View Full Version : Renting - following on from burgos thread
Hey guys,
i am usually massivly agianst renting, but with the mortage deposits being stupid. it would take 5-7 years to save up. and i dont fancy being at home that much longer.
my question is. if im renting is it still easy to save for a mortage.
our total income a month is about 1600 after tax.
roughly what sort of outgoings do people have for a couple living together.
thanks.
martin, unless you win the lottery, you will never be as cash rich as you are now... once a family appears, you will be skint... the missus & I earn a lot more than you & kelly, and we are paying a £500 monthly mortgage, and we are scrimping & saving just to keep ourselves going. there is always something needs paying for...
looking at the renting vs. buying argument.
if you buy, you have to find 30 odd % of the value in advance, then spend 30 years paying it off....
or you rent & save some money, and after 30 years, you live in a house and have some money in the bank.
either way, you end up in pretty much the same place.
Hey guys,
i am usually massivly agianst renting, but with the mortage deposits being stupid. it would take 5-7 years to save up. and i dont fancy being at home that much longer.
my question is. if im renting is it still easy to save for a mortage.
our total income a month is about 1600 after tax.
roughly what sort of outgoings do people have for a couple living together.
thanks.
I cant see how people in this generation who are currently renting will ever be able to save for a deposit that large,well unless you live on bread and water,have no tv and cycle everywhere,and get bathed in water from your water butt.Seriously though,you would have no quality life while your saving on those sort of wages,(im in a similar financial btw but have 2 kids)
So the question should be to yourselves this.....
"do we really want a mortgage in 10years time?? tthus resulting in becoming recluse and living like your in hardship??"
And whos to say in 10 years time it all may be sorted out and then you will have wasted the best years of your life,for what???
I'd love to have our own place (on paper) but its simply impossible in this current financial climate.Its a royal fukkin mess and its only gonna get worse.
Mowgli,that isnt necessarily true about being skint when kids appear as tax credits contributions help,especially the childcare element of it.
andy, i have 3 daughters, and swimming, netball, dance classes, new bikes, and now mobile phones are a drain... tax credits soon get eaten up
Jeff16v
06-01-11, 09:54 AM
I saved for a deposit while renting, although i never saw the flat as I had to work 7 days a week to save for a deposit, on that logic you may as well live in a squat\bedsit\boathouse.
Jeff16v
06-01-11, 09:55 AM
andy, i have 3 daughters, and swimming, netball, dance classes, new bikes, and now mobile phones are a drain... tax credits soon get eaten up
Maybe you should stop living it up and let the kids have some funlol
thanks mowgli. its great advice.
thinking about the "your always scrimping". do you think its because you live up to how much you can afford. weather it be buying nicer food or nicer car parts lol.
Hoochie
06-01-11, 09:58 AM
Ok we are a family of 4, 2 adults and 2 kids, our out goings are well over £1k a month, before we buy food, clothes, put fuel or tax on any car.
So basically that is just mortgage, household bills and car insurances.
everyone lives to how much they can afford, but my missus has made it an art form... my living is quite cheap... i mend someones lorry in return for food.. she is a butcher & i did her tracking & got 8 sirloins, i'm due to service it in the next week...... i drink very little alcohol, and haven't bought any new clothes for ages.......i'm not exactly fashionable. and as for car parts... i sell some to buy some... monks spend more money than me...
at the moment. i have very small out goings. possibly 300 quid max. and i earn 1050 a month, so im left with a nice wad to treat my self/enjoy it.
now kelly earns alot less.
maybe im being money selfish, but i would be paying alot more to the rent then she ever will. i keep on at her to get a better paid job (easier said then done), with her having a degree etc she should be on alot more.
am i being money selfish thinking that?
andy, i have 3 daughters, and swimming, netball, dance classes, new bikes, and now mobile phones are a drain... tax credits soon get eaten up
Oh i agree once they get older,but for the 1st 5years it isnt bad really.
its kelly who really wants to rent as well. because she hates being at home etc.
and dont mention kids yet lol, she will get ideas.
All it takes is a power cut
or for your tv to break..........
16v Nova Kev
06-01-11, 10:09 AM
im self employed and renting a private let just now.its 575pm 3 bed large garden with double garage. houses simmilar to this one would for me be 1000 per month so for me renting seems to work out better.althogh i would love to get a mortgage.
Hoochie
06-01-11, 10:14 AM
at the moment. i have very small out goings. possibly 300 quid max. and i earn 1050 a month, so im left with a nice wad to treat my self/enjoy it.
now kelly earns alot less.
maybe im being money selfish, but i would be paying alot more to the rent then she ever will. i keep on at her to get a better paid job (easier said then done), with her having a degree etc she should be on alot more.
am i being money selfish thinking that?
A little bit selfish yes, i do not work but bring a contribution to the house, we would not be financially better off if i were to get a part time job(to fit in with kids), he is quite happy for me to be at home, his tea is on the table every night when he walks through the door.:)
When it comes to normal everyday living in your own place, i have always based my living on my income alone. my reason for this was, if you can survive that way, then if the missus gets pregnant etc you wont loose her income in one fatal blow and struggle.
This may not be possible by todays standards, its something that i have no true knowledge of.
An old chap on site told me many years ago when i got my first house, one weeks wage (or there abouts) should pay the mortgage/rent, the next 3 pay the bills/food/fuel for car etc. I've stuck by this religously
Jeff16v
06-01-11, 10:25 AM
When it comes to normal everyday living in your own place, i have always based my living on my income alone. my reason for this was, if you can survive that way, then if the missus gets pregnant etc you wont loose her income in one fatal blow and struggle.
