Amount of rent paid

IveSeenTheLight

moyilla wrote: »

Hi
I have been renting since May 2005 and I am on my 4th private rental
.
I am currently paying £900 a month. I cannot afford to buy, there is no local authority housing available.

I have no spare income to put aside each month to save for a deposit. I have 6 children the eldest of which is severely disabled, so I need specific help.

I feel so trapped, I need a roof over my head and feel that I have no choice in paying over and above rental prices.

I moved to my current house from literraly across the street my rent went from £795 to £900.

Really sorry to hear of your situation.
Just a quick query, did you move house through your choice or were you asked to leave your tenancy across the road?

Lavendyr

IveSeenTheLight wrote: »

I can agree, that for you, you are saving for the time being (short term) and that borrowing less money means you pay less interest.

However, take your figures, work out how much you are saving extra per month, add on any interest you make on your savings and then deduct the total amount of rent you will have paid.

Also, work out how much your mortgage would be when you are prepared to step onto the ladder (and also how much of a price drop this would need to be). What also is the drop required for you to make back the money you have paid out in rent.

I think you may find the results interesting.

Point well taken. In one year we spend £9000 on rent, therefore we would have to be able to save at least £9000 per year - whether through lower interest owed or house prices dropping - by renting now and buying later. I agree that this is extremely unlikely, although there are other circumstances which currently make renting more favourable than buying for us currently (not yet sure we want to settle in this location for the long term for one thing).

IveSeenTheLight

Lavendyr wrote: »

Point well taken. In one year we spend £9000 on rent, therefore we would have to be able to save at least £9000 per year - whether through lower interest owed or house prices dropping - by renting now and buying later. I agree that this is extremely unlikely, although there are other circumstances which currently make renting more favourable than buying for us currently (not yet sure we want to settle in this location for the long term for one thing).

Hi Lavendyr.
Hey, we all make our decisions based on our own personal and I'm sure you have made your based on what you think is best for you (Generally I believe if you make a decision which you think is best, then generally I believe it is)

Thanks for being open, honest and for contributing to this discussion.

Have a happy new year

pinkshoes

Our interest on the mortgage is about £815/month, and to rent the same flat it would have cost us £850/month. We have to pay ground rent/service charge too (an extra £50/month), but at the end of the day, we now have the security of our own place that we didn't have with our previous rented flat (we had to move, owner was selling, hence we decided to buy rather than rent again).

I rented a small room in several grotty houses for about £300/month to save up my deposit money for a house!!

I'm not really bothered if prices drop, as it just means that if I need to move, I'll just rent the property out instead of selling. Saves getting a HIPS thingy too!

IveSeenTheLight

pinkshoes wrote: »

Saves getting a HIPS thingy too!

LOL:rotfl: :rotfl:

Thanks Pinkshoes, you made me smile today;)

Come on everyone, there must be lots more people out there who have / are renting while awaiting the house prices to drop.

How much rent do you pay?
How long have you been paying for?
How much of a house price drop are you looking for before you want to buy?

moyilla

IveSeenTheLight wrote: »

Really sorry to hear of your situation.
Just a quick query, did you move house through your choice or were you asked to leave your tenancy across the road?

I was asked to leave as owners were returning from the Armed Forces. I am now in same position as this landlord is coming out in 7 months time.

moyilla

I wish I had spare income so I could save for a deposit.
I cannot move to a 3 bed house as no LL would let us live there for overcrowding - even though I could make do

roguebrogue

Hello all!

I currently rent with my partner and we pay £615 a month rent for a 2 bed house. Am not good with percentages but our combined income is roughly 37k.

We've only been here for a month. Previously we were paying £500 a month for a year and a half roughly.

We're not buying for 2 reasons:

1) Can't afford it and also, personally, a mortgage is a scary thing!

2)We only been together for just under 2 years, so that sort of commitment is also scary!

We have, however talked about buying in the future, once his salary has increased.

doubleh_4

IveSeentheLight....i appreciate the posts that you and the others have made....it has really opened my eyes to really weighing out and studying the figures on the rent vs. mortgage issue.....i am in a position with a recent move, where i am forced to make this decision soon....now i feel much more confident that i will be able to do what is best financially for me.

IveSeenTheLight

doubleh wrote: »

IveSeentheLight....i appreciate the posts that you and the others have made....it has really opened my eyes to really weighing out and studying the figures on the rent vs. mortgage issue.....i am in a position with a recent move, where i am forced to make this decision soon....now i feel much more confident that i will be able to do what is best financially for me.

Hey no problem doubleh.
There are always two sides to an argument and it is a good thing that forums can express both points of view. That way when we make a personal decision, hopefully we are more aware.

Good Luck

roguebrogue wrote:

We're not buying for 2 reasons:

1) Can't afford it and also, personally, a mortgage is a scary thing!

2)We only been together for just under 2 years, so that sort of commitment is also scary!

Hi Roguebrogue.
I am not questioning anyone why they have not bought, everyone has their reasons whether they buy or rent.

I hope it all works out best for you in the end.

Good luck