Rented accommodation vs mortgage - overpriced and impossible?

[Tomataheeed 10]

There is also the issue that in rented, the landlord can give you notice to leave or can fail to pay the mortgage. Either way, you're going to have to move, with all the associated costs, when you may not have wanted to move.

[Sharon C 10]

i understand all the people that have said that renting would be more worthwhile at the moment but, the flat im renting at the moment, the contract says were not allowed to hang anything on the walls, not even blu-tac (as with most rented places iv lived in) no bleach. and were allocated 1 parking space, which, more often than not seems to have someone parked in anyway. we live next to bramall lane, so as you can imagine parking is a big deal, especially when there is a match on. we pay £525 a month, no bills included. i dont know where the people that have posted on here have found rent for less than that. im not a student so refuse to share a house with people i dont know. i have friends that have lived in shared accommodation and get their stuff stolen on a regular basis. were moving soon (thank god) but to a more expensive house in a nicer area. but still seems overpriced when compared to a mortgage and actually owning something at the end of all the payments.

After 25yrs plus you will own it !! then it will be payment free and yes you will benefit however if you make sure you can afford a nice property in an area you like then stay there its a better option but very few people buy a house and stay in it for the duration of the mortgage most sell up and move on to bigger or better and very few keep the same term mortgage a vast amount take on a new mortgage for a further 25yrs plus thus extending the final payment date .

[Grandad.Malky 11]

. we pay £525 a month, no bills included. .

 

On top of this you will need to but aside money in some kind of savings for 25 years to match the return on property increases …………….. Good luck.

[Cyclone 10]

After 25yrs plus you will own it !! then it will be payment free and yes you will benefit however if you make sure you can afford a nice property in an area you like then stay there its a better option but very few people buy a house and stay in it for the duration of the mortgage most sell up and move on to bigger or better and very few keep the same term mortgage a vast amount take on a new mortgage for a further 25yrs plus thus extending the final payment date .

 

I wonder if there are any figures for this, I only know the rough mortgage details for a few people, parents, aunties/uncles and close friends, out of those I know my parents didn't move and never extended and my uncles family moved and took a new 25 year term.

My contemporaries are mostly still in their first houses. Personally I wouldn't plan to increase the remaining term if I moved and had to remortgage.

[Cyclone 10]

On top of this you will need to but aside money in some kind of savings for 25 years to match the return on property increases …………….. Good luck.

 

renting at this rate isn't likely to work out better than purchasing (from my back of envelope calculations).

 

The obsession with buying is primarily an anglo-saxon one though, the rest of europe aren't obsessed with it, and even in the US it depends on where you live, many New Yorkers never buy a property.

[Grandad.Malky 11]

The obsession with buying is primarily an anglo-saxon one though, the rest of europe aren't obsessed with it, and even in the US it depends on where you live, many New Yorkers never buy a property.

 

Perhaps their average rent is far cheaper than their average mortgage, I don’t know.

[Cyclone 10]

And they never had a PM who spent several terms telling everyone that they were a failure if they didn't own their own house.

 

Mortgages are pretty comparable, they have similar interest rates (or do normally). Rent is probably lower due to the larger market and greater competition.

[Grandad.Malky 11]

And they never had a PM who spent several terms telling everyone that they were a failure if they didn't own their own house.

 

.

 

That wouldn’t be the same PM that convinced many that we were to become a nation of share holders when she sold of the “family jewels” would it

[Cyclone 10]

It probably would. Before then home ownership was the exception rather than the rule, or so I've been lead to believe.

[Grandad.Malky 11]

It probably would. Before then home ownership was the exception rather than the rule, or so I've been lead to believe.

 

My grandmother could have bought her council house for £2000 when they first started selling them off and she refused on principle, my dad refused to buy his pit house until it was forced on him, as you say renting was the norm pre-Thatcher.