This may not be possible by todays standards, its something that i have no true knowledge of.
An old chap on site told me many years ago when i got my first house, one weeks wage (or there abouts) should pay the mortgage/rent, the next 3 pay the bills/food/fuel for car etc. I've stuck by this religously
Wise words, although you missed typed the last bit
the next 3 pay the food. I've stuck by this religously
loggyboy
06-01-11, 10:27 AM
I would advise anyone struggling to get on the ladder to look into shared ownership.
We have a large 2bed house with garden/garage which the rent and mortgage combined comes to less than what we were paying to rent a 1bed corner house with an allocated space and no garden.
Shared ownership means half the deposit, half the stamp duty, usually total outgoing (rent/mort) is about the same or less than renting, so as long as you have saved enough for the fees/deposit etc then its got no major drawbacks.
You also halve the risk, ie if the house prices go down and you get in to neg equity, you only have to worry about your half of it. (Obviously that works against you in a way as you only gain half of any equity should the vaule rise)
Jeff16v
06-01-11, 10:30 AM
The problem with shared ownsership is that you have control of so little, you don't choose how to sell it, or to whom and how much. Also increasing your portion is often impossible, but it does get you on the ladder
i keep on at her to get a better paid job (easier said then done), with her having a degree etc she should be on alot more.
am i being money selfish thinking that?
No. She has a degree for a reason! Assuming its a "useful" one and not limp-ass psychology or media studies or something lol
I think it all comes down to the cost of rentals in your area. My experience is, when living with my sister, we were both on around £1500 takehome - so combined of £3k - and we spent out around £900 a month to cover all joint household bills, £450 each (note this didn't include food). Basically it split my wages into 3 - £500 for bills/rent, £500 for petrol and food each month, and £500 to do whatever I wanted with - savings/paying off debts, buying random stuff, etc. Don't forget you'll need to save money throughout the year for car costs as well (forget paying monthly, costs too much)
I sure as funk wouldn't be able to rent a place here on £1600 alone, not that I'd want to if I could as it would leave me so dry each month. I'm aware this is quite an expensive region to live though - £575 for a 3bed with garden and double garage is insane, round here that would be £950-1200 all day long, bills on top.
If I was in your shoes I'd stick with it at home as long as you can and keep raking in the savings. Living with my sister for about a year basically froze my finances, in fact if anything it ate a little more out of my debts. Few months back home and all that soon got wiped out and I'm now happily piling up a big wad of cash. Plus, in that time period you might end up improving your income enough to negotiate a respectable mortgage thus bypassing the rental market altogether, although I wouldn't necessarily recommend that.
I'd rather be a rich man living at home for a few extra months and be sitting pretty on a big stack of green as a safety net, than move out into poverty and end up sitting at home each weekend eating bread and water. Or not being able to afford to go to the cinema as you spent your last tenner on the electricity bill.
I'm aware this is quite an expensive region to live though - £575 for a 3bed with garden and double garage is insane, round here that would be £950-1200 all day long, bills on top.
:eek::eek::eek::eek::eek: You dont say lol 950/1200 in Bridgwater would get you a mansion lol even in taunton you'd get something very large
If I was in your shoes I'd stick with it at home as long as you can and keep raking in the savings.
i agree, renting unless you really have to is a bit of a waste of cash imo, might as well stay where you are and save, the mortgage situation will improve
MattBrown
06-01-11, 10:51 AM
Living with mum/dad is the best thing ever.
I get everything for £100 all in, and am saving for a house deposit.
Between me and the gf, we save about £100 a month each.
Not much, but we will have about £18k when she finishes uni and get a propper job.
However mart, in your shoes, I would have 2 years of solid saving, maybe £500 a month?
Then after 2 years, theres £12,000 easily a deposit for an avrage house:thumb:
cba to read it all, but if the rent on a place is no more than 60-70% of an equiv mortagage (assuming even 30% deposit!!) then you are in a better place imho.
A mortgage you are looking at paying back double what you borrow, plus you then have to maintain the place :( I'd love to be renting right now as atleast the boiler being duff isnt my problem lol
loggyboy
06-01-11, 11:09 AM
The problem with shared ownsership is that you have control of so little, you don't choose how to sell it, or to whom and how much. Also increasing your portion is often impossible, but it does get you on the ladder
Not strictly true, the HAs have a alotted time to sell to someone on the housing register (usually plenty waiting) this is usally 8 weeks. They also base it on a market vaule from an independent surveyer, meaning no haggling or people making offers. If they cant sell it in the time allowed then it goes on the open market.
I dont know of any HAs ive come accross that dont offer a staircase option meaning you can buy incremental % of the remainder of the house (Our HA cant refuse this, if you want to buy it all you can, no questions). ALSO some HAs offer rent free if you staircase to 75%, they just retain 25% of the value when it comes to sell.
cba to read it all, but if the rent on a place is no more than 60-70% of an equiv mortagage (assuming even 30% deposit!!) then you are in a better place imho.
