Wonderful thread and on a topic very much at the forefront of my mind at the moment.
I currently rent a nice 3 bed house in a nice rural village and pay £500 a month. The 3 bed house 2doors away has just come up for sale at a fairly reasonable £160k. Both my girlfriend and I love it.
I have around a £15k deposit but still need a mortgage in the region of £145k.
A very cursory glance around the market shows that I will need to pay in the region of £750-800per month on a mortgage
I have a meeting set up with a mortgage advisor later in the week to get a more detailed outlook on it but it still scare me that i may have to pay over 50% more to live in a very similar property.....and I property that I will have to maintain.
Big descisions to be made methinks!!
Equally though, what is the point for saving for a rainy day if you are never going to put those savings to good use? I certainly have no intention of squirelling my money away for the whole of my life just so Gordon Brown's successors can get their greedy little hands on it at some future point.
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