Rent or Own?

[Gemma & Jake]

I'm glad you asked this - I was about to post something similar before I realised there was already one here
OH and I are currently saving for a mortgage - we have about £3k saved and are ploughing every spare penny into the savings account (or at least trying to!)
One thing that bothers meis that I don't understand how mortgages work at all - I used to think there were just big loans but discovered they were much more complicated!
Have looked on the internet to get quotes to see what is available, but all the sites I have found ask you for the price of the house you want to buy - all I want to know is how much money OH and I could loan so we can start to see what is in our price range! Anyone know of a site that does it that way round?

Sorry for really long post!

I'm not sure but I think they will lend you about 4 times your yearly income. That is ok if you can afford the monthly payments though.

 

[Gem & Leland]

i get so angry with people saying if u can afford to rent u can afford to buy !

i live in great london , and spend 700 ( hould be 850 but were good tennants and theyve not put it up in 3 years) an this is to rent ans 2 bed maisonette with a big garden . To buy our this FLAT we would need 250k ( been vauled recently for insurance) to get this amount on mortgage me and otherhalf would have to over double our wages ! so its not all about the monthly payment its about how much they will lend u too . and im still pretty sure a mortgage for 250k will be more then 700 a month , plus all the insurances u need !

and when we rent , anything goes wront ( roof , heating, washing maching etc) the landlord pays !


now dont get me wrong , me and dh will buy our own place , when we eventually move back to suffolk where 160k will get u a big 3 bed house in good order.

but there is no way on earth we can afford to buy in london , full stop !

 

[maria1976]

My god, im in Brighton and Hove and I pay £850 per month for a 2 bed flat thats worth about £170k

I wish we could pay £550 a month for a 3 bed house wow!!! Im moving near you

 

[Flossy82]

I forgot to say when these houses were for sale they have all been sold now but they were going for 132k