A mortgage you are looking at paying back double what you borrow, plus you then have to maintain the place :( I'd love to be renting right now as atleast the boiler being duff isnt my problem lol
Stu, is your boiler a condensing type?? my neighbour has been having tons of trouble with hers, basically, the condensation pipe was trickling out thru the cold weather & it was frozen solid for about 4ft on the outside of her house.. we pulled the pipe apart & got it cleared. then she asked me to take her to check her sons house, as he was away for xmas, and the pipe was frozen on that one too.
no mines a retro combi lol no condensate to freeze. Apparently 90% of call outs over the past 3 weeks have been due to frozen condensate pipes lol
Jeff16v
06-01-11, 11:29 AM
Not strictly true, the HAs have a alotted time to sell to someone on the housing register (usually plenty waiting) this is usally 8 weeks. They also base it on a market vaule from an independent surveyer, meaning no haggling or people making offers. If they cant sell it in the time allowed then it goes on the open market.
I dont know of any HAs ive come accross that dont offer a staircase option meaning you can buy incremental % of the remainder of the house (Our HA cant refuse this, if you want to buy it all you can, no questions). ALSO some HAs offer rent free if you staircase to 75%, they just retain 25% of the value when it comes to sell.
Sounds slightly better than i thought then! most of the stuff i've heard of relates to key workers in the nhs.
well, having seen the top quality installation of my neighbours heater, one of those we'll fit it for free as you are a pensioner grant type things, with the condensate pipe that looks like the humber bridge, no wonder it holds water, oh, and there are 3 holes in her wall without any sealant round them, and the fact that the man has been out 6 times to fix it, from newcastle upon geordieland, i'm glad i've got an old combi that works.......
No. She has a degree for a reason! Assuming its a "useful" one and not limp-ass psychology or media studies or something lol
I think it all comes down to the cost of rentals in your area. My experience is, when living with my sister, we were both on around £1500 takehome - so combined of £3k - and we spent out around £900 a month to cover all joint household bills, £450 each (note this didn't include food). Basically it split my wages into 3 - £500 for bills/rent, £500 for petrol and food each month, and £500 to do whatever I wanted with - savings/paying off debts, buying random stuff, etc. Don't forget you'll need to save money throughout the year for car costs as well (forget paying monthly, costs too much)
I sure as funk wouldn't be able to rent a place here on £1600 alone, not that I'd want to if I could as it would leave me so dry each month. I'm aware this is quite an expensive region to live though - £575 for a 3bed with garden and double garage is insane, round here that would be £950-1200 all day long, bills on top.
If I was in your shoes I'd stick with it at home as long as you can and keep raking in the savings. Living with my sister for about a year basically froze my finances, in fact if anything it ate a little more out of my debts. Few months back home and all that soon got wiped out and I'm now happily piling up a big wad of cash. Plus, in that time period you might end up improving your income enough to negotiate a respectable mortgage thus bypassing the rental market altogether, although I wouldn't necessarily recommend that.
I'd rather be a rich man living at home for a few extra months and be sitting pretty on a big stack of green as a safety net, than move out into poverty and end up sitting at home each weekend eating bread and water. Or not being able to afford to go to the cinema as you spent your last tenner on the electricity bill.
the cost of rentals isnt to bad IMO. kellys mum has a 1k a month house and its 3 storey tiny garden. new build, right in the middle of town!
and our friends about 2 minutes walk from kellys. in town as well. pay about 550 a month for a 2 bed terrace house.
i do think, that if we rented. it would completely kill my car hobbie. i very much doubt we could rent with a garage. or enough space for three cars.
like someone has already said im young (22) and have little over heads. i dont wanna jump in the deep end and be for ever regretting it.
kellys only reason for moving in is that she hates sharing a room with her selfish sister, thats it lol.
16v Nova Kev
06-01-11, 11:36 AM
can she not live with you
Some HA's have restrictions on how much you can staircase to, usually only in "rural" areas though. And I've heard tales of some even treating 100% owners as 100% share owners, so when you come to sell you still have to go through the HA who set the price etc.
There's also pitfalls with valuations if you buy further shares, as if you buy when the property value is high, then sell your entire share when the property value is low, you may end up losing out. Example, if you originally paid £100k for 50% a few years ago, and the house is now valued at £250k, it will cost you £62,500 to buy a further 25%. If the house then drops back to £200k when you decide to sell up, you get £150k back - your 75% share. Not bad, and an improvement on the original stake, but consider that you've put £162,500 into the property.... The HA however will have earned £112,500 from the property (25%/£50k at time of sale plus the 25%/£62,500 you purchased earier), a tidy gain on a house thats not actually gained any equity. Go figure.
Then there's the percentage decisions - the HA usually decides what share you can buy, or restrict your range depending on savings/income, and as you're quite low on both don't expect a lot.
Basically you're treated as a renter if you want to do anything (improvements, decor etc) or sell the property; until it comes to paying for improvements and some maintenance in which case you're treated as an owner lol
Its an attractive option for first time buyers, but not one I'd (personally) be overly interested in. It may work out for you, just make sure you read all through the T&Cs a number of times and project the life cost before you commit.
[edit] Oh yeah, the other thing is you still have to arrange a mortgage yourself on the share you own. So say you have that 50% share worth £100k, you will need to find a mortgage to cover that. Most lenders treat shared ownership schemes different to full time homeowners, so have restrictions and different rates (some won't even touch you at all!). Whilst its "easier" to find a 100% mortgage on a share, especially on a low (25%) share, its still not that common - so on that £100k you may only get a 90% mortgage meaning you still need a £10k deposit.
We looked at one HA scheme a while back and to staircase to full ownership you only had 3 steps to do it in... and they wouldnt let you do it in one jump lol.
its a very very very sly/naughty scheme in many ways that Jack has also shown
Simple way to save a bit more cash, stop @rsing on with daft car projects !!
