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GTB
Harris's Sausage Supremo
Joined: 05 Jun 2007
Posts: 1038
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 Posted: Sun Jul 06, 2008 5:47 pm Post subject: |
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| rosco wrote: | | Renting's generally cheaper than paying for a mortgage on an equivalent property: the argument about rent being 'throwing your money away" is just what he banks loe people to believe so they can get more customers to pay interest on a mortgage. More and more are going for interest-only loans anyway, so you don't even end up owning the property after 25 years any more! |
I personally would rather pay a mortgage over 25 years and be the rightful owner of the property rather than rent several (or even one) houses for a period of 25 years. Robert Maxwell was the only big businessman I can think of who said that buying a house was not a sound investment - and look what happened to him.
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Block67
Born and Bred Local
Joined: 05 Aug 2007
Posts: 319
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Location: calne
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| Posted: Sun Jul 06, 2008 6:42 pm Post subject: |
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| Me and the missus dont have a mortgage, we own our house, so we dont pay rent. My point was that, for the sake of arguement, say you rent a place for 25 years @ £6k pa, thats £150k that you have paid someone else for the roof over your head, and at the end of that term, you don't own it, hence my arguement for "throwing your money away". |
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GTB
Harris's Sausage Supremo
Joined: 05 Jun 2007
Posts: 1038
Status:
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| Posted: Sun Jul 06, 2008 6:46 pm Post subject: |
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| Block67 wrote: | | Me and the missus dont have a mortgage, we own our house, so we dont pay rent. My point was that, for the sake of arguement, say you rent a place for 25 years @ £6k pa, thats £150k that you have paid someone else for the roof over your head, and at the end of that term, you don't own it, hence my arguement for "throwing your money away". |
To me this looks like financial sense.
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rosco
Born and Bred Local
Joined: 15 Jul 2007
Posts: 376
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Location: near Calne
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| Posted: Sun Jul 06, 2008 7:10 pm Post subject: |
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| Block67 wrote: | | Me and the missus dont have a mortgage, we own our house, so we dont pay rent. My point was that, for the sake of arguement, say you rent a place for 25 years @ £6k pa, thats £150k that you have paid someone else for the roof over your head, and at the end of that term, you don't own it, hence my arguement for "throwing your money away". |
Yeah, except you'd have to pay twice that amount to get a mortgage for the same value house you'd be renting - a lot of people find that hard to afford nowdays. |
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GTB
Harris's Sausage Supremo
Joined: 05 Jun 2007
Posts: 1038
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| Posted: Sun Jul 06, 2008 7:40 pm Post subject: |
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If you owned a house today worth £200,000 and bought it 25 years ago you would probably only paid something like £35k - £40k for it. Fair enough the mortgage payments would have meant the total repayment would be in the region of £150k but at the end of the contract the house is yours.
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