buy now or stay debt free?

pinkshoes

If renting is not much less than a mortgage, then you will not be saving enough for a pension like this!! The extra money you would need to put aside each month for the pension (£150/month is going into my pension) would probably equal the extra costs of the mortgage/insurance etc... One of my reasons for buying was that the sale of a property will finance my retirement! I have no confidence in the UK state pension!

would your b/f live with you and pay you some rent??

run down properties aren't so bad, and have the potential to make you some more money. I guess so long as it's not horrendous to live in!!

Is your salary going to increase over the next few years?

ecleeconfused

Hi Pinkshoes
I don't think I even qualify for the basic UK pension as was out of the country for 7 yrs so wasn't paying any contributions in that period. Apparantly I need to pay £2000 to get even the basic. I'm getting a bit scared now...should I be putting £150 for pension??

I hope I can get a better job in years to come (I am administrator- fairly secure job but no payrise on the horizon)

No I wasn't expecting bf to move in until he sorts his own money issues out (i.e getting a job!)

slipthru

I personally would just keep renting and saving, i don't think now is the time to buy.

This is what i am doing anyway.

aah

However don't forget the investment potential of a house purchase.

If you do buy, then buy it to live in it, but you can also make money.

We bought for £97k 7 years ago, property is now worth c £250k. Even if it goes down a bit to correct the market, its still a whopping investment. It has cost us about 25k in repayment (capital and interest) so far - so thats ain increase of £128k. And we only owe £70k or thereabouts on it now. If we sold it, paid off the £70k we could still buy somewhere for the remainder and be mortgage free.

And thats in the North, where prices are (allegedly) much cheaper, although I believe Hastings is quite low, much lower than Brighton.

Many MSE'ers will have made such savings I think. Thats better than sticking the money in the bank. Oh, yes, and - the primary purpose - we have had somewhere to live in and bring up our family. For "free" - the costs of insurance and repairs..... choose your time - it may not be now - but do buy

lynzpower

We bought for £97k 7 years ago, property is now worth c £250k. Even if it goes down a bit to correct the market, its still a whopping investment. It has cost us about 25k in repayment (capital and interest) so far - so thats ain increase of £128k. And we only owe £70k or thereabouts on it now. If we sold it, paid off the £70k we could still buy somewhere for the remainder and be mortgage free.

these price rises simply cannot keep pace tho, as v few people will be able to get that size mortgage to buy it off you!