Just not earmimg enough

irishpot

ZTD wrote:

Well to be honest, you should be paying a lot less for a mortgage than for renting. QUOTE]

Don't understand how you can say that?

Here in northern ireland im paying a mortgage off £800p/m for a 3bedroom starter home, if i rented it out i could only get £125p/w.

I just finished Uni over a year, and been working f/t since, so i hav been very lucky as its value has went up about 40k.

The bottom line is Im not moving into the house yet as i cant afford the extra bills that will come along - wages are just not good enough

ZTD

irishpot wrote:

ZTD wrote:

Well to be honest, you should be paying a lot less for a mortgage than for renting.

Don't understand how you can say that?

I gave an abbreviated explanation just after I said that.

irishpot wrote:

Here in northern ireland im paying a mortgage off £800p/m for a 3bedroom starter home, if i rented it out i could only get £125p/w.

Then you should be renting. If you mortgage isn't significantly cheaper than buying then you should be renting.

People will come along and say "It's an investment." Fine, but don't pay for investments using debt. Leverage is the hard and fast road to heaven, and the hard and fast road to hell.

I think this link given in another thread by flowerofscotland is pretty good.

Look for the section titled "A Nation Hypnotised By TV Property !!!!!!? Property isn’t as safe as houses"

Mrs_Sparkle

ZTD wrote:

I gave an abbreviated explanation just after I said that.



Then you should be renting. If you mortgage isn't significantly cheaper than buying then you should be renting.

People will come along and say "It's an investment." Fine, but don't pay for investments using debt. Leverage is the hard and fast road to heaven, and the hard and fast road to hell.

I think this link given in another thread by flowerofscotland is pretty good.

Look for the section titled "A Nation Hypnotised By TV Property !!!!!!? Property isn’t as safe as houses"

I disagree. It's not as black and white as this and I know that if I waited until rental prices caught up with house prices in my area I would be renting for the next 10 years or more. And at least this way I'm paying off my own mortgage than someone else's mortgage.

bpyoung

People seem to think they have an automatic right to a certain standard of living. They don't. If you can't afford to rent or buy a place on your own, then you're going to have to face up to the possibility of flat/house-sharing. Likewise, if you're struggling because of the costs of bringing up a child, surely you should have thought about that before deciding to bring one into the world.

You're still far better off than 95% of people in the world, and judging yourself against unrealistic standards isn't going to help.

irishpot

Mrs_Sparkle wrote:

at least this way I'm paying off my own mortgage than someone else's mortgage.

i was going to say that...honest..:rotfl:

demand is outweighting supply here so much, today infact i was talking to a guy with £300k available to spend and over the past 5 months he has put on loads of offers on various houses but sellers are now pulling out because houses here are going up £100 a day

new laws here mean supply is getting even tighter so in this particlar market i disagree with ZTD comments

anyway i got my pad so im happy :rolleyes:

ZTD

Mrs_Sparkle wrote:

I disagree. It's not as black and white as this and I know that if I waited until rental prices caught up with house prices in my area I would be renting for the next 10 years or more. And at least this way I'm paying off my own mortgage than someone else's mortgage.

I would never claim it was black and white, but there is this link as well as the last one (did you read it?), and then this graph.



As with all leverage, you roll the dice and you take your chances. I'll probably have a rather bigger go in the next trough.

It only looks about 6 years from peak to trough, so not too long to wait.

lynzpower

oh I cant wait to get off of the housing ladder

regardless of whatever I do to the property, or live frugally come december when I come off my fixed rate mortgage, my mortgage will go up somewhere around 60 quid per month.

It makes all these minor cutbacks here and there feel a bit pointless, its just taken off me all over again, but by a different hand

renting is Dead money is a myth as well, and Ive discussed this to the death on the property boards, Im not going to start here as well!

Anyhow, stuff to do play nicely

ZTD

lynzpower wrote:

Anyhow, stuff to do play nicely

Don't I always?

yung

Well said bpyoung that is the fact.

loulouloulou_2

I agree - with some comments.

Having a mortgage nowadays is NOT cheaper than renting in most cases!!! I've spoken to alot of friends whose mortgages are very high.

Yes i have debt!!! I cant deny it and you can all see that BUT i pay my own bills from working full time and i meet my payments of my debt and am reducing it and i pay a mortgage!

Its not something im proud off and if i knew then what i know now then theres no way i would have taken out any credit but i did.

When i was younger i DID live outside my means and when i wasnt earning a decent wage i used credit cards to wrack up debt but i am PROUD to be paying off my debt myself - as i got myself into this mess.

Everything is more expensive nowadays and it seems like at the moment we cant do anything about that - but i agree i wish i had lived within my means when i was younger!:o