If you want to save for a house that badly then you'll have to make a few sacrifices, stop buying stuff like mags / music / takeaways ect ... might not sound like saving that much but it all adds up.
BongMong
06-01-11, 12:21 PM
i couldn't cope on my own spite working tax credit ect..
but when i met my partner and had a child moved into a £600pmt appartment, it worked well.. her 35hr aweek tesco wage/tax credits paid for rent, nursery and bills/food.. while my 45hr aweek wage was spent on monthly treats..
we both walked to work.. no need for car/insurance
Ive rented on my own for over 3 years now and I have spent about £19k on rent alone in that time! Horrid thought but I have loved renting and I couldnt of spent the last 3 years living at home even tho I have a great relationship with my mum and stepdad.
I take home about £1600 per month and all my bills come in between £800 -£900 a month. If im good, I usually manage to put away about £150 - £200 a month into savings. Im ok with putting that much into savings. I know I could of stayed at home if I really tried hard and made sacrifices but I knew that I wanted to live on my own and ive been very happy.
Sometimes I wish England was more like the countires in Europe where owning isnt the be all and end all. but renters over there have more rights than here and they often rent for life no problems.
Of course Im aiming to get on the property ladder again (came off it when I split from the ex) but I know it will take a good fair few years yet for me.
You just have to work out a strict budget to see if you can afford it and are happy with the idea of more money "going down the drain" on rent.
thanks for the replies everyone.
more on this shared ownersship thing.
so is it house sharing (living with others)
or is it when you and a bank/company/gov body etc own the house together?
if the second. can you do it on any house for sale, or only specific ones they pick.
thanks.
Its just shared between you and the Council.
Im sure when I looked into it, (once you register with the correct councils to be on the shared ownership list) you can try and arrange it on any house. or if you are buying a flat from a company like barrett etc.. they offer some shared ownerships.
thanks,
a shared equity house thing. sounds VERY attractive. for a first time buyer.
but i can see it being to good to be true.
i might read up about it more.
loggyboy
06-01-11, 12:51 PM
I guess our HA must be one of the good ones as we get the freehold on the property once if we buy 100% so no issues with ownership. Might be different for flats etc but most regular owned flats are leasehold and you end up paying ground rent/management fees.
We also get to do what we like to he house DIY/decorating wise (providing we dont ruin it!) and any major changes (such as extensions and conservatorys) just need the confirmation before you do them.
Obvisously one of the disadvantages is that any improvements you make that increase the vaule of them, you will only realise your share of the value (ie if you kitted out the kitchen, did all the rooms and spent 10k doing , but only added 15k to the value of the house, you would only see 7.5k of the added value, so would have technically lost out. But that is a fairly unlikely situation.
Not sure that you can argue about the pitfulls of a H/A house loosing money, (as unless you rent) that is something any home owner, private or HA has to deal with.
An old chap on site told me many years ago when i got my first house, one weeks wage (or there abouts) should pay the mortgage/rent, the next 3 pay the bills/food/fuel for car etc. I've stuck by this religously
Bugger, 6 weeks wages to pay a months rent will be where I'm going wrong lol
Sometimes I wish England was more like the countires in Europe where owning isnt the be all and end all. but renters over there have more rights than here and they often rent for life no problems.
I'd love a pension that can cover a £600+ pcm rent bill lol
The old English adage of "you must buy a property" IMO stems from when you bought a house in your 20's or early 30's, then spent your working life paying it off. The idea being that come retirement age you've bought the house, and now you can retire and pay naff all aside from utilities and council tax at a rate that your pension will easily cover.
loggyboy
06-01-11, 12:57 PM
there are lots of shared ownership schemes, most provided by the local Housing Associations that are basically the councils way of outsourcing the responcibilty of dealing with 'affordable housing'. There are other schemes also funded by local councils/government and others that are funded by private companies. As mentioned above, some do better deals than others, so do some investigating.
Other shared ownership schemes are set up directly with the developer of the houses, (david wilson homes, berkley etc etc) where you have to buy about 75% of the house, but no need to pay rent on the 25%, you just need to buy the 25% off them when if you can or when you sell the house you give 25% of the value back to them. The disadvantage we found with these schemes is that there is no deals to be done on the asking price, you have to pay what they ask, where as if you were buying it regularly, you could do a deal and probly knock 20% of the asking price!
We have been renting for the last 18 months but the house we rent is also for sale. We pay £550 rent (2 bed, garage, drive for 4 cars) but a mortgage on it with a 10% deposit would be circa £950 per month plus all maintenance falls on us then.
Really thought about it but can't bring ourselves to pay an extra £400 per month to carry on living in the same house.
Between me and the missus we have about £3800 take home pay and put into a joint account £650 a month each to cover everything relating to the house.
We could probably afford the mortgage but would mean cutting back on other things which we don't want to do.
If the house sells will probably just rent somewhere else.
Pistol Pete
06-01-11, 09:19 PM
Not read the whole thread.
Martin, rent will eat 50%+ of you take home straight away. You then have shopping, utilities, council tax, blah blah blah.....
My advice would be to scrimp and save whilst you are both at home. You will NEVER save whilst renting.
Me and the misses rented for nearly 2 years before buying. We got out mortgage (100% i might add) late 2007. A year later it all went belly up with the banks etc. 100% deals are not around anymore.
We looked into the shared ownership thing...sod that. Wasnt keen on the idea of the government owning half my house! And once you do the sums, (you have a mortgage AND rent the other half) you may aswell just mortgage outright IMO.
