Mortgage now Cheaper than Rent in 80% of the UK

HAMISH_MCTAVISH

ukcarper wrote: »

Where I am it would cost you £900 to rent a house worth £210k

Where I am it would cost £1200.

ukcarper

It looks like rents are expensive in Scotland.

careinthecommunity

"research by property website Zoopla"


yup the same guys who have the finger on the pulse of current house prices ...


i have bet myslef £10 you can find a quote in viz next month ...

LilacPixie

ukcarper wrote: »

It looks like rents are expensive in Scotland.

I think they are but possibly its just property prices are low/lower than average. I have bought a 3 bed semi less than a mile from that 3 bed flat on Clepington Road and my repayment mortgage is less than the rent on it and thats at 85% LTV.

Here are the LHA rates for Dundee http://www.dundeecity.gov.uk/benefits/lharates/

nembot

Joeskeppi wrote: »

I'm still not sure why buying something should be cheaper than renting it in the first place.

I could probably rent a car cheaper than buying one, but no one does that, odd.

Actually, they do Joeskeppi - it's called leasing.

poppycod

Cleaver wrote: »

A 3-bed semi on Hays Road in Prestwich, Manchester for rent at £750 a month.

A 3-bed semi on Hays Road in Prestwich, Manchester for sale at £159,950.

Let's say you got a mortgage for around £140,000 on the house at 6%, your monthly repayment would be about £700 a month interest only. That seems pretty much the same as the rent to me.

This is a road quite near me and the first one I looked at for a comparison.

You will be treated with the same scorn and contempt that you have shown for me in the past.

However I will not baselessly accuse you of things you have not done.

the_flying_pig

an amusing article from a couple of years before the great global paradigm shift started.

http://www.propertyvision.com/market-comment.php?id=19

Cleaver

poppycod wrote: »

You will be treated with the same scorn and contempt that you have shown for me in the past.

However I will not baselessly accuse you of things you have not done.

Thanks Dervish.

doire_2

HAMISH_MCTAVISH wrote: »

http://www.telegraph.co.uk/finance/personalfinance/8140384/Renting-a-home-is-more-expensive-than-buying-one.html

Generation Rent indeed.

What a horrible position...... to be forced into paying more in rent than a mortgage, wasting all that money, month after month after month just to enrich your landlord, because the banks are still underfunded and rationing the limited funds they have.

There's no way the government will survive the next election if they don't get lending moving again.

Yes lets get back to the good old days again when anyone who turned up at a bank got as much as they wanted. No deposit? No worries...just sign here and the money is yours.

Oh but wait! That didn't work too well did it? A lot of banks lost huge amounts of money! Pity there are now 3 million households at tipping point if IR rates rise by the smallest of margins eh hamish?

The days of banks lending willy nilly are gone. Buying a house is now like most things in life - if you want it you need to work to get it.

Out,_Vile_Jelly

Luckily I'm still firmly in the other 20%.