Amount of rent paid

space_rider

I rented at £550 a month while I waited for my house to sell for 6 months. The house I rented is now up for sale for £150,00 and I would have struggled to pay a £100,000 mortgage. The house next door which is same style as mine is rented for £575 a month and my mortgage is £660 with full responsibility for anything that goes wrong.

IveSeenTheLight

Phirefly wrote: »

I read it. She said she couldn't afford it, but thats not the same as wishing she could.

Did I say she "wished" she could afford it? No

You said

Phirefly wrote:

I didn't get the impression from Linzpower's post that she was lamenting her inability to afford to buy a house, or any desire to buy one. If anything, to me the post described a demonstration of financial savvy in securing the best possible accommodation in the most economically sensible way under the circumstances...

when Lynzpower said

Lynzpower wrote:

but saying thbat theres no way we COULD have afforded to buy that house- the repayment is more than my whole salary pcm.

and because she said "theres no way we COULD have afforded to buy that house" I said

IveSeenTheLight wrote:

Looking at your post I feel so sorry for you as it would not appear that you could afford to buy a house.

Its all there in black and white, I guess you just have to read it as it is written and try not to second guess / interpret another way

IveSeenTheLight

neverdespairgirl wrote: »

10 years ago, however, OH and I were both in our 2nd year at university, and after that year I did my 3rd year at uni, masters degree, bar school, and pupillage. I wasn't in a position to take on a mortgage by any means.

Hey neverdespairgirl, thats cool.
We all live our lives at different stages at the same time.
It seems you have your head screwed on and have done really well in your career.
I'm sure this will stand you in good stead for your future.

I wish you all the luck.

IveSeenTheLight

I'm seeing a re-curring theme here in that many people have made decisions that they can rent a much nicer place than what the same amount of money could buy.

I fully understand why this is a very good reason why people choose to do this.

Some poeple may say this is a reflection of how high property prices are (Quite possible in many areas)
Some people may say that this is a reflection of how people want more than they can afford.

space_rider wrote: »

I rented at £550 a month while I waited for my house to sell for 6 months.

if you owned a property, I do not understand why you rented while you were awaiting it to sell. Why not just live in your property?

space_rider wrote: »

The house next door which is same style as mine is rented for £575 a month and my mortgage is £660 with full responsibility for anything that goes wrong.

Is your mortgage a repayment mortgage?
I now believe that you can only equate the interest part of a mortgage against the rent for the same property.
If you are making repayments on top of this then effectively within 25 years you will no longer be making payments while renters still will.

I guess that rent for a property should be cheaper than a repayment mortgage and even with an interest only mortgage.
This would probably be the house price / rent equilibrium

CYBERCIDERSAVER

I have been renting for (i think) 7 years. On our third rental. Our rent has gone from 350 pcm (3 bed house), 375 (3 bed with no real garden) to 400 2 bed semi with garden and drive.

Only got a promotion in 2007. Before then buying a house was a distant dream (earnt about £15000 between us in the early days, now I earn double that on my own) but because of the ridiculous HPI we are still waiting for the market to settle down before we buy.

House we would consider would be worth 125 000 now.

I dread to think of the money we've "wasted" on rent!

neverdespairgirl

IveSeenTheLight wrote: »

Hey neverdespairgirl, thats cool.
We all live our lives at different stages at the same time.
It seems you have your head screwed on and have done really well in your career.
I'm sure this will stand you in good stead for your future.

I wish you all the luck.

Thank you - the thing both OH and I are very keen to do is avoid over-committing ourselves financially. We both think this is a priority!

Hope you manage to start the family you want!

PasturesNew

I rent at £350/month. I rent 1 in a block of 8 flatlets. If I wanted to buy one (2 are for sale at the moment), then a mortgage would probably cost me the same.

I did have a house with a mortgage and the IO on that would probably be about the same if I hadn't flogged it.

The money I banked from flogging it pays all my rent and my bills. And pays for my food. And runs my car.

The bills on my rented bedsit are much lower than the bills/maintenance etc on the big house I had.

So here I sit, no need to work. Watching daytime TV really. Marvellous

When I do buy a house, I am hoping to spend about £140k for a house that is currently priced at about £170-175k. If they get to that price I will sit and see if they're going down further, or not. No rush. Expecting to buy in about 4 years' time maybe.

I won't have a mortgage. I doubt I'd get one easily, due to my age and the fact I appear to sit on my bum all day not earning anything

Might have to get a job when I get a house, so no rush!

Phirefly

IveSeenTheLight wrote: »

try not to second guess / interpret another way

But thats exactly what YOU did! And come across as patronising and condescending at the same time.

IveSeenTheLight

Phirefly wrote: »

But thats exactly what YOU did! And come across as patronising and condescending at the same time.

No, that's how you interpretted it.
At no point was I patronising and condescending and I definately did not intend to come across this way.
My comments were completely genuine.

Please lets put this to bed and leave it to a misunderstanding of my post.

Phirefly

Ok fair dues. I'm not one for virtual arguments.