Need some advice- updated!

Imelda

nobblyned wrote: »

We're not in a very different position ouselves, except for the fact we bought about 18 months ago, which has thankfully done us ok in the recent market. But we too dream of escape!

I'd think if you are so concerned about the property market and this is your dream then renting is the far better way to go. You remove the risk and still can save at a good rate. Otherwise the only reason to buy a house motgage free is if you believe that the rent saved will outstrip the interest coming from your saved capital (assuming you are neutral on property appreciation).

If your OH claims he can only live in £2k+ p.c.m rental properties, he needs to reassess his commitment to your dream.

I agree about the £2k! It's just that's how much houses that we are looking to buy rent for. Interest on the mortgage we will need (£300k) to buy a similar house will be less than that (we're assuming 7% interest rates to be on the safe-ish side) and we will be able to pay it off within 4 years if we continue to earn at the the same level.
Savings- we're both higher rate tax payers so we currently earn less than 4% interest net on the bulk of our savings.

I wish I had a crystal ball!

Imelda

Morning everyone,

Well we eventually looked at 3 houses last night, one we didn't even step inside OH saw the outside and said no straight away.... (very embarrassing as the owners were in the house and the agent had to knock and tell them we weren't interested). I can see his point, it is very overlooked by a 20 + storey block of flats.
Next house, we went inside (he knew he was in the bad books from the glare I gave him), it was a lovely house, nice road but has a railway line at the end of the garden. We always knew this would be the sticking point, but a train went past- my god the house shook!
I felt pretty deflated and annoyed with my OH, we went to the pub to discuss.
Turns out he doesn't want to move :mad: he doesn't want to risk the cash he has saved (although it earns him nothing sitting in the bank and he's not happy in his flat with me there too). He might consider renting but only the houses that cost £2k per month. I kept my cool and have at least got him to agree to move some things into storage and to get a couple of niggly jobs done in the flat to make things nicer.
I'm beginning to think we will retire in this flat....

Thanks for all your input, I'm sure I will be back on here soon as I know OH will change his mind every couple of days.

lynzpower

hI HUN

Well im quite surprised, I mean I know exactly where your flat is, and probably around the houses where you looked. I know bow almost like the bank of hand & im quite surprised that he didnt realise where the railway line is and where flats are

At least this has all come out now, and not after you found somewhere you loved and he said no.

His cash should be earning him something in the bank, certainly Id say more than what a top end property around the half a mil mark would, after all AFAIAC theres only so much further houses like this can go before lenders and surveyors put a stop to it.

Him only considering 2k houses... doesnt seem to really dovetail well with your ideas of downshifting over the longer term.... does he "get" that?

Sending you a hug hun, sounds like you need one