How did it become acceptable for someone to commit to 25yr marriage to mortgages

ChrisJones1

It seems absolutely ridiculous that you have to commit to 25yrs of payments to buy something every human should be entitled to, shelter from the natural forces to survive.

Sure I get that it depends on what you buy but having to pay £700-1000 a month for 25 years or something seems mind-boggling. How did it get so expensive?

How did this become so accessible by people who continuously vote in governments who are meant to do the planning and welfare of society and it's citizens.

worried_jim

Calm down comrade.

CLAPTON

ChrisJones1 wrote: »

It seems absolutely ridiculous that you have to commit to 25yrs of payments to buy something every human should be entitled to, shelter from the natural forces to survive.

Sure I get that it depends on what you buy but having to pay £700-1000 a month for 25 years or something seems mind-boggling. How did it get so expensive?

How did this become so accessible by people who continuously vote in governments who are meant to do the planning and welfare of society and it's citizens.

to survive you only need about 6 ft by 3ft
unfortuantely people want a lot more and seeem to want to live where there are jobs and a nice environment.
although I have a right to accommodation ; you only have the right to provide it for me.

it got so expensive because we have silly planning laws and we import large numbers of people every year even though we don't have sufficent housing for our existing population

westernpromise

If you rent somewhere you're committing to a lifetime of payments, not just 25 years.

If you start work at 22 and live till 82, then you'll be paying rent for 60 years. If we assume you will rent the average house over that period (worth say £200k at a rental yield of 4%), you'll pay £480k in rent. If the house drifts up in value over that time at say 1% a year, you'll pay £653k for it.

Alternatively you could buy it for £200k and pay £284k to own it over 25 years.

The question you should be asking is "why do mugs who rent for decades not work this out?" Economically, the future cost of rents can be expressed as a liability today just like a mortgage can be, the difference being that the latter gets smaller and ends while the former doesn't.

Anyway a house is a capital item best funded over the period in which you use it.

Graham_Devon

westernpromise wrote: »

If you rent somewhere you're committing to a lifetime of payments, not just 25 years.

6 months, usually. Just a little factoid which upsets your whole post somewhat.

The question you should be asking is "why do mugs who rent for decades not work this out?

People usually rent because they cannot buy at that time. Not because they see it as a better option.

Once you figure that out, you don't write the sort of inane post you just did.

POPPYOSCAR

Graham_Devon wrote: »

6 months, usually. Just a little factoid which upsets your whole post somewhat.



People usually rent because they cannot buy at that time. Not because they see it as a better option.

Once you figure that out, you don't write the sort of inane post you just did.

Oh come on.

I know lots of people who have no intention of ever buying a property.

Not everyone wants the responsibility of actually owning themselves and everything that goes with it.

Thrugelmir

ChrisJones1 wrote: »

to buy something every human should be entitled to

You forgot to mention food, clothing, healthcare, transport, pensions, heat, a job, education, x factor celebrity status, an iphone, sky .................

ANDR£W

Reaches for his copy of The Ragged Trousered Philantropist ����

GreatApe

Shelter is free you just need to throw yourself onto the state who will either give you a council house and some pretense about rent and housing benefit or pay for a landlord to put you up

As to why homes are expensive, well they are not you can get a average 3 bed terrace in Stoke-on-Trent for 2-ha-penny

If you want a more serious answer, the question might be why are houses not much cheaper, and the answer is 1: over regulation and 2: too much mass

zagubov

Could be worse. At least we don't have 100-year mortgages like Japan, where your kids (and their kids) inherit the mortgage with the house.

Crashy_Time

westernpromise wrote: »

If you rent somewhere you're committing to a lifetime of payments, not just 25 years.

If you start work at 22 and live till 82, then you'll be paying rent for 60 years. If we assume you will rent the average house over that period (worth say £200k at a rental yield of 4%), you'll pay £480k in rent. If the house drifts up in value over that time at say 1% a year, you'll pay £653k for it.

Alternatively you could buy it for £200k and pay £284k to own it over 25 years.

The question you should be asking is "why do mugs who rent for decades not work this out?" Economically, the future cost of rents can be expressed as a liability today just like a mortgage can be, the difference being that the latter gets smaller and ends while the former doesn't.

Anyway a house is a capital item best funded over the period in which you use it.

Yawn. You missed the point of the OP`s post. How did it become acceptable to trawl the internet DEFENDING pricing people out of basic shelter is a better question. You are a dinosaur, the world has changed, students of the future will write dissertations on the bankers housing bubble, the muppets who bought into it, and the sad individuals who posted on forums (read by about ten people on a good night) bragging about it :rotfl: