I've probably paid about £140k in mortgage payments, still got let's say another £240k to make with interest. At the end of it I have a house to live in, nothing more in reality.I'm now finally in a position In life to save for a mortgage. I'm 33 so late starter but reasons as to why
Anyway, In just under 4 years time we will have a 30k deposit. However, I look around at House prices and I genuinely think fuck it. Why do I want to owe 300 grand for a 3 bedder in Coundon? What you get for your money now is a shambles.
So I've thought of another plan, tell me if you think this is stupid. Lad is 15 Daughter 10.
Law of averages they'd be moved out, kids married etc by 30. So that gives me 20 years of saving between me and the Mrs 8 grand a year.
In 20 years time we could have £160,000 and of course more if we're better with saving, equivalent at the moment to €190,000.
I would much rather rent until then, and fuckoff somewhere like Torrevieja and buy a nice little 2 or 3 bed place out there to see out my last few decades. You get so so much more for your money in the housing markets abroad
We will have decent pensions to live off.
I know a lot of people say a big plus of owning a house is an asset for your kids to inherit, which is fair, but I have life insurance I pay everymonth and 4.5 times salary life assurance through work so the kids will be fine anyway
Is owning a property really the be all and end all of life? Because it really is not as attractive as it used to be
I turn 40 this year and have never owned property and at this point would prefer not to.I'm now finally in a position In life to save for a mortgage. I'm 33 so late starter but reasons as to why
Anyway, In just under 4 years time we will have a 30k deposit. However, I look around at House prices and I genuinely think fuck it. Why do I want to owe 300 grand for a 3 bedder in Coundon? What you get for your money now is a shambles.
So I've thought of another plan, tell me if you think this is stupid. Lad is 15 Daughter 10.
Law of averages they'd be moved out, kids married etc by 30. So that gives me 20 years of saving between me and the Mrs 8 grand a year.
In 20 years time we could have £160,000 and of course more if we're better with saving, equivalent at the moment to €190,000.
I would much rather rent until then, and fuckoff somewhere like Torrevieja and buy a nice little 2 or 3 bed place out there to see out my last few decades. You get so so much more for your money in the housing markets abroad
We will have decent pensions to live off.
I know a lot of people say a big plus of owning a house is an asset for your kids to inherit, which is fair, but I have life insurance I pay everymonth and 4.5 times salary life assurance through work so the kids will be fine anyway
Is owning a property really the be all and end all of life? Because it really is not as attractive as it used to be
I'm now finally in a position In life to save for a mortgage. I'm 33 so late starter but reasons as to why
Anyway, In just under 4 years time we will have a 30k deposit. However, I look around at House prices and I genuinely think fuck it. Why do I want to owe 300 grand for a 3 bedder in Coundon? What you get for your money now is a shambles.
So I've thought of another plan, tell me if you think this is stupid. Lad is 15 Daughter 10.
Law of averages they'd be moved out, kids married etc by 30. So that gives me 20 years of saving between me and the Mrs 8 grand a year.
In 20 years time we could have £160,000 and of course more if we're better with saving, equivalent at the moment to €190,000.
I would much rather rent until then, and fuckoff somewhere like Torrevieja and buy a nice little 2 or 3 bed place out there to see out my last few decades. You get so so much more for your money in the housing markets abroad
We will have decent pensions to live off.
I know a lot of people say a big plus of owning a house is an asset for your kids to inherit, which is fair, but I have life insurance I pay everymonth and 4.5 times salary life assurance through work so the kids will be fine anyway
Is owning a property really the be all and end all of life? Because it really is not as attractive as it used to be
The main reasons to buy are:I'm now finally in a position In life to save for a mortgage. I'm 33 so late starter but reasons as to why
Anyway, In just under 4 years time we will have a 30k deposit. However, I look around at House prices and I genuinely think fuck it. Why do I want to owe 300 grand for a 3 bedder in Coundon? What you get for your money now is a shambles.
So I've thought of another plan, tell me if you think this is stupid. Lad is 15 Daughter 10.
Law of averages they'd be moved out, kids married etc by 30. So that gives me 20 years of saving between me and the Mrs 8 grand a year.
In 20 years time we could have £160,000 and of course more if we're better with saving, equivalent at the moment to €190,000.
I would much rather rent until then, and fuckoff somewhere like Torrevieja and buy a nice little 2 or 3 bed place out there to see out my last few decades. You get so so much more for your money in the housing markets abroad
We will have decent pensions to live off.
I know a lot of people say a big plus of owning a house is an asset for your kids to inherit, which is fair, but I have life insurance I pay everymonth and 4.5 times salary life assurance through work so the kids will be fine anyway
Is owning a property really the be all and end all of life? Because it really is not as attractive as it used to be
Disadvantage of renting is it can be near impossible to get anything fixed by the landlord.Advantage of renting is if you end up with damp / subsidence / leaking windows / need a new roof etc, that's somebody else's problem!
