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Renting vs Buying

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Comments

  • FtbDreaming
    FtbDreaming Posts: 1,128 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Currently renting but always wanted to buy. A mortgage would be cheaper than my rent and I could do all the big changes I want to my house.

    Having said that we lived around a lot of places when we were younger (pre kids) and if we wanted to get up and go we could. You don't get that freedom with a mortgage if you settle too young.
    Mortgage started August 2020 £69,700
    Mortgage ends Aug 2050 MFW: Aug 2027 
    Current Balance: £58,678
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    MFW 2024 £528.15

    Determined to make it! 
  • Marvel1
    Marvel1 Posts: 7,498 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    For me buying, based on:
    Mortgage paid in roughly 10 years or less, that's it done,unlike rent keep paying. Even though what I paid in 2007 not recovered, compared to not paying anything once paid off is worth it.

    The rent increase often goes up £50 a month, an increase in the interest rate doesn't go up £50!

    No eviction notices.
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    seb345 wrote: »
    Hey there, I just joined the forum. I've been wondering the same thing..... but there is really not a right or wrong answer.


    So, you're going to be 'wondering' for a while then.



    OP last visited MSE about 3 months ago. I expect their essay was finished around the same time! ;)
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