New builds usually fall under this scheme. Which i will be honest, does tempt you in. We looked at a 4 bed, garage "mansion" lol
lol ok thanks.
i might not reply to everyone, but i do read the replies and take it in.
i'm soooo glad i bought my house 7 years ago lol
16v Nova Kev
06-01-11, 09:24 PM
yea you rub it in i chicken'ed out on a house about 5yrs ago. it was 42000 then now the same one is up for offers over 100k.
i'm soooo glad i bought my house 7 years ago lol
I bought my first one 15/16 years ago, just before they bounced back from the last major property crash :d
Obviously I would love to be able to say im paying off my own mortgage rather than someones elses but buying a house is not always a guaranteed return. Friends of mine are stuck in their flat because they bought just before the crash and they are now in negative equity.
although saying that, I think now might be a good time to buy as the market is supposdly on the up again. Not that I totally see that tbh.
Sorry to all those homeowners out there but im praying for a good old fashioned crash so i can hop on the ladder. either that or some serious re-organisation of the mortgage market
Hey guys,
i am usually massivly agianst renting, but with the mortage deposits being stupid. it would take 5-7 years to save up. and i dont fancy being at home that much longer.
my question is. if im renting is it still easy to save for a mortage.
our total income a month is about 1600 after tax.
roughly what sort of outgoings do people have for a couple living together.
thanks.
If your careful with what you spend your money on then it can be done. It may take some time but you'll get there.
I was renting with my ex, he was at uni and worked on a Saturday and Sunday and I did about 30 hours a week. We managed to pay the rent, all the bills, do shopping and still have money left over at the end of the month. But thats only because we really knuckled down and saved. We'd make sure everything was turned off properly at night, limited how much we went out...all the normal money saving things. It would of taken a while to of saved up enough and it was pants cutting down on stuff I wanted but at the end of the day i'd rather have my own home. :)
If your careful with what you spend your money on then it can be done. It may take some time but you'll get there.
On £1600 income? Being careful with the cash would be easy as you'd have none to spend anyway lol
On £1600 income? Being careful with the cash would be easy as you'd have none to spend anyway lol
It can still be done. lol We were coming out with alot less then that yet was still managing to live and save.
On £1600 income? Being careful with the cash would be easy as you'd have none to spend anyway lolactually i made an excel spreadsheet yesturday to work out the income and outgoings and with all the bills paid will still have about £700 a month spare, although thats based on £2000 a month coming in
Fcuk me, reading some of the replies in this thread makes my wages sound utter to** lol lol
I rent atm with my missus, pay £400 a month rent on a 3bed flat.
We are looking to move and have had the old rent/mortgage conversation.
And i think im winning with the stay renting benefits. Basically round here you can get a nice modern 2 bed semi, possibly with a garage, for £480-£500 per month.
And renting=no bother if the boiler decides to destroy itself, the roof collapses, blah blah.... lol
I have no kind of mortgage experience etc, but i dont think a mortgage would be a much less, and 30% (30k?) deposit is a MASSIVE no no atm seeing as my gf has been temporarily laid off work due to a lack of it.
We can just about live on my wage alone, paying rent,tax,bills,food etc.
If im lucky i'll have £50 left out my wage per month. Which is pretty pathetic IMO.
Friend of mines just managed to blag a 1 bed flat for him & his missus via the housing association down here, tidy little gaff, off road parking, decent size single floor flat for a massive £57 a week!
EDIT: Barrat Homes are also offering mortgages out directly on new build houses for a measely £5k deposit BTW.
the problem with barratt homes is that they mark up the sale price massively..... so if you then try to sell the place, you'll find it isn't worth as much.
the housing market was always going to implode, it was the biggest scam running on the planet, the previous government planned most of their financial workings on the hope that the housing market was always going to keep going up.....
i bought my place in 96, and there is no way that by 2008 it had trebled in value, but that was what the market was doing..
renting is fine, and i would willingly do it again if the right house comes up.
hendrix
08-01-11, 11:42 AM
We have just bought a house and tbh it was a nightmare trying to save, once you are renting its so difficult to try and buy with how the mortgage market is etc.
The missus and I both earn a fairly decent wag and still didn't manage to save for a deposit so as my car loan had just expired I took out a 12k loan for a deposit (yes I know people are going to say thats silly) but I was used to 200 a month going out for the car and managed to secure a loan on similar terms, the mortgage is about 70 a month cheaper than where we were renting so nett cash difference is around 0. Now obviously I now have no capacity to get more finance agreements for cars or anything but I do have somewhere I own.
Got a great financial advisor and he says the improvements we have made will allow us to re-mortgage so I can pay off my loan, so in the long run will work out fine and I actually didn't require any cash for a deposit.
People may not agree how I have done things but in my book its a win
until the interest rates go back up.....
another thing people always forget, when going from rented to bought, is all the extra stuff you need to furnish the place..... you can easily blow £5-10k on stuff.....
until the interest rates go back up.....
another thing people always forget, when going from rented to bought, is all the extra stuff you need to furnish the place..... you can easily blow £5-10k on stuff.....
Ah but moving requires many boxes. Add ducktape et voila, furniture
true if you live in haiti.......but try & convince a female
hendrix
08-01-11, 12:02 PM
until the interest rates go back up...
