peasepud 59 Posted January 11, 2007 Share Posted January 11, 2007 Renting is great but yes I agree that its a false economy, theres nothing at the end of it but the plus points for someone without dependents far outweigh the downsides. Not taking the piss, but I don't really see what these plus points are. You've got freedom of movement, but you're presumably paying more on rent than it would cost to mortgage the place (either that or your landlord is making a loss), and as house prices continue to rise, you're pricing yourself out of ever being able to enter the housing market. The difference being that I couldnt afford to buy anything worthwhile in an area I would enjoy living, I dont class myself as poorly paid by a long shot however at 3.5 x my annual salary I would be hard pushed to get anything of any note and more importantly for me, I want to enjoy living wherever I live. In my time Ive lived in a range of homes both rented and bought, from a shitty 1 bed flat in Fawdon (complete with resident board lodger ) through to a 4 bedroomed state of the art brand new town house in Backworth however in all of them Ive not been happy. Aplogies for anyone from there but I bought the house in Backworth 6 years ago, brand new for not far short of 100k and at the time it was the dogs bollocks but we hated the area, really really not nice. So we put it up for sale and had all the hassles that went with that. I now live somewhere that frankly, is way out of my league if I was going to buy, the deposit alone would mean Id have to find nearly 13k. Rent wise Im paying £300 per month more than I was paying to live in a shitty unfurnished flat in Deckham. And yes, on top of all that is the ability to move as and when I want, if they built some noew apartments somewhere and they were better and nicer than these then I'd rent one there. If I get a job offer down in Telford or London then I wouldnt need to worry about taking it just hand me notice in and find somewhere there. Link to comment Share on other sites More sharing options...
Gemmill 47084 Posted January 11, 2007 Author Share Posted January 11, 2007 So basically you need that place for peeping tom purposes? Link to comment Share on other sites More sharing options...
Guest alex Posted January 11, 2007 Share Posted January 11, 2007 I live with my lass though and I'm not interesting in moving to Telford Link to comment Share on other sites More sharing options...
peasepud 59 Posted January 11, 2007 Share Posted January 11, 2007 I live with my lass though and I'm not interesting in moving to Telford You should be its the birthplace of the Industrial age and its GREAT! © Telford marketing board in conjunction with N-O technologies. Link to comment Share on other sites More sharing options...
Dr Kenneth Noisewater 0 Posted January 11, 2007 Share Posted January 11, 2007 My fixed rate finishes in the summer. I'm not sure there is a need for financial advisors these days. I used one once and found the exact same deal in about 5 minutes using price comparison sites. He was a slimey turd as well. Link to comment Share on other sites More sharing options...
sweetleftpeg 0 Posted January 11, 2007 Share Posted January 11, 2007 I'm renting but was looking at getting on the housing market this year...but then my job, or impending lack of it, put an end to that. I doubt anyone would touch me with a shitty stick now. Link to comment Share on other sites More sharing options...
Ally 0 Posted January 11, 2007 Share Posted January 11, 2007 I'm looking to get my own place in the Summer, but the thought of a lifetime of mortgages, advisors etc is frankly shit. Link to comment Share on other sites More sharing options...
Rob W 0 Posted January 11, 2007 Share Posted January 11, 2007 so is living in a Sally Ann hostel TBH Link to comment Share on other sites More sharing options...
Holden McGroin 6919 Posted January 11, 2007 Share Posted January 11, 2007 Im with the Portman and my fixed is up in April. They have very good deals for new customers but dont give me the same benefits. Got a good financial advisor (i hope/think) that my mates have used so i'm going for the best deal.. Fixed 2/3 years is my bag. Link to comment Share on other sites More sharing options...
Gemmill 47084 Posted January 11, 2007 Author Share Posted January 11, 2007 Fixed at the minute mightn't be the best idea tbh given the rise in rates since September of last year. I can see them coming down and you being stuck with a rip-off mortgage for the next 3 years. I like the sound of knowing my payment amount for the foreseeable future, but not if I'm getting my pants pulled down by the rate. Link to comment Share on other sites More sharing options...
Dr Kenneth Noisewater 0 Posted January 11, 2007 Share Posted January 11, 2007 Fixed at the minute mightn't be the best idea tbh given the rise in rates since September of last year. I can see them coming down and you being stuck with a rip-off mortgage for the next 3 years. I like the sound of knowing my payment amount for the foreseeable future, but not if I'm getting my pants pulled down by the rate. Agreed. My last two deals have been fixed rate two year contracts. I'm more likely to look at variables this time because you risk being stuck on the higher rate if and when interest falls again. I'm with the Nationwide but apparently they have stopped offering the same deals to existing customers that new customers get. So they might be getting kicked into touch. Link to comment Share on other sites More sharing options...
