Mortgage or Rent?

[mummykay]

Who pays a mortgage and who rents their home?

I really want to get a bigger place in the next 2 years, ideally a 4bed but hey - I can dream lol

We are currently payin £600 a mth in rent for a 2bed flat on the 2nd floor (council pays £200 for us) but with our wages we could only get a mortgage of £80,000 which is piss all for round here - the decent places are well over £200,000 OHs parents are payin £1500 a mth for a £500k house

Just wanted some opinions, thanks all

 

[Kimbo]

i thought house prices were bad around here!! ive just looked in london!!

 

[glitzyglamgirl]

We have a £120k mortgage and pay just under £500 a month, which is much less then we'd pay in rent for a similiar property - a 3 bed semi in rural wales. Prices round this area (being just north of cardiff) are still pretty good, and actually prices in wales have fallen by 2.6% in the last year. A similiar house just down the end of our road where the borough changes to Cardiff, would be about £170k!

 

[Squiglet]

We have a mortgage on our new place but only because renting in Spain's a bit of a waste of money... and mortgage repayments work out cheaper...

Spain has different housing conditions though..

 

[mummykay]

i hate livin so close to london sometimes

 

[Lou]

We bought our house about 4/5 years ago. My OH is self employed so we had to go self certon the mortgage. We needed to put down about £27,000 deposit and we worked our arses off for it and saved (took us 6 months) then we found a house that needed totally refurbishing for £158,000. We borrowed approx £138,000 and my OH refurbished it from scratch and a couple of weeks ago we had it valued and its now worth £250,000.

We bought at just the right time

While we saved though we moved into a rented luxury flat so we could at least have some comfort seeing as we were working so hard. The trouble with renting though is that you are more often that not paying someone elses mortgage. Its dead money, you may aswell be paying off a mortgage

Why don't you look into shared ownership?

 

[mary70]

i live in a 3 bed house and we have a £60.000 mortgage and pay about £400 a months

 

[mamichuli]

We have a mortgage, renting just means you are paying installments on something you will never own. Prices in Spain are different, but we know we have made a good investment. When we bought the house it was in need of total refurb too. It cost forty thousand pounds - cheap, but we live in a small village in the mountains, and we know for a fact that it has probably tripled its value in six years, thanks to hard work, as well as buying at the right time. When we bought it was unlivable, now it is beginning to look nice - it will take us another couple of years to finish the work - but we are optimistic!

Lisa

 

[PinkPunch]

Stupid house prices.. its so unfair!

Its really frustrating having to rent and pay money out to someone else who owns the propery, we had to rent for 2 years before we could get a mortgage.

Our mortgage is now 126 (was 141 but we paid a deposit when we bought it) for a 3 bed and I think we pay £585 or something it will rise slightly in a year or two.

 

[annem]

mortage- brought a couple of years ago. We want somewhere else but i would not buy now while the market is a mess. I'm hoping for a mini recession next year so can buy another house and watch the price rise on it, i doubt it will work out like that though.

 

[Craig]

ive got it sweet jus now, still living with the 'rents 2 rooms to myself and plenty of space lol and also have keys to my bros house so can live there if i want (he lives elsewhere with his fiancé)

will be looking for a flat in a year or 2 though

 

[Angelblue]

we currently rent, north devon is currently one of the highest priced areas for buying in the country. We are in a 3 bed house with garage (however the 3rd b/room can't even fit a single bed in it!) if we wanted to buy it or similar we would be looking at £220,000 the rent is £625.00 pm... completely dead money

 

[Lou]

We pay £970 a month for our mortgage but we decided to pay a higher amount and remortgaged for 19 years so we will pay it off quicker. The plan is to have it paid off about the time Isaac is leaving home, going to University or buying his first property so we will be in a good financial position to help him out and get him set up and on his merry way

 

[mummykay]

we have put so much dosh into Jams trust fund so he has cash for after uni, if he spanks it on crap Ill get so mad with him grrrrrrrrrrrr - but he wont cos he WILL be a good boy OR ELSE!!!

 

[sarah113]

We are in a 2 bed house at the moment and our rent is £353 a month

 

[mummykay]

We are in a 2 bed house at the moment and our rent is £353 a month

what???? are u serious???? or is that after HB have paid their share???

i want to pay cheap rent

 

[foxymum]

we have a mortgage , but only were able to get on the buying chain as we bought our council flat off the council in about 2000/2001 for £23,000 & sold it 3 years later for £99,950!!!!!!
if it hadn't been for that we would never have been able to afford to buy, ours is a 3 bed semi, cost £160 k.

 

[mary70]

my mum pays £50 a week for a 3 bed house private rented

 

[Bee]

I bought my studio flat for £24K - pay £145 a month mortgage

BUT its one room and bloody small. Not going to be big enough for me and the baby. However in the 5 years I have been here I have made what I paid for it so I have the money to move (hopefully) to a bigger place and not have to get as much on a mortgage.

 

[sam96031]

weve got a mortgage on our 2 bedroom house which we are in the process of selling so we can move to a better area and a bigger house