15-01-2015, 11:42 AM
CAR you are absolutely daft if you think renting long term is a good idea.
Your rent will always go up but a mortgage will always stay about the same, look at what rents were 25 years ago when peoples parents were buying houses, they were probably less than half of what they are now.
The other thing is you will be renting for the rest of your life having to pay for rent out of your pension payments. In 23 years time (12 years before the current state pension age) I will have no more mortgage to pay making me £650 a month better off. That's a nice holiday every month or some serious savings for my eventual retirement.
Or there is a strong potential that with the fact I can retire early from work any time from age 55 (albeit on slightly reduced pay with not having a full 35 years contributions) I could actually afford to retire at that age whereas you are going to have to work a full decade longer to barely be able to afford to retire.
Your rent will always go up but a mortgage will always stay about the same, look at what rents were 25 years ago when peoples parents were buying houses, they were probably less than half of what they are now.
The other thing is you will be renting for the rest of your life having to pay for rent out of your pension payments. In 23 years time (12 years before the current state pension age) I will have no more mortgage to pay making me £650 a month better off. That's a nice holiday every month or some serious savings for my eventual retirement.
Or there is a strong potential that with the fact I can retire early from work any time from age 55 (albeit on slightly reduced pay with not having a full 35 years contributions) I could actually afford to retire at that age whereas you are going to have to work a full decade longer to barely be able to afford to retire.