I plan on re-mortgaging in the next few months so by the time I've done that I'll be in the same boat as everyone else
what up to the hilt or above your head???
hendrix
08-01-11, 12:07 PM
neither
hendrix
08-01-11, 12:08 PM
house was only 90k btw
house was only 90k btw
You shouldve bought two then, one for each foot lol
house was only 90k btw
Bloody hell, im gonna come live in Scunny :eek:
hendrix
08-01-11, 12:10 PM
lol in terms of houses though its a steal for what I've got
pretty good price for a place.
i know a fair few people who really are living on discounted fixed rate mortgages & are going to be in the crap soon when they finish, just cos the base rate is low, doesn't mean the banks aren't out to screw the public.. i upset my missus by refusing to go & try for a £240k property, in the boom time, thank god i didn't
hendrix
08-01-11, 12:11 PM
Double garage, large garden, 3 bedroom with possiblity for a 4th as it has a loft conversion
Bloody hell, im gonna come live in Scunny :eek:
only a brummie could say that & think its an improvement
pikey1986
08-01-11, 12:15 PM
you all live in the wrong place, swadlincote is the future lol, lots and lots of cheapish property
yup, swad.... you've heard of sibsidised housing, well try subsided housing.... its the future....
pikey1986
08-01-11, 12:25 PM
ive lived in 5 different places around swad and none have had that problem, maybe im lucky but i do know of one house in the area that has dropped a few inches to one side lol
buy a house in stapenhill & its value will increase yearly, as it eventually becomes a river front property......cough cough.....
I remember my grandma telling me that when she first bought her place the landlord offered to sell the house next door to her for £100 but she didn't have the money. It's mad. You can't rent a place for that now lol
the last place i rented needed tons of work, and we had the chance to buy it, so we looked around and (in 1995) offered 32k for it... the owner laughed at us... the agent put it on the market, and they got 28k for it.... ironically, the new owner paid us to do his driveway & patio, for a lot more than 4k....
pikey1986
08-01-11, 12:36 PM
lollollol stapenhill is full of smack heads, 14yr olds with kids and the 'youths' all talk like they are of a coloured nature
i wouldn't move any closer to burton if somebody paid for the house and 24hr security lol
house prices have recently gone up in atherstone.... can't think why......
or you rent & save some money, and after 30 years, you live in a house and have some money in the bank.
either way, you end up in pretty much the same place.
I disagree. We bought our house just before the massive deposits came in, but still put down a £10k deposit (saving £30k in the long run).
We pay atm about £365 on our mortgage, a friend pays £525 renting PM.
And yes, after 30 years of renting, you may have money in the bank, but you'll FA to show for your 30 years of renting..
house prices have recently gone up in atherstone.... can't think why......
Cos a certain serial bodger has now left the area lol
I know several people who pay less on their mortgage than our place costs us per month to rent.
But its just getting a morgage in the first place.
^ Those might be interest only mortgages though, which is no different to renting (except that you're liable for all house maintenance!)
Can't believe how cheap some people are getting houses on here! Or how little they're paying for rent. I hate living down south.
....actually, thats a massive lie. lol
Whats an interest only mortgage?
What different types of mortgages are there??
YEah prices are pretty good up here. Why, what would £400-£500 per month rent down your way?
Lee-1984
08-01-11, 05:29 PM
Whats an interest only mortgage?
What different types of mortgages are there??
YEah prices are pretty good up here. Why, what would £400-£500 per month rent down your way?
bedsit for around 500 thats about it
Whats an interest only mortgage?
What different types of mortgages are there??
YEah prices are pretty good up here. Why, what would £400-£500 per month rent down your way?
2 main types and a 3rd that is a mix
Interest only, eg you borrow £200K @ 5% apr, and you simply pay the monthly interest. You then need some sort of repayment method, or just hand the house back after you sell lol
Then the repayment/capital one, where you pay the interest AND some extra to bring the interest down next month and therefore what you pay buys you more of your house.
And you can get a mix of both to 'reduce' short term costs.
£550 would/did get you a pleasant 1 bed maisonette in Ware... £900 gets you a 2 bed flat in a poncey toss bag new build estate lol
pikey1986
08-01-11, 05:37 PM
400-500 around here will get you a 2/3 bed semi and if your lucky you'l get off road parking and maybe a garage
hendrix
09-01-11, 01:32 AM
475 = 3 bed detached in a nice area with garage and gardens. that was my last place
This (http://www.rightmove.co.uk/property-to-rent/property-27137662.html) is the cheapest house in my usual search area (5 miles round Godmanstone). Everything under that is flat/apartment with allocated parking. Note that has NO garage either, simply parking out front.
Ones with garages start at 865pcm!
My search region in Cheltenham is looking at around £5-600 for a one bed flat with one allocated parking space! No chance of a garage up there!
This (http://www.rightmove.co.uk/property-to-rent/property-27137662.html) is the cheapest house in my usual search area (5 miles round Godmanstone). Everything under that is flat/apartment with allocated parking. Note that has NO garage either, simply parking out front.
Ones with garages start at 865pcm!
My search region in Cheltenham is looking at around £5-600 for a one bed flat with one allocated parking space! No chance of a garage up there!
Thats ridiculous lol lol
Similar "spec" house could be had for £500 round here.
Move to Bridgwater to commute to Bristol :d 45min drive max
£550 would get you a 3 bed, garage and garden
Plus we need nova owners here, I'm the only one left now Craigs give up lol
This (http://www.rightmove.co.uk/property-to-rent/property-27137662.html) is the cheapest house in my usual search area (5 miles round Godmanstone). Everything under that is flat/apartment with allocated parking. Note that has NO garage either, simply parking out front.