Your plan makes sense to me particularly if you're in "Affordable" secured tenancy rental property currently.I'm now finally in a position In life to save for a mortgage. I'm 33 so late starter but reasons as to why
Anyway, In just under 4 years time we will have a 30k deposit. However, I look around at House prices and I genuinely think fuck it. Why do I want to owe 300 grand for a 3 bedder in Coundon? What you get for your money now is a shambles.
So I've thought of another plan, tell me if you think this is stupid. Lad is 15 Daughter 10.
Law of averages they'd be moved out, kids married etc by 30. So that gives me 20 years of saving between me and the Mrs 8 grand a year.
In 20 years time we could have £160,000 and of course more if we're better with saving, equivalent at the moment to €190,000.
I would much rather rent until then, and fuckoff somewhere like Torrevieja and buy a nice little 2 or 3 bed place out there to see out my last few decades. You get so so much more for your money in the housing markets abroad
We will have decent pensions to live off.
I know a lot of people say a big plus of owning a house is an asset for your kids to inherit, which is fair, but I have life insurance I pay everymonth and 4.5 times salary life assurance through work so the kids will be fine anyway
Is owning a property really the be all and end all of life? Because it really is not as attractive as it used to be
There's no future guarantee that the rent will remain "affordable" beyond the current tenancy agreement,Your plan makes sense to me particularly if you're in "Affordable" secured tenancy rental property currently.
If your saving £8k a year AND paying rent, why not just get a mortgage ASAP?
The rent you'll pay is dead money, and house prices may well rise as fast as your saving. And remember your rent will increase every year, while you can lock into a fixed rate mortgage for years, so eventually your mortgage will be less than the rent.
When your mortgage is finally paid, you can rent your house out and rent a cheaper place abroad and have cash in your pocket, while keeping your house here as an asset to pass onto your kids, or to move back to if you ever need to.
If you're planning on buying and moving abroad in 20 years time, at 53, have you thought about how you'll tide yourself over to when you can access your pension?
Good luck, it's a slow process, but ultimately worth it.Was only able to start saving towards a Mortgage from end of April mate
Good luck, it's a slow process, but ultimately worth it.
I've said before, that the current demand for a 5 or 10% house purchase deposit is a big disadvantage to those people who are currently renting. Its incredibly difficult to pay rent, bills, food etc AND save enough to get that deposit. Especially through a cost of living crisis! (As I'm sure you know)
IMHO, the banks should look at a tenants payment history, if the tenant can prove they've paid rent on time and arnt in any arrears for the last 12 or 24 months, then the lenders should be able to offer a 100% mortgage, and wave the need for a hefty deposit.
That would give so many people a chance to own their own homes. I'm sure there's a way the government could underwrite a 5% mortgage deposit agreement, even if it meant that 5% was to be repaid by the owner if/when they move up the housing ladder.
I know all of the above is true... but none of that applies if @Saddlebrains is in a council/housing association tenancyThere's no future guarantee that the rent will remain "affordable" beyond the current tenancy agreement,
there's also no guarantee that the landlord won't, decide to sell the property at some point in the future, which leaves the tenant having to up sticks and try to find another suitable property at the future market rate.
That's a risk you don't have to take if you buy.
Also, as I've said above, how do you pay your rent if your struggling to live on an old age pension? Today's money purchase pension plans are pitiful, and a state pension is only £12k a year, and the age at which you can claim it is climbing and will no doubt be under review again after the election.
If you pay rent, your paying someone else's mortgage! Think about it, your going to work, to pay someone else's mortgage to make them wealthy!!!!
You really should be looking to get on the property ladder asap if you possibly can.
Looking long term, Labour's piss poor immigration policy is only going to lead to more demand for housing, and therefore higher prices, their historic record of fucking up the economy (much like the current Tory party) is highly likely to lead to interest rate rises which will mean higher rental prices and higher mortgages.
Any interest rate rises will mean your increased rent will eat into any saving plan you may have, and increasing house prices will mean you need more cash for a deposit, which will then be harder to achieve.
We've had historically low interest rates for the last decade, which has meant many people have become complacent, believing that it will always be that way. Trust me, it won't last.
So if at all possible I'd definitely look at buying now, and getting on a long term fixed rate if you can.
I know all of the above is true... but none of that applies if @Saddlebrains is in a council/housing association tenancy
That being the case then most of what others have said is worth seriously consideringNope Private rent mate
Hi saddle, have you considered getting that £300k 3 bed house now and you can still sell it in 20 years time to move abroad?I'm now finally in a position In life to save for a mortgage. I'm 33 so late starter but reasons as to why
Anyway, In just under 4 years time we will have a 30k deposit. However, I look around at House prices and I genuinely think fuck it. Why do I want to owe 300 grand for a 3 bedder in Coundon? What you get for your money now is a shambles.
