Right To Acquire - Housing Association property

hbmariner

Doozergirl wrote: »

For every £1 you borrow on a mortgage, you look to pay £2 back to the lender. If you were in a privately rented property paying market rent then it might not make an awful lot of difference as mortgages tend to compare to rent. As it stands, if you physically save the extra that you are currently saving on a reduced rent, then you stand to be 'higher up' the ladder in terms of equity/capital in a few years than if you jump straight into a mortgage now with a very low deposit. The vast majority of what you pay will be interest for a very long time to come.

You're in no hurry. You are secure in your home, which is what most people buy for! Frankly, I'd use the discounted rent to help you save more capital which you mentally put towards paying off your house; you just pretend the rent is your interest payment and you put away the capital into a savings account. The one day, when you're ready and have a lovely fat deposit, you take the plunge and buy it.

Thanks for the advice on that, you talk a lot of sense, i never really looked at it that way.