The Pikey Life

[C.A.R.]

As my thread last year; I have returned to privately renting. With a young family and no savings in an expensive part of the country a mortgage deposit would have to have been gifted or inherited.

I pay just under £800 a month in rent alone for a 3 bed house which is a relative bargain. I don't see a problem with renting; you can't spend the money tied up in your property (not without re-mortgaging) and you can't take it with you when you die.

The emphasis on owning your own property is strong in the UK, we are a nation obsessed with owning. I'm content with what I've got and renting carries no risks. If you can rent AND save then buy a property when your LTV is closer to 70% your interest rate is going to be much more pleasant. These 95% mortgages are all well and good for getting people on the property ladder early but they're bloody expensive and young buyers are blinded by the overwhelming desire to "own" that they often don't do their research. Also, avoid these "help to buy" schemes like the plague, the only people getting help are the lenders who are helping themselves to your hard earned.money.