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Buy or stay put??? Any advice please
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cashsaver
Posts: 199 Forumite
Hi, I am looking for some advice please.
Is it a good time to buy now or stay renting?
I have a hubby and 3 kids and live in rented Housing Association house. OH has worked hard to better us financially and is now earning a good salary. However, we are both 40 and are a bit wary of such a big commitment.
Friends tell us to enjoy ourselves and don't commit to a mortgage..... others advise to buy before we are any older!!!! Any comments please?
Is it a good time to buy now or stay renting?
I have a hubby and 3 kids and live in rented Housing Association house. OH has worked hard to better us financially and is now earning a good salary. However, we are both 40 and are a bit wary of such a big commitment.
Friends tell us to enjoy ourselves and don't commit to a mortgage..... others advise to buy before we are any older!!!! Any comments please?
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Comments
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can you buy the place where you live at present ?0
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If I were you I'd wait. House prices are currently at ridiculously high levels, and there's another interest rate rise on the way. There's a good chance that prices will begin to fall this winter.0
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clutton wrote:can you buy the place where you live at present ?
We've looked into that. No, this property does not come with the right to buy it I'm afraid.
I wonder if Housing associations change their restrictions etc in time.... thinking that they might review their policies one day?0 -
I dont think HAs will ever introduce RTB, as they have been funded purposely in response to the RTB fiasco
Personally, and this is my humble opinon, if the place is big enough for you, and the rent is reasonable, you are in a very fortunate position with a secure tenancy till the end of your days, and no inflation/ mortgage interest/ major repairs to deal with. If I| were in your position Id stay put completely!!:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
lynzpower wrote:I dont think HAs will ever introduce RTB, as they have been funded purposely in response to the RTB fiasco
Personally, and this is my humble opinon, if the place is big enough for you, and the rent is reasonable, you are in a very fortunate position with a secure tenancy till the end of your days, and no inflation/ mortgage interest/ major repairs to deal with. If I| were in your position Id stay put completely!!
I think you might be right at least for the forseeable future Lynzpower. May I ask out of interest whether you are speaking from personal good or personal bad experience?0 -
Put it this way, Ive got a mortgage I wont be able to afford in 6 months ( due to a variety of unforeseen and shouldhavebeenforeseen circumstances)
Id give my eye teeth for a housing association flat TBH. The security of tenure is unparallelled ( unless of course youve got a council tenancy) Cant say the same on a mortgage, if you cant afford the increases tough luck. sell up and pay ££££ to leave, and whats your alternative? Private renting & the vagaries of the market.:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
lynzpower wrote:Put it this way, Ive got a mortgage I wont be able to afford in 6 months ( due to a variety of unforeseen and shouldhavebeenforeseen circumstances)
Id give my eye teeth for a housing association flat TBH. The security of tenure is unparallelled ( unless of course youve got a council tenancy) Cant say the same on a mortgage, if you cant afford the increases tough luck. sell up and pay ££££ to leave, and whats your alternative? Private renting & the vagaries of the market.
Sorry you soon won't be able to afford your mortgage. Hope you manage to work things out by then and you aren't left in drastic circumstances. Maybe I should count my blessings.0 -
agree with Lynzpower, if you are happy in your present home & it offers you the space that you need then stay renting.
As I found out a few years ago you never know what is around the corner & a disaster or tradgedy could leave you with the possibility of losing your home because you can't afford the mortgage repayments.
I'd have given anything to be a nice secure housing association or council tenant & have envied such people with good accomodation since, even though I did manage to keep my mortgage going thanks to insurance.
However if someone offered me the chance of good reasonable secure rental property tomorrow I'd take it & be very happy.
If you really do want to buy then you could always try to get an exchange somewhere to a property that has the rtb.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
Thanks Cattie, that's a good idea.0
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