"Good luck getting a nicer property with a mortgage than in rent for the same cash."
my mate gets 1600 a month rental on a 3bed in rough condition on deeside.
i pay no where near that in mortgage on a 3bed in a nicer area of deeside......
also
"Why not go for the deal, and then save, by the time you want/need to remortgage you will be ready, with the money you would have been saving either way."
exactly what we did - had 20% saved - bought a house that needed new heating , rewiring and redecorating - spent the 10% on doing that ASAP - saved it back up and i have cash injection to put in at remortgage in feb IF it makes a difference to the interest rate.
If i got anywhere near 1600 a month in rental return id be happy 😉 - point being is that folks round here want turn key housing so you can get a good deal up here.
Good luck getting a nicer property with a mortgage than in rent for the same cash.As a first time buyer, you will presumably be mortgaged up to the hilt on a not so great interest rate. A £275,000 mortgage would get you a decent 2/3 bedroom house in a nice suburb area of glasgow or a 2 bedroom flat in a really nice area of glasgow. That's about £1,500 a month. £1,500 a month will open up all but the most expensive properties on the rental market.
I'm not planning on spending nearly that much money on a house, probably less than half that! All the rentals I've viewed round here are shit and overpriced. Either that or house shares which I have no interest in after uni.
also FYI
competition on rental market - my girlfriends little sister is looking for a flat in aberdeen just now
even post UNI student influx - there were 80 folk viewing the last rental she viewed.
That's interesting TR, very different from the situation in Glasgow for the last while.
Perhaps there's a ceiling on rent in Glasgow though, demand is lower for the £1,500+ houses, so perhaps that pushes those which would be closer to £2k+ into the band below.
The last place I rented was £1,450 a month and when I looked to the cost of buying, it was around £375k. That's not unusual, particularly around areas like Park Circus, Newlands, Thorntonhall etc. Which is quite odd, since there aren't actually that many rental properties which I thought would push the rental cost up. Presumably it's people with small(ish) mortgages who are renting them out, rather than someone buy a property on a 75% buy-to-let.