So I've thought of another plan, tell me if you think this is stupid. Lad is 15 Daughter 10.
Law of averages they'd be moved out, kids married etc by 30. So that gives me 20 years of saving between me and the Mrs 8 grand a year.
In 20 years time we could have £160,000 and of course more if we're better with saving, equivalent at the moment to €190,000.
I would much rather rent until then, and fuckoff somewhere like Torrevieja and buy a nice little 2 or 3 bed place out there to see out my last few decades. You get so so much more for your money in the housing markets abroad
We will have decent pensions to live off.
I know a lot of people say a big plus of owning a house is an asset for your kids to inherit, which is fair, but I have life insurance I pay everymonth and 4.5 times salary life assurance through work so the kids will be fine anyway
Is owning a property really the be all and end all of life? Because it really is not as attractive as it used to be
Agree with you completely. We've been in the same house for 4.5 years now, never missed a bill or rent payment, but because I can't magic 20 grand plus out my arse I don't have a chance
Would you both have the right to just move to Spain?I work remotely in cyber security so would hopefully be able to carry that on
Would you both have the right to just move to Spain?
Unless you've got a fair bit of money, I imagine it'll be difficult to just move there, i'm sorry to say.I was planning on wearing a sombrero, giving out some complimentary sangria and wearing an Iniesta shirt, I thought that should swing it for me
But in all seriousness Brexit has scuppered things like that hasn't it
I moved from a rental to buying in the same street. My mortgage at the time (won't be when I renew in a few months!) was about a third less than my rent. Despite having never missed a rent payment, or any payment for that matter, I kept failed the mortgage affordability test.IMHO, the banks should look at a tenants payment history, if the tenant can prove they've paid rent on time and arnt in any arrears for the last 12 or 24 months, then the lenders should be able to offer a 100% mortgage, and wave the need for a hefty deposit.
We're fucked if saddles is in charge of security, can't keep anything a secret!I work remotely in cyber security so would hopefully be able to carry that on
That's shit mate, the banks can be such dicks at times.I moved from a rental to buying in the same street. My mortgage at the time (won't be when I renew in a few months!) was about a third less than my rent. Despite having never missed a rent payment, or any payment for that matter, I kept failed the mortgage affordability test.
Stupidly the solution was to take a longer mortgage which means I'll be paying well into retirement rather than letting me have the one I originally wanted which would have been paid off ready for me to finish work. End result is unless I can pay it off early I'll be working well past retirement age.
this was about 5 years ago, took the longer mortgage and I've been trying to make overpayments to get it down. got to remortgage soon as my fix is endingThat's shit mate, the banks can be such dicks at times.
If I were you I'd take the longer mortgage but look to move lender if possible ASAP and get the debt paid before retirement.
I think their lending requirements are far too rigid, and allow no room for common sense.
I bought my first house aged 22 in Purefoy Rd Cheylesmore , that was 48 years ago and it cost £8000...mid terrace two bedrooms & a box room,it was a pokey little house tbh, I've just looked at how much they go for now and I'm staggered to see they sell for £220,000....house prices are a total scandal now.
While on the house price subject it's even worse in Australia,my eldest daughter lives in Sydney (in a nice suburb) they have purchased a 3 bedroom apartment off plan that isn't built yet so rent currently 1360 aud a week rent, that's £716 in our money... fucking unbelievable.
Hopefully you won't get reamed with a new rate.this was about 5 years ago, took the longer mortgage and I've been trying to make overpayments to get it down. got to remortgage soon as my fix is ending
Credit rating is pretty much perfect and I'll be staying with CBS as it looks like moving with only save at most around a tenner a month and frankly I can't be arsed with the hassle if that's all its going to save so should be fairly straightforwardHopefully you won't get reamed with a new rate.
On the plus side it's easier to move a mortgage than to apply for a new one (presuming you have a good payment record)
I'm the same age as you, and bought my first pokey little end terrace in Southam (4 Elmbank) in 1976, for £9250 and stayed about five years selling for a small uplift.I bought my first house aged 22 in Purefoy Rd Cheylesmore , that was 48 years ago and it cost £8000...mid terrace two bedrooms & a box room,it was a pokey little house tbh, I've just looked at how much they go for now and I'm staggered to see they sell for £220,000....house prices are a total scandal now.
While on the house price subject it's even worse in Australia,my eldest daughter lives in Sydney (in a nice suburb) they have purchased a 3 bedroom apartment off plan that isn't built yet so rent currently 1360 aud a week rent, that's £716 in our money... fucking unbelievable.
Probably a cannibis factory then.God knows what is going on with the house next to me. Been empty for nearly a year board despite the fact it sold so quickly that a for sale sign never went up, just a sold sign.
Not seen anyone come for any type of surveys or even to see if the place is still standing!
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