Holden McGroin 6919 Posted January 11, 2007 Share Posted January 11, 2007 If I can get a sub 5% fixed rate (or close enough) then that would be a good deal, wouldn't it? Fair enough I might have to pay a set up fee but I would include that in my calculations. Link to comment Share on other sites More sharing options...
JawD 99 Posted January 11, 2007 Share Posted January 11, 2007 Fixed at the minute mightn't be the best idea tbh given the rise in rates since September of last year. I can see them coming down and you being stuck with a rip-off mortgage for the next 3 years. I like the sound of knowing my payment amount for the foreseeable future, but not if I'm getting my pants pulled down by the rate. Agreed. My last two deals have been fixed rate two year contracts. I'm more likely to look at variables this time because you risk being stuck on the higher rate if and when interest falls again. I'm with the Nationwide but apparently they have stopped offering the same deals to existing customers that new customers get. So they might be getting kicked into touch. What, so for brand new customers only? Link to comment Share on other sites More sharing options...
Dr Kenneth Noisewater 0 Posted January 11, 2007 Share Posted January 11, 2007 Fixed at the minute mightn't be the best idea tbh given the rise in rates since September of last year. I can see them coming down and you being stuck with a rip-off mortgage for the next 3 years. I like the sound of knowing my payment amount for the foreseeable future, but not if I'm getting my pants pulled down by the rate. Agreed. My last two deals have been fixed rate two year contracts. I'm more likely to look at variables this time because you risk being stuck on the higher rate if and when interest falls again. I'm with the Nationwide but apparently they have stopped offering the same deals to existing customers that new customers get. So they might be getting kicked into touch. What, so for brand new customers only? Yeah, I bet we won't be seeing that advert again. Twats. Link to comment Share on other sites More sharing options...
Holden McGroin 6919 Posted January 11, 2007 Share Posted January 11, 2007 My moneysavingexpert email reckons there are loads of good deals around at the minute. Apparently, January is the best for them. Link to comment Share on other sites More sharing options...
Scottish Mag 3 Posted January 11, 2007 Share Posted January 11, 2007 I plan to buy at the end of this year, start of the following year but will be very lucky to get anything where I currently live. The town where I am is the second most expensive town to buy a house in Scotland However there has been alot of talk of us getting my other halfs Grandpas house, which would be a massive bonus but she is now talking about how she does not want the hassle of commuting which is a negative part of where we are located.. I don't want to move up to the concrete jungle that is known as Glasgow Link to comment Share on other sites More sharing options...
Dr Kenneth Noisewater 0 Posted January 11, 2007 Share Posted January 11, 2007 Finance expert on the radio reckons tracker will be the best way to go for most people in the coming year. Link to comment Share on other sites More sharing options...
rikko 20 Posted January 11, 2007 Share Posted January 11, 2007 Mortgage came through yesterday, so i'm safely fixed on the old rate. If they had waited a day they'd be getting more. Link to comment Share on other sites More sharing options...
Renton 22409 Posted January 11, 2007 Share Posted January 11, 2007 Finance expert on the radio reckons tracker will be the best way to go for most people in the coming year. \0/ Link to comment Share on other sites More sharing options...
Gemmill 47084 Posted January 12, 2007 Author Share Posted January 12, 2007 Quandary-tastic! Fixed at 5.17% or tracker at 0.01% below BOE base rate? Although the 5.17% is for 5 years which is too long I reckon. Think it's gonna be the tracker option for me. Link to comment Share on other sites More sharing options...
Renton 22409 Posted January 12, 2007 Share Posted January 12, 2007 Quandary-tastic! Fixed at 5.17% or tracker at 0.01% below BOE base rate? Although the 5.17% is for 5 years which is too long I reckon. Think it's gonna be the tracker option for me. My tracker is now for the life time of the loan too (although I can get out of it any time I choose) so I won't have to put up with the hassle of changing again, unless a really good discounted rate comes up. Link to comment Share on other sites More sharing options...
Gemmill 47084 Posted January 12, 2007 Author Share Posted January 12, 2007 Yeah they had a lifetime tracker too. Suppose that's not a bad idea, but I think I was tied-in for 5 years with it. The other tracker is 2 years tie-in only. Link to comment Share on other sites More sharing options...
Ally 0 Posted January 12, 2007 Share Posted January 12, 2007 Whats a tracker, out of interest? Link to comment Share on other sites More sharing options...
nufc4ever 0 Posted January 12, 2007 Share Posted January 12, 2007 Old-skool brunch bar. Link to comment Share on other sites More sharing options...
Rob W 0 Posted January 12, 2007 Share Posted January 12, 2007 Whats a tracker, out of interest? a financial investment that follows a published index like the FTSE 100 - they invest t in stock sin exactly the same proportion as make up the Index - that way they take no decisions themselves so you get "average" performance" some track the Bank Rate (+ x%) for example............ Link to comment Share on other sites More sharing options...
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