We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Help gratefully received! :)!
Comments
-
-
JimmyTheWig wrote: »I don't see how, when the rent is less than the interest on the mortgage.
It doesn't matter to the OP whether their money is "wasted" on rent or "wasted" on mortgage interest.
I'm sure they would rather have something to show for there savings at the end rather than hand it all over to the bank and start again, they will decide whats best for them but i was just saying what i would do in that situation.DEC GC £463.67/£450
EF- £110/COLOR]/£10000 -
Thanks everyone for your thoughts. Just to clear up a few items :
JimmyTheWig : Mortgage is repayment, £595/month @ 4.99%. Yes we have approx 22years left. I have tried for a better deal but whilst in NE this is proving difficult. Any suggestions?
SaverBuyer : We were fortunate to receive a large lump sum on the death of a relative, which is why the amount is much more than we expected to have saved by now.
CatBlue : I've already thought about the maternity process and work etc. I have a spreadsheet drawn up for same. I am fortunate in that my mother and sister are both willing to assist with Childcare. I 100% expect (unless something unexpectedly happens to me) to go back to work after 6-9months.
Thanks.0 -
The mortgage at the mo is £595 plus fees/rates = £700/mth. In the area we are looking to move too we can rent a 3bedroom house for £500/monthJimmyTheWig : Mortgage is repayment, £595/month @ 4.99%. Yes we have approx 22years left. I have tried for a better deal but whilst in NE this is proving difficult.
These two work out exactly the same value.
I work out that from your £595 a month mortgage repayments, £395 is interest. That means your mortgage balance will be reducing by £200 a month.
So the cost to you of living there is £500 a month (£700 less the £200 you gain from).
So either sell and rent or stay put. Do whichever you feel happiest doing.0 -
Thanks JTW
:) 0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards