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Is buying really better than renting?
Comments
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That's a good start but there are so many hidden costs to home-ownership.
When I bought my first home in 1885 there was a system called MIRAS (Mortgage Income Relief At Source). This applied to the first £30K and my 2-bed terraced house cost £24K so I benefitted by the interest on the mortgage being reduced by a third (income tax at the time).
Today the same house would probably incur Stamp Duty and any buyer would not receive tax relief on the mortgage interest (just checked Rightmove and similar houses are marketed at £160K so, £1,600 in SD).
It is time something was done to help first time buyers. Whether this could be by reintroducing MIRAS for FTBers or allowing a discount of £1,500 against the SD - again, for FTBers only, I don't know.
I've seemed to drift off-topic here but I hope you get my drift!
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Gorgeous_George wrote:That's a good start but there are so many hidden costs to home-ownership.
When I bought my first home in 1885 there was a system called MIRAS (Mortgage Income Relief At Source).
GG
Did they have it back in those days, too?Smile and be happy, things can usually get worse!0 -
D'oh.
I'll leave the trypo in for amusement purposes. £24K in 1885 would have bought quite a property I guess!
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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