To buy or keep renting ?

ProDave

MSE's mortgage calculator https://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator#results
Says if you borrow £175K interest only the monthly interest payment would be £437 so LESS than your current rent.

You won't be borrowing that much as you will deduct the deposit you have been gifted and whatever part share the SG take on.

you say 60% stake, so that brings it down to £105K borrowed, again less the deposit you have That's £262 per month interest on interest only or £498 per month on a 25 year repayment.

It's a no brainer. Buy it.

In 25 years, when you are thinking of retiring, it will be all yours, no rent to pay in retirement.

If you have been talking to the landlord about buying it, and then choose not to, there is the chance he may have got used to the idea of selling it, so if you don't buy it he may well choose to put it on the market.

Let's hope the mortgage broker finds you a suitable mortgage offer.

ellepotter

ProDave - Yes of course you have a valid point regarding our landlord still wanting to sell it if we do not buy it. My only small reassurance is that we briefly mentioned the possibility buying it a year ago (at that point we had a tiny deposit which we will now spend on legal fees etc) and he has not indicated he would need to sell it if we do not buy it.

Until the broker gets back to us I am unsure if we could do a joint mortgage of 25 years as I believe a lot of lenders cut of age is 75 yrs old. That would potentially give us a 15 year repayment mortgage making it more in line with what we pay on rent now.