Ones with garages start at 865pcm!
My search region in Cheltenham is looking at around £5-600 for a one bed flat with one allocated parking space! No chance of a garage up there!
Jesus christ :eek: exact same house for £525 a month.
Shakey fist! Damn you norfics lol
Shakey fist! Damn you norfics lolits all to do with the area, corby which is 10 miles away is generally £150-£200 a month cheaper than kettering for similar houses
A one bed flat here with allocated parking or a garage is about £350~380.
Bollocks to that! £865 ffs
my new place is a 2 bed bungalow for £575
my new place is a 2 bed bungalow for £575
"our" :p
my new place is a 2 bed bungalow for £575
Starting to think maybe renting is cheaper here in the midlands then lol
my new place is a 2 bed bungalow for £575
We pay £500 for 2bed bungalow with driveway and garage,big garden,conservatry.5miles outside of Scarborough in the sticks.
I love it here,house is worth £160,000 iirc
We pay £500 for 2bed bungalow with driveway and garage,big garden,conservatry.5miles outside of Scarborough in the sticks.
I love it here,house is worth £160,000 iircsee our bungalow is currently up for sale for 130k so how have they worked the rental price out :confused:
see our bungalow is currently up for sale for 130k so how have they worked the rental price out :confused:
they work it out on what the market will stand... the owner probably doesn't make much money on it, but might if it sells.
ps. there is also an obvious reason why corby is cheaper to rent than kettering......kettering is much nicer.
they work it out on what the market will stand... the owner probably doesn't make much money on it, but might if it sells.
ps. there is also an obvious reason why corby is cheaper to rent than kettering......kettering is much nicer.oh i know that, hence staying in kettering even though i work in corby so would make sence to move there but no thanks lol.
well i also happen to know that they bought the place in january for 100k, so with new conservatory, kitchen, bathroom, carpets and re docorated i recon they stand to make 20k on selling it
i'd guess nearer 10k, thats a lot of stuff... well done on getting a shiny newish house for the money.. are you on a 6 month or longer?
i'd guess nearer 10k, thats a lot of stuff... well done on getting a shiny newish house for the money.. are you on a 6 month or longer?
not at all, 2k max on kitchen, 1k bathroom, 3k conservatory and about £500 on carpets. then labour to fit it all.
yes we are well chuffed thats its all shiny and new, no worrys about what the previous owners left or anything lol. we're on a 12 month
Our little kitchen was £2.5K parts only..... Then labour from a chippy to fit the worktop (I wasnt risking £250 worth of worktop lol), then my own labour technically free but you factor it in if you are blagging a price increase on the house, which imho a kitchen and bathroom refit add no value to a house. They just make it easier to sell.
As mowgers said, rent is defined by what the market will take. For short term BTL owners they want more money than the mortgage is, and for the clever long termers it dosent matter if the rent falls shy of the mortgage as you are only having to pay a small amount of the cost of 'buying' an investment.
Im wondering if im getting a good deal on my place.
I rented it for £550 3 years ago and im still renting it for £550 now. yay me.
Mind you, its only 1 bed coach-house thingy. no parking or garden. well a gravel driveway out front. aww..:(
We paid that for less lol
General Baxter
09-01-11, 09:23 PM
I rented it for £550 3 years ago and im still renting it for £550 now. yay me.
Mind you, its only 1 bed coach-house thingy. no parking or garden. well a gravel driveway out front. aww..:(
:eek:
i pay £25 a month more, got 3 double bedrooms, 4 car drive way (at a push) detached garage, front/rear garden, a pond with apples floating in, from the apple tree,
i'd guess nearer 10k, thats a lot of stuff... well done on getting a shiny newish house for the money.. are you on a 6 month or longer?
It's actually quite nice as they've given the decorating some "personality" rather then just sticking with the norm of beige and whites.
If you want something a bit sick, average priced acceptably liveable ****hole student digs in oxford, 5 bedroom shared house, 1 bath/kitchen, 1 en suite shower. £1550 a month... and we got it cheap as it hadn't been let close to start of term, guys either side pay nearer £1900 a month. No garage/shared parking which is one space per house and SOL otherwise.
:eek:
i pay £25 a month more, got 3 double bedrooms, 4 car drive way (at a push) detached garage, front/rear garden, a pond with apples floating in, from the apple tree,
yeah but you are in the north, therefore its grim
MK, crikey!!!! In Swansea we were paying £133 a month each for the 5 of us in a minging terrace house lol Then again those houses were only selling for £55K for a GOOD one
General Baxter
09-01-11, 09:27 PM
no im in the best of both, in the middle lol
no im in the best of both, in the middle lol
Its all about the apples Nick, all about the apples.
:eek:
i pay £25 a month more, got 3 double bedrooms, 4 car drive way (at a push) detached garage, front/rear garden, a pond with apples floating in, from the apple tree,
Dam. I likes apples
General Baxter
09-01-11, 09:29 PM
baxters apple cider anyone, 2% apple, 98% anti freeze ?
yeah but you are in the north, therefore its grim
MK, crikey!!!! In Swansea we were paying £133 a month each for the 5 of us in a minging terrace house lol Then again those houses were only selling for £55K for a GOOD one
Tis fooking expensive... best prices I've heard of is way out east of oxford (actually near the technology campus which was cool) 6 person shared, 3 floors, nice looking house, small in places (living room, and no idea where the bathroom was so I assume it was stuffed in a corner somewhere lol) but good sized rooms offroad parking for 2 cars, 3 if you use the garden but they are all behind each other so bit of an ass for people getting out etc. But that was £1200 a month between 6. They've not had anyone drop out yet though, have asked lol
It's even better when despite how much you say uni costs you around 7k a year, every year, your dad protests that this can't be true and you should be able to live on about 5 lol Epic overdraft rape
edit: A room in the halls I stayed in is now £5100 a year (38 weeks) and is the cheapest non catered halls!
hayley, you've never been to dordon, have you?????
hayley, you've never been to dordon, have you?????
