We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Renting through Housing Association or buying?
twalkeruk
Posts: 3 Newbie
Now most people agree it's better to buy than rent, if you can. But before me and my partner were earning what we are now, we were offered a nice big 2 bed semi in a nice area for £290 a month. On a combined salary of £35k a year, would it be worth (financially) getting a mortgage, or stay here paying £290 a month and saving another £290 a month. Which would leave us in a better position in 35 years time?? My partner is slightly drawn to buying but I seem to think we have an amazing house in an amazing area and we would be financially potty to throw this away! What do you all think makes financial sence? Thanks
0
Comments
-
Is there any opportunity to purchase the housing association property at some point in the future at a discount?
In 35 years time, will you still be able (and willing) to afford the rent every month? If you buy a house now then you'd have paid it off by then and so be mortgage free.0 -
In thirty five years time will you even still be together? If you are together where do you envisage yourselves, 2.4 children/ early retirement? Do you have a 10% deposit plus legal fees plus removals set aside? If not the discussion is purely academic.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
-
£290 a month?? Where are you? My rent is £1200 pcm (bit high for the area but we were desperate after a previous house fell through), but there's no way a £1200 a month mortgage would buy half of it.
There are a lot of factors to consider - it isn't a simple "buying is always better". If you can only afford the interest part of the mortgage it isn't. If you need flexibility to move a lot (e.g. because of your work) it isn't. If you can only buy a nice house in a !!!! area (or even worse a !!!! house in a !!!! area) but can afford to rent a nice house in a nice area it isn't.0 -
Think if the area is so good I would seriously look into the right to buy. A lot of housing associations offer this as well as councils.4 Stones and 0 pounds or 25.4kg lighter :j0
-
I'm gobsmacked you got onto a HA list. When I tried, allbeit years ago, they had a low earnings limit and if you earnt more than £8k/year you were deemed to be earning enough to rent privately so couldn't even get ON the list.
Anyway ... if it's a lovely house in a lovely area, for the ridiculously low rent of £290 ... I'd go for that!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards