Please please help, mortgage help needed desperately

whitewing

Renting is not really dead money if it enables you and your partner to be together. Plus his sister/BIL may actually want their place to themselves if they were prepared to give you the deposit. Why not see if you can borrow rental deposit from BIL, then rent it together and get some roots established. We're not talking about renting forever, just having a long term view of your coupledom.

DVardysShadow

mydisclosure wrote: »

Renting seems like dead money so the only option may be to stay put where we are and save for our deposit ourselves

Renting gives you the opportunity to be together sooner rather than later and a place to be while you get on top of your financial situation. A mortgage is only renting money instead of property. The 'dead money' mantra is so overplayed - and at a time when house prices are not moving up significantly it can totally misleading. Really, if the place is available to rent,but your best reason not to is 'renting is dead money' so you stay where you are, I really would have to doubt your motivations to move on.

mydisclosure

whitewing wrote: »

Renting is not really dead money if it enables you and your partner to be together. Plus his sister/BIL may actually want their place to themselves if they were prepared to give you the deposit. Why not see if you can borrow rental deposit from BIL, then rent it together and get some roots established. We're not talking about renting forever, just having a long term view of your coupledom.

I guess I wasnt be open enough to actually see this point for myself, my instinctive response would feel as though paying rent would lessen what we could save but being together is the main point here, thank whitewing

mydisclosure

DVardysShadow wrote: »

Renting gives you the opportunity to be together sooner rather than later and a place to be while you get on top of your financial situation. A mortgage is only renting money instead of property. The 'dead money' mantra is so overplayed - and at a time when house prices are not moving up significantly it can totally misleading. Really, if the place is available to rent,but your best reason not to is 'renting is dead money' so you stay where you are, I really would have to doubt your motivations to move on.

In reference to one of your previous replies renting makes sense because it would be difficult to get us to move out in the first instance, we could eventually look to buying it. I think im struggling with the prospect of paying more in rent for it then the cost of a monthly mortgage but overall its about being together and although it would take longer to save we could eventually buy it as you suggested before, thanks

geoffky

It is amazing the power of these vested interests..when anyone and everyone uses the word "dead" when it comes to rent money...if only people realised they have fallen for it..renting makes sense in a lot of situations...

mydisclosure

Hello!
Just wanted to say thank you to everyone for their advice within this thread. We have decided to rent and move into the house next month
Thanks again :beer:

Pupnik

That's great news! Does the LL know you may be interested in buying further down the line? My cousin rented his house for a number of years and when his LL decided it was time to sell he first offered it to my cousin for a very good price, so you never know.

Egg_custard_2

Pupnik wrote: »

That's great news! Does the LL know you may be interested in buying further down the line? My cousin rented his house for a number of years and when his LL decided it was time to sell he first offered it to my cousin for a very good price, so you never know.

I agree with this. Your LL could save themselves a fair amount in EA fees if they sell to you, but only if the LL knows you are interested in advance... if they sign up with an EA they will most likely have to pay EA fees even if they agree a private sale with you.

Seanymph

I'll just pick up on a point here that you said you had your name on a mortgage years ago - if you buy with your partner you will not get first time buyer deals. And if you don't ensure your name is on the mortgage and deeds when you buy together then you risk losing out later on for any contribution you make to the property.