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What about renting? - Home Ownership - Stop and Step

What about renting?


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Good question MO R

Ive just signed up for another 5 year fixed mortgage at HSBC paying 1.79% interest with no arrangement fee

my neighbor hates the idea of having a mortgage and pays  twice as much as me 

still everyone as different circumstances I suppose 

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Buying is def the way to go as renting is much more expensive and the house is yours at the end but finding the deposit is the major stumbling block with me

They just dont do 100% mortgages like they used to do and thus people struggle to get on the property ladder and have to rent.

It sucks

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I used to be a home owner, here and abroad. I sold my apartment in Mallorca and moved back here 10 years ago. I got a mortgage almost straight away but sold up after two years. Now living in rented housing association apartment/1 bed flat. 

It's all relevant to family in the end. If you have a family then definitely try to buy. If you're single like me then what's the point? If I drop dead tomorrow the government will get my assets so fuck em. 

You can't take it with you but you can leave it to loved ones if you have any, unlike me. 

In the 70s I was driving my uncle home from work and he mentioned that he only had 18 months or so left on his mortgage. I asked him how much he paid for his house and how long was the mortgage. He paid £1500 for his house in the 50s over 25 years. So I said we'll how much mortgage do you owe and he said about £150. I said why don't you just pay it off, you earn about £400 per week. He replied "nah, can't be bothered". 

 

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