Definetly not Id say lol
mind you, it got a lot better when they reprofiled the slack heap
Our little kitchen was £2.5K parts only..... Then labour from a chippy to fit the worktop (I wasnt risking £250 worth of worktop lol), then my own labour technically free but you factor it in if you are blagging a price increase on the house, which imho a kitchen and bathroom refit add no value to a house. They just make it easier to sell.
As mowgers said, rent is defined by what the market will take. For short term BTL owners they want more money than the mortgage is, and for the clever long termers it dosent matter if the rent falls shy of the mortgage as you are only having to pay a small amount of the cost of 'buying' an investment.yes but being as you own it and want a decent kitchen you pay a decent price, this will have no doubt been a bargain B & Q jobbie and it is small
http://www.rightmove.co.uk/property-to-rent/property-28525531.html
the best thing is its proximity to the motorway....
Thats a tidy gaff Luke. Whens the next BBQ lol lol
General Baxter
09-01-11, 09:35 PM
http://www.rightmove.co.uk/property-to-rent/property-28525531.html
get some stairs you fat **** lol
why? is it nice? :)
Like Staines but less of the gun tooting hodulums lol
yes but being as you own it and want a decent kitchen you pay a decent price, this will have no doubt been a bargain B & Q jobbie and it is small
http://www.rightmove.co.uk/property-to-rent/property-28525531.html
Actually judging by those wall units that's not a an absolute bottom of the range jobbie, and those squared off worktops are actually surprisingly pricy just for a square edge, look 38mm too so it's not been to done to absolute cheapest possible price :)
get some stairs you fat **** lolbungalow = much cheaper heating bills ;) and shut it, your the fat ****
cheers mike, god knows although we plan on getting a sofa bed for the conservatory lol i know you like sofa beds
the best thing is its proximity to the motorway....
ooh good travel links. nice. One of the best things about staines used to be the Harvester but they burnt it down.
Yeah sofa beds rock :) room with a view an all that too.
ooh good travel links. nice. One of the best things about staines used to be the Harvester but they burnt it down.
not quite, more to do with getting a long way from it at high speed........
Yeah sofa beds rock :) room with a view an all that too.only thing is our bedroom looks out into the conservatory lol.
get some stairs you fat **** lol
No stairs and a little baby = god send! lol
Burgalow.
Roffle, etc lol
not quite, more to do with getting a long way from it at high speed........
Same reason theres lots of airports around London then lol
only thing is our bedroom looks out into the conservatory lol.
Superb :) you can watch me w@nk at night :)
No stairs and a little baby = god send! lol
i'll agree 100% on that one. but still get a stair gate for the baby room. once they start walking, its like a roger rabbit & baby herman cartoon
Same reason theres lots of airports around London then lol
Superb :) you can watch me w@nk at night :)you and spud have a private soggy biscuit game did you?
Same reason theres lots of airports around London then lol
Superb :) you can watch me w@nk at night :)
I had literally just said I can imagine waking up to people trying to look in the bedroom lol
i'll agree 100% on that one. but still get a stair gate for the baby room. once they start walking, its like a roger rabbit & baby herman cartoon
Shall be :thumb:
pffft stairs are great for getting you away from the noise source ;)
Thats a very nice house burgo/tanya.Conservatry looks nice.Thats a good price for the sarf lol
pffft stairs are great for getting you away from the noise source ;)
So's the local pub! ;)
pffft stairs are great for getting you away from the noise source ;)ah yes but so is my garage ;)
thanks Andy, we really like it purely for the fact its all new and shiny :d, no remnants from the previous peeps
So Burgo is in the garage and Tanya's gone to the pub... this kid is gonna get some sense about him/her sharpish lol
So Burgo is in the garage and Tanya's gone to the pub... this kid is gonna get some sense about him/her sharpish lol
lol
Pistol Pete
09-01-11, 10:09 PM
Burgalow.
Roffle, etc lol
lol
Looks like a nice place burgo. Enjoy!
hendrix
09-01-11, 10:14 PM
Done well there burgo and tanya.
Can't believe how expensive places are compared with here. Kinda glad I live here now but the town is a shizzle hole and there is next to fark all to do but meh can always drive somewhere.
Done well there burgo and tanya.
Can't believe how expensive places are compared with here. Kinda glad I live here now but the town is a shizzle hole and there is next to fark all to do but meh can always drive somewhere.
Thankoo. It's lovely knowing we finally have a place :)
sparkie1401
09-01-11, 10:21 PM
ive just started to playing house n its fcking expensive, an i earn a v good wage
but dont suppose it helps im on my own
You bought like a mansion though for 10p lol
Average house prices down here are... well I earn £27k and even with a 5x 100% mortgage I would be looking at the base of the market, 1 bed flat or studio in the less desirable areas.
I'd personally not bother buying until retirement age lol
Powered by vBulletin® Version 4.2.5 Copyright © 2024 vBulletin Solutions, Inc. All rights reserved.