Martin's Blog - thank you!

angeldeelite

thanks everybody.

he has such a bad credit rating that he would never get a mortgage which is why he is putting so much pressure on me. Sometimes i feel like i'm just his ticket to owning a home!

i've recently decided to get some cosmetic dental surgery which has been getting me down for years and years. He sees that as a delay on owning a home rather than me doing something which will hopefully make me happier :rolleyes:

i'm thinking once my teeth are perfect he's outta there :rotfl: :T
He's getting no more mortgage chat from me.

p.s do you think i could find a mortgage advisor that would be happy to make it sound as horrible as possible to help me put him off?

lady_fuschia

elona wrote:

Does he know about stamp duty, surveys, solicitor's fees ,removal expenses, repairs like having to replace a boiler or water tank at over £1000 etc. etc.?

Curtains for big windows can cost £100! Not even mentioning replacing carpets or buying nice new furniture!

.

So true! One of the major advantages of renting (provided you get a decent landlord) is that when your central heating boiler breaks down, at least its not you who has to find the money to get it fixed!

bobble_hat

I bought a property in a rush, because I'd just come out of a bad relationship and we'd been in the process of buying a house. I got a 100% mortgage. I loved my little flat but was never out of debt.

I sold it to get out of debt, I've a little way still to go, but it's the best thing I ever did. :j

I'm renting a room in a lovely house with fantastic housemates, and I've realised how lonely I'd become living on my own. Rent and share, it's fab. :T

The cost of everything is spread between more people and you've got company if you need it and if not you just close your door. Perfect.

poorbutrich

angeldeelite wrote:

Icing on the cake being we live in one of the most expensive cities in Scotland where a one bedroom flat would be at least £85-£90k.

Try adding another £100,000 for a one-bedroom flat where I live! Totally agree with you and Martin - the situation is unsustainable....let us know your Oh's reaction!

angeldeelite

Will do, i know he's definitly read the emails so will ask his thoughts when i get home. he is the most stubborn person in the world though so i'm not expecting a miracle!

ollyshaw

It is so nice to hear some sensible voices. Renting is NOT throwing money down the drain. I save £500 a month by not renting!

Also can anyone explain the difference between a 100% mortgage and a bank lending me £150k to invest in the stock market?

Thanks,

Olly

misfire

We have a Interest only mortgage on our house (second one we have owned) and it scares the hell out of me. We only did this as we were going to overpay each month but if dh lost his job (as happened twice before) we could cover the interest only bit...

... due to crap circumstances that never happened and we have been here two years. As soon as i have paid of my o.d (c.c just gone!) i am going to pay max i can extra each month to get our mortgage back on track.

We bought this house in 2004 BAAD time to buy round here - prices are now back up to and above then but they fell after we bought this which really scared us. We had to move due to factors i dont have time to go into! but wish we hadnt had to as i do constantly worry about my mortgages etc..

my friend sold her flat, invested her equity and is really happy living in her rented flat. As she is single she had to do all the repairs upkeep of her flat herself and it was really stressing her out paying builders etc.. all the time. (she had to have same windows as everyone else when hers needed replacing cost a bomb). I have never known her so happy!

KatrinaC_2

angeldeelite wrote:

p.s do you think i could find a mortgage advisor that would be happy to make it sound as horrible as possible to help me put him off?

Any Independant Financial Advisor which is worth their salt will be truthful about the facts of buying your own home - mine was the one who finally convinced me that I would be stupid to buy.

Kat

In_Search_Of_Me

also consider things like interest hikes...my mort is now 600 a month....1 bed flat & the guttering needs fixing...renting def appealing! Stick to your guns & I'd seriously be reconsidering a new bf but thats just me!

shredder2001

I think it depends on household size too. As a single person, renting makes a lot of sense for me. I don't need to leave property to children; and renting means I can be mobile and have the sort of freedom you just don't have when you buy.

I always rail against the 'throwing money away' nonsense. I've been renting for over 10 years and my rent is well under half the amount it would cost me if I were to take out a mortgage on a flat of equivalent size. So what is interest on a mortgage then? If that isn't throwing away money I don't know what is! You certainly never see any of it again. And before everyone shouts, 'Sell up and make money!', how many of us actually do?

I intend to move to a nice rental property in a few years time (when some current debts are paid off). I'll be able to rent it much more cheaply than if I were to buy, and the remaining cash I can put into savings accounts with high interest (ISAs etc.), plus increase my monthly pension contribution. Renting means you don't pay maintenance costs; and if you look around (and avoid the letting agents like the plague), you'll find many good deals where council tax, heating and water bills are thrown in too.

But hey, in the UK we simply can't get past this notion that we MUST own. I don't think any of us ever really sit down and work out if it's the financially responsible thing to do, esp. given the increase in the number of repossessions, IVAs, bankruptcies etc. etc. For some, buying is the right option, but only if you can afford it, and only if you've thoroughly thought it through.

I have lots of European friends who think the UK's buying obsession is the funniest thing since Monty Python! Anyway, when you think about it owners are only ever landlords for a while - we're all eventually going to shuffle off that mortal coil and then it becomes someone else's property...such is life...