Dan,
Based on the current stats and trends (if things are not done to readdress the balance) the majority of households will be renting by 2032. So I wouldn't worry about renting at all.

Although I'm not that impressed with the following stat that says "....with home ownership increasingly the preserve of the old". Oh well..... there are some bonus' to being "old" I suppose.

The mrs best hope I go before she does..... we have no kids and if I get the house to myself I'll only blow all the equity on cars and beer. Every cloud......

 

I own my house, and what you said there is spot on!!

Owning your own house your basically renting from the bank anyway as your paying the mortgage, If you lose your job and you cant afford to pay the mortgage payments, you can be 15 years into the mortgage agreement and the bank can take the house back still and you lost all that equity thats been built up over them 15 years!!

And the other thing is, if you go into a nursing home when your old and senile, the government will sell your house to pay for your nursing needs!! so not like your kids will benefit.

And the plus side of renting, if the boiler breaks the landlord will have to pay for a new one to be fitted/fixed. My boiler broke a few years ago(just out of warranty) and I had to pay £400 for a little part to be replaced!!

 

Have you two not heard of insurance and if you sign the house over to the kids you only have to live for 7yrs and the government can't touch it.

But to be fair if all your paying is £68 a week if it stays like that and your happy there, I can certainly see the attraction in that, although it is still £294 a month which is about £20 more than my mortgage was on 3 bed detached with double garage in a reasonable area.

 

How many moons ago was that

 

Yes i'm not saying its ok to do so, just saying if the worst happens

My mate bought a civic tyre r years ago for around 12k, put it up for sale 12 months later, got offered 10k turned it down then 6 months later sold for about 9k. Left him with a few grand left to pay off.

 

Those payments are about equivalent to a £50k mortgage. You couldn't buy jack with that nowadays, so a tad irrelevant mate.

 

always pay cash

and £68 a week for a house ��
my rent and council tax is £1150 a month ����
I need to get a council house
then I could afford more mods for the cars ��

 

Saved up for months, bought the WRX Wagon cash, saved up for even more months whilst owning the WRX, sold the WRX, combined saved up money + money for the WRX = STi.

Happy time!

 

Nope, just had a very good financial advisor/mortgage arranger and a reasonable deposit but it was over 100k and base rate tracker, also picked the perfect time to do it by watching the market for quite a few years.

 

I had a bank loan at low interest for 6K 5 years ago to buy my Hawk, which was 16K when it came up for sale, did not want to hang around as white Hawks don’t come up for sale that often

Been paid off a while now

 

Don't need loans
Bought my impreza sti cash
Along with all mods paid cash too

Working like crazy for the next 15 months to pay majority of my mortgage off
Along with spending a couple of k here and there on the scoob.

After that will finish my impreza off with all the mods I haven't done already

 

That's not true at all!

They repossess the house, but when they sell it, you get the difference between what it sells for and the loan outstanding minus the banks fees.

The fees will be nasty, but you wouldn't lose 15 years worth of equity.

 

In theory you are correct but in practice they will sell it for whatever they can get for a (very) quick sale and if that's only 60% of market value then so be it.

 

What you think its worth now?

Think its worth it if keeping long term