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[Field Marshal Dr. Opti]

We are currently paying almost £1100, but this figure is deceiving because we borrowed a further £82,000 on the mortgage.

Without these extra payments our mortgage is about £600 each month, of which roughly £400 pays off the capital.

So I suppose you could say that our mortgage (in real terms) is about £200 each month.

Better to rent or buy?

opinions please.

[I_want_an_Omega]

Isn't that one of those questions that you think about but don't ask - almost like "how much do you earn"?

[MR MISTER]

Yeah. Mind your own business, yokel.

[Rog]

I've just helped my son move into a flat with some of his mates. Rent on the whole flat is around £1,700 per month, my son pays just under one third. At the end he gets nothing. No equity, no part owned property, nothing to sell. The cash just goes into a landlords bank account. It upsets me enormously. 

Renting voluntarilly is silly. The problem is being able to afford the huge deposits needed now for a mortgate on a property. Minimum 25% maybe even 40%. It is a licence for the landlords to print money.

So, I am in the process of selling my house for a lot of cash. Buying a small flat, and also a very large house in cheap and nice area, and eventually the flat will provide me with a nice little £1k a month income.

So, change of mind. Everyone should rent, to help provide me with retirement income.
 

[Terbs]

If you are paying two thirds of your payment off the capital, I suppose you are in the second half of repayment. I was told in the days I had a mortgage, that the first half is all interest (virtually) then the second half where capital payments exceed interest.
I still remember the day when the last payment went in and a great weight was lifted from my shoulders

[MR MISTER]

I've just helped my son move into a flat with some of his mates. Rent on the whole flat is around £1,700 per month, my son pays just under one third. At the end he gets nothing. No equity, no part owned property, nothing to sell. The cash just goes into a landlords bank account. It upsets me enormously. 

Renting voluntarilly is silly. The problem is being able to afford the huge deposits needed now for a mortgate on a property. Minimum 25% maybe even 40%. It is a licence for the landlords to print money.

So, I am in the process of selling my house for a lot of cash. Buying a small flat, and also a very large house in cheap and nice area, and eventually the flat will provide me with a nice little £1k a month income.

So, change of mind. Everyone should rent, to help provide me with retirement income.

So.....you don't need that raise then.

[redelitev6]

  Remember paying the mortgage on my first house , it was a huge £95 a month !

[dbug]

Sweet fa - paid mine off a few years back

[Marks DTM Calib]

About 660 a month, 10 years to go

[Field Marshal Dr. Opti]

I've just helped my son move into a flat with some of his mates. Rent on the whole flat is around £1,700 per month, my son pays just under one third. At the end he gets nothing. No equity, no part owned property, nothing to sell. The cash just goes into a landlords bank account. It upsets me enormously. 

Renting voluntarilly is silly. The problem is being able to afford the huge deposits needed now for a mortgate on a property. Minimum 25% maybe even 40%. It is a licence for the landlords to print money.

So, I am in the process of selling my house for a lot of cash. Buying a small flat, and also a very large house in cheap and nice area, and eventually the flat will provide me with a nice little £1k a month income.

So, change of mind. Everyone should rent, to help provide me with retirement income.

Yep. When we bought our first house in 1990 we were able to obtain a 100% mortgage.

Those days are long gone, and today many young people need to find £30,000 or more for a deposit. Not easy.

[Steve B]

£1200 PCM 

[albitz]

Daughter has just signed to rent a nice new 1 bed flat in London - £1800 pcm.
Shes saving to buy a 2 bed flat in London next year,which will probably be around half a million quid !

[Kevin Wood]

Daughter has just signed to rent a nice new 1 bed flat in London - £1800 pcm.

I'd be prepared to do a very nasty commute to avoid that.

[redelitev6]

Daughter has just signed to rent a nice new 1 bed flat in London - £1800 pcm.
Shes saving to buy a 2 bed flat in London next year,which will probably be around half a million quid !

It's just madness , how much are people earning to be able to afford this sort of rent, how can they afford to live? this goes to highlight the complete and utter failure of ALL political parties of having a viable house building programme

[dazzerM]

My cousin who we all refer to as the hobbit as he didn't come out for about 3 years, lived at home with his parents and saved 40k

He just purchased a modest 3 bed semi although still has to stump up 900 quid every month for his mortgage

I am not convinced the sacrifices he made and will continue to make are worth it given IMHO the house he purchased is at its peak value if not overpriced 

Guess we will see how the housing market goes