Costs of moving out. Morgage vs Rental, ect;

[Morba]

2) if renting is cheaper, however in many areas mortgage is cheaper or the same as rent. Certainly seems to be in bristol Bristol.

mortgage is cheaper than renting in bristol? not around my way it isnt.
about to move into a recently built (under 10 years old) 3 bed detached with garage, it would be on the market for around £250k. We will be paying under £800 a month rent.
there are cheaper 3 beds, lots starting to hit the £700 and under a month point, but they are semis, though all would be over £200k on the market.

the places that are up for rent that cost as much to mortgage are ones that were bought only recently. so the owners need to cover the costs of the mortgage. unfortunately, around my way, these houses are not being rented out, they are empty.

almost all the recent ones we have been to see, we have been able to get around £50 a month extra off the rent, but a couple will not budge due to recent remortgaging and being as low as they can without losing money, again, these are still not let.

 

[Morba]

Edited, but a fair point, not quite as cut and dry as that as you could get a 20 year mortgage and more cash would be put into the house, or a 15 year one etc.

just like you could actually save more than just the difference between the mortgage and rental price, but to even discuss these would be pointless....

 

[Mirage]

No matter what's happening with the enconomy if you're looks for a place to LIVE in then getting a mortgage is never going to be a bad thing. Everything is relative when it comes to house prices/mortgages, and moving out will never be easy for most people.

Just don't expect to buy a house and make a buck on it, if you're happy to live some where for 5 years at least you'll not lose out buying a house now.

 

[Jez]

mortgage is cheaper than renting in bristol? not around my way it isnt.

Where abouts do you live mate?

 

[Morba]

Where abouts do you live mate?

Currently in Bromley Heath, Downend, moving to Emersons Green on saturday

 

[Jez]

Ah right, other end of town to our stuff . Was just interested

 

[Indy500]

No matter what's happening with the enconomy if you're looks for a place to LIVE in then getting a mortgage is never going to be a bad thing. Everything is relative when it comes to house prices/mortgages, and moving out will never be easy for most people.

Just don't expect to buy a house and make a buck on it, if you're happy to live some where for 5 years at least you'll not lose out buying a house now.

Except if you haven't got the deposit required.

 

[Mirage]

How would you buy the house in the first place if u didn't have the deposit ?

 

[Lowndski]

If you have the internet you don't need a tv. Honestly give it a go.

 

[Morba]

Ah right, other end of town to our stuff . Was just interested

Where abouts in the other end?

 

[Indy500]

How would you buy the house in the first place if u didn't have the deposit ?

A very small one that attracts a high interest mortgage? I should have clarified a "sufficient" deposit. I'm sure he has some money saved, but probably not enough for a house in the south of England..

 

[Jez]

Where abouts in the other end?

Clifton

Edit: getting in on some of those new build apartments by the river too, if you know the dev? Absolute steals atm.

 

[Morba]

A very small one that attracts a high interest mortgage? I should have clarified a "sufficient" deposit. I'm sure he has some money saved, but probably not enough for a house in the south of England..

high percentage mortgages (low deposit) are very very hard to find at the moment.

 

[Morba]

Clifton

cool :]
i like clifton :]

 

[Hatter The Mad]

Clifton

Edit: getting in on some of those new build apartments by the river too, if you know the dev? Absolute steals atm.

Can you tell me what agency(s) are managing these? I've seen them but haven't managed to find much on the web.

 

[Indy500]

high percentage mortgages (low deposit) are very very hard to find at the moment.

I know, they used to be common and a lot of people got into trouble because of it. Hence warning away from it. Renting (not necessarily long-term, but for 6-12 months) isn't a waste of money, I mean this person hasn't even lived outside his parents' house for an extended period of time yet by the sound of it...

 

[Jez]

Can you tell me what agency(s) are managing these? I've seen them but haven't managed to find much on the web.

I'm not sure mate, i haven't been involved with bristol. I have heard figures of around £80k being talked about though, which seems excellent value if they are as good as they sound.

 

[Glaucus]

about to move into a recently built (under 10 years old) 3 bed detached with garage, it would be on the market for around £250k. We will be paying under £800 a month rent.
there are cheaper 3 beds, lots starting to hit the £700 and under a month point, but they are semis, though all would be over £200k on the market.

Last 4 years been renting when it would have been the same or cheaper to buy if i had a deposit.
800 for a 3 bed house is silly cheap.
we where paying 1100 for a 3 bed house in Bradley stoke. Currently pay £550 for 1 bed flat. Just before that was £2600 for a 6 bed house.

 

[clv101]

I'm in Clifton, great part of town. I've been in some of the new developments by the harbor - they aren't great, the build quality is shocking. You know, cheapest laminate floors, plastic bath, the kind of 'brass' door handles that tarnish in a year... For £80k you might be able to make a return renting them but I wouldn't want to live in them myself.

 

[theboyrob]

If you have never lived on your own before rent for at least 6 months and see how you get on.

Although many people have mentioned its a buyers market at the moment with housing being so cheap, rent prices have come down a similar amount because there are so many empty lettings about. Plus if you did decide to go for a mortgage can you be 100% sure your job would be safe for the next 2/3 years in the current climate? So many big names going down at the moment and with a mortgage you are pretty much stuck! Renting give your notice and head back home!

I rent with my girlfriend in halifax, west yorks. We currently pay £450/month for a two bedroom, 2 floor flat. A few months ago I got some figures on the flat we are renting just for interest reasons (would never buy a flat!)

It roughly equated to we would be paying around double (£900/month), plus all our bills and at that rate it would be over 40 years! Would be paying back to to the bank well over double the original flat price!

If you had a nice big chunk of money to bring down your mortgage amount then think about buying, but I would rent for 4/5 years, save abit of money and then see how things stand.