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To buy, or wait?!
AliceT_2
Posts: 8 Forumite
Hi all,
My husband and I are currently renting in London and paying high rent (1200 per month!) I am keen to get on the property ladder as a first time buyer. My predicament is that, we are hoping to move out of London eventually, but we are not sure when this would happen, potentially in 1-2 years, but if we have children in this time it may be longer due to maternity leave etc.
essentially my question is would it be financially smarter to buy in London (it would have to be a smaller property) or continue paying rent until we buy outside of London (where we would be able to afford a house). I'm concerned that if we get a mortgage in London and end up moving a year or so after, we would lose the money spent on buying in London ( I'm thinking stamp duty, solicitors etc). However I'm conscious that we would be saving money on rent as I assume our mortgage repayments would be less than our current rent.
Apologies if this question is long winded and seems obvious, but I keep going round in circles when thinking of all of our options. I realise the decision is ours to make but any thoughts/advice would be welcome
My husband and I are currently renting in London and paying high rent (1200 per month!) I am keen to get on the property ladder as a first time buyer. My predicament is that, we are hoping to move out of London eventually, but we are not sure when this would happen, potentially in 1-2 years, but if we have children in this time it may be longer due to maternity leave etc.
essentially my question is would it be financially smarter to buy in London (it would have to be a smaller property) or continue paying rent until we buy outside of London (where we would be able to afford a house). I'm concerned that if we get a mortgage in London and end up moving a year or so after, we would lose the money spent on buying in London ( I'm thinking stamp duty, solicitors etc). However I'm conscious that we would be saving money on rent as I assume our mortgage repayments would be less than our current rent.
Apologies if this question is long winded and seems obvious, but I keep going round in circles when thinking of all of our options. I realise the decision is ours to make but any thoughts/advice would be welcome
0
Comments
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Its not often i say renting is better than buying, but as everything is up in the air i dont think being tied into a mortgage is a great idea.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Make your mind up about when you want to have children.
If you are in a position to buy, move out of the city and have a child then do so, otherwise think about the 15k a year in rent you're currently paying !0 -
Or buy a small flat now and sell it for £73927237202 in 3 years' time0
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