15-01-2015, 08:54 AM
(14-01-2015, 07:53 PM)Danny Wideboy Wrote: http://www.travellerhomes.co.uk/?p=6594
Thanks. Now how a new website to waste the day away looking at epic camper vans
(15-01-2015, 12:39 AM)C.A.R. Wrote: 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.
Couldn't have put it better myself.
Renting is seen as some sort of stigma by some, yet that's the sensible thing to do for many. Rent and save. Renting cuts down the financial risks of not being able to afford the mortgage and loosing the house, or the commitment that stops a move to a better location/job. Generally speaking for the population as a whole, your 20's is the time you sent down roots and stop moving around. Later 20's and into 30's IMHO is the time to buy once you understand where you are going to be. Of course not all are the same. But times have changed from where people generally stayed in their locality.
But 95% and upwards mortgages are in part responsible for the last house price boom and bust.
If everyone can have a slice of the pie, the pie becomes more expensive when no one is making any more.
Till the point where people wake up and realise it's just pie and it's over priced.
And yes, the north/south divide.
If I wanted to work down south around london then my equivalent house would be at least another 200K I reckon.
The salary increase doesn't pay teh extra for teh mortgage so there is little point.