41 isn’t old to buy a property. Loads of people get divorced in their 30s 40s 50s and buy another property then. I started over in my mid thirties.

Shared ownership gives you the option to just buy a share and rent the rest. You can staircase up to 100% if you become in a better position financially.

Plus If you have a occupational pension, buying makes sense. Then when you can take your tax free cash sum from it, that would pay off a portion of the mortgage.

They do mortgages up to age 85 from some lenders now!

Now here's a lady talking sense. I remember mortgage rates at 15%! Grnted houses were a lot cheaper but then again it's the ease of loans that have driven prices up creating gazumping which in turn has created inflation. Talk about shooting yourself in the foot? Do as my earlier critic did and instead of moaning about things get off your arse and work! She has my admiration(required or not)

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By *rank speakerMan
over a year ago

Worcester

"I Own but goodness now youngsters today are supposed to buy! I really feel for them.

A very old fashioned view? Yes. But it's what put the great in Britain instead of the third rate country we now are? ( stands back and waits for the p.c. mob to over react?)

Spoken like a true boomer that doesn’t understand how wages haven’t kept up with inflation.

This guy probably got a house too big with no questions asked.

My parents got a 3 bedroom house despite having car finance, some debt, 3 kids and no deposit.

Try that today.

Boomers truly think leaving school at 16 to work in the steel mill is the reason they have a house, and it’s nothing to do with being born at a time when the banks were lending.

It’s a level of privilege these people don’t understand."

Read this posters profile name and you don't need to know anymore. I merely stated the obvious but clearly some people have no grasp of world economics. We're financing the global takeover of a foreign power by buying all their cheap disposable throwaway rubbish which is consuming the planets rare resources. Try buying anything nowadays without an element of far eastern tech in it. It's infiltrated every aspect of daily life for example the current chaos caused by hackers in the U.S. think of the trouble we'll be in if state sponsored hackers want to cause real trouble.

Real apologies to O.P. for highjacking your original request. Best of luck with your eventual decision.

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By *iger4uWoman
over a year ago

In my happy place

I got my first mortgage last year.

Grab as much £ as you can for a deposit and shorten your mortgage term.

You cant lose.

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