'BTL Landlords go long'

LillyJ

Nope that is the going rate. I have rented for 7 years in the same area (different houses) so I am not stupid! It is a student area so rents are high. That's one of the reasons why I know we will be able to afford repayments.

WTF?_2

LillyJ wrote: »

Nope that is the going rate. I have rented for 7 years in the same area (different houses) so I am not stupid! It is a student area so rents are high. That's one of the reasons why I know we will be able to afford repayments.

If you have rented for seven years, why have you chosen to buy when prices are close to an all time high? Keep with the renting for another 2-3 years and you'll be in a position to borrow less.

LillyJ

Because the time is right for me, I was studying for 6 years and am now in full time work, and the time is right within me and my partner's relationship and our view to having children. We also now have enough deposit.
I am also hate renting and cry when I come home at night about it. I can't relax, I hate this house (and it is hard to find anywhere nicer especially as we have a dog) and I have worked damn hard to get where I am today and feel if I can make my life nicer by coming home to a place that actually feels like home then I should do it.
I have been in limbo for 7 years and hate it with a passion. I didn't want to be one of those 100% mortgage people so my partner saved up (and me once I started earning) so that we can be secure, as we believe we are now. We also plan to overpay, especially as I am on an NHS management scheme and my wages will double in the next 4-5 years, making our repayments very affordable.
We are also lucky to live in an area where we can easily afford a house appropriate to our needs for the next decade at least.

dopester

LillyJ wrote: »

Because the time is right for me,

Good luck with it. Personally I know a lot of people crying for other reasons (under absolute pressure with mortgage repayments and burdened by too much debt and in danger of losing their homes), so please allow me to show you zero pity for thinking renting is something to cry about.

I personally am going to wait until this biggest house price crash unfolds. Waiting will allow me to deploy the capital (six figures) saved on purchasing elsewhere such as children / investments / retirement.

LillyJ

I didn't ask for your pity. I don't want or expect it.
I am sorry that I am not in danger of losing my home and that some people are but that is life.
Renting has actually given me an irreversible lung disease from the mould in my house, preventing me following my career aspirations in the Army. So it is a fairly big deal to me.

I am also sorry that the people you know are in massive debt that they can't afford but I am ensuring that I am not in that position.

And why shouldn't I be upset to live in houses in such poor state of repair that I am embarassed about it, when we have worked hard to afford a decent standard of living.(not on credit - apart from mortgage - we have saved for it) So because your friends have debt I should stay living in a horrible house? No that doesn't make sense.

dopester

LillyJ wrote: »

Renting has actually given me an irreversible lung disease from the mould in my house, preventing me following my career aspirations in the Army. So it is a fairly big deal to me.

Well that isn't a typical outcome of renting on the whole, so my broad strokes attitude didn't mean to belittle any health issues you've suffered as a consequence of a poorly maintained rented residence.

boinging_2

LillyJ wrote: »

I didn't ask for your pity. I don't want or expect it.
I am sorry that I am not in danger of losing my home and that some people are but that is life.
Renting has actually given me an irreversible lung disease from the mould in my house, preventing me following my career aspirations in the Army. So it is a fairly big deal to me.

I am also sorry that the people you know are in massive debt that they can't afford but I am ensuring that I am not in that position.

And why shouldn't I be upset to live in houses in such poor state of repair that I am embarassed about it, when we have worked hard to afford a decent standard of living.(not on credit - apart from mortgage - we have saved for it) So because your friends have debt I should stay living in a horrible house? No that doesn't make sense.

LillyJ are you still going on about your house purchase? I thought we'd all agreed that it was the wrong time to buy but you knew the risks and are doing it for you and not financials.

Your comments now are becoming almost comical, you were not forced to stay in the same rented pit, you could have moved somewhere else (maybe somewhere even cheaper to save more money) outside of a student area. I live in a rented flat, that is gorgeous, it's unfurnished so has all my bits and bobs in and feels like home. Rented is not the "young ones" impression you are giving.

LillyJ

boinging wrote: »

LillyJ are you still going on about your house purchase? I thought we'd all agreed that it was the wrong time to buy but you knew the risks and are doing it for you and not financials.

Your comments now are becoming almost comical, you were not forced to stay in the same rented pit, you could have moved somewhere else (maybe somewhere even cheaper to save more money) outside of a student area. I live in a rented flat, that is gorgeous, it's unfurnished so has all my bits and bobs in and feels like home. Rented is not the "young ones" impression you are giving.

I lived in 7 different rented houses. So I haven't stayed in the same place at all.

I can't live in a flat as I have a ten stone dog.

And I have been admitted to hospital 5 times with my lungs, once on to intensive care, so really that is quite bad. I moved from that house as soon as I could but the rest we have been in are just as bad. Glad you find that comical.

IveSeenTheLight

LillyJ wrote: »

That is so area dependant as we are moving to a house from rented where our REPAYMENT mortgage is almost the same cost as our rent (comparable properties, apart from the house we are moving to is in MILES better condition and we might be able to have friends over without being embarrassed at the state of our rented.!)

This for me is a main point.
A lot of people quote on here about their area ans assume that it is the same elsewhere.

I know some people can't relocate and that in their areas it may not be viable to buy, but in other areas it does still make financial sense when you compare against rent.

I bought a property in Jan 2007, many on here would say that is very close to the peak. The properties paper valuation soared last year and the property price would have to drop about 24% to return to the price I paid for it. Could this happen, of course it could, however add into the figure the costs of selling and rebuying and the percentage drop would have to be more before I effectively see a loss on the paper valuation.

This property I rent out and the rent received more than covers the mortgage, associated rental costs (insurance, factor fees, voids etc).

Everyone needs to assess their own market for their own needs and stop assuming that what is happening in their area is happening everywhere.

dopester

IveSeenTheLight wrote: »

Everyone needs to assess their own market for their own needs and stop assuming that what is happening in their area is happening everywhere.

Yes you are right of course... different areas will not drop in uniformed percentage terms every month.

However have your a spoonful of this to cheer you up about your peak 2007 purchase.

In fact, the pace of the falls has accelerated during the past 30 days, according to property valuation website Zoopla.co.uk. Average house prices will fall by £310.73 a week this year and by almost £1,000 in London, it predicted.