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Completely agree with the responses stating renting is not always 'dead' money when you factor interest payments etc..
With the mortgage market the way it is at the moment despite a base rate of .5% you are still talking 7% odd interest with a low deposit (if you can find one at 95% LTV) I really do think the most sensible option would be to rent and save.
Imo base rates may by the end of the year start rising, but I expect mortgages to stay roughly the same in terms of affordability.
We have friends at the moment who have saved a 20% deposit and were about to buy there first house, they worked out that if they had a 30% deposit they would save £250k over the life of the mortgage. To that end they have decided to continue renting for a further 3 years.
Yep at this point in time if you are buying or re-mortgaging I would say get the best fix you can the interest on Fixed term deals isn’t great at the but the odds are the banks will track interest rate changes and in 12 months a fixed rate deal will be much more, some banks seem keen to push trackers and variables at the minute and who can blame them they are there to make money, but if you’re a total mug they probably seem like a great deal at the minute, they won’t in 2 years time though…
another for renting. once interest has been added to your total spend you'll have paid around twice what the sticker says.
and find somewhere unfurnished, you can cobble together furniture for much less than the rent equivalent of a furnished place.
I'm renting but I'm living in an area that I could never afford to buy a house in. I look at it this way I'm single no kids or ever plan to have kids so if I brought a house who do I leave it to the tax man?