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jane_smith Posts: 20 Forumite

22 September 2012 at 8:30PM in Site feedback and Forum Help

Hi - Great site and very useful info. I especially like the calculators and was wondering if you would consider a rent vs buying calculator.

I'm saving for a house deposit and renting at the same time. When I work out my mortgage repayments vs my current rent then at this moment in time I am better of renting until I have saved more as the interest would be higher than my rent. When I work out month by month what a mortgage will cost versus rent there comes a time (in about 3 years for me!) when the scales will tip and I will lose money by continuing to rent as the deposit saved will mean the interest on borrowing is lower than my rent (yes I realise that increased home values mean this is different but let's face it, there's no increase around at the moment). It's also different when I factor in costs such as home insurance, travel and maintenance costs etc.

I don't know that the above makes much sense but hopefully it does! I think there would be a lot of first time buyers out there like me who could use such a beast. Kind of like a when should you buy and for how much calculator?

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