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Stability is good. Risks with deposits are bad.
can you elaborate?
The mortgage is £260 less per month than the rent we are paying atm so considering the worst case scenario it'll be harder to pay rent than mortgage. The usual counter-argument is 'there is less risk' .. how? If I stop paying rent I'll get kicked out; if I stop paying mortgage I'll get kicked out. I/we have no friends or family here to move in with so if shit hits the fan (which it wont) it'll be one way tickets back home.
amey-
For want of a better way to put it, my daily routine, and financial discipline was tied in with my then job. When the job switch failed, I had to take a fall back job until I sorted myself out (still not done) which paid substantially less- £10k ish. Whilst I saw this was possible, I didn't really believe it would happen to be honest. This put me on the edge of paying rent, just. Then something went bad with my family, which put me back a few grand from savings. Add to that the changes fucked with my head, and any financial discipline I had more or less disappeared, so I wasn't saving where I could. Which is fine while we're renting with the money in the bank- but we wouldn't have had that if we'd spent the deposit.
None of this is necessarily relevant to you, of course, but it's now a strong belief that work shapes habits, and changes should happen one thing at a time. I'm also a bit less laissez faire about contingency planning, and reading this thread, it seems that applies to houses more than most things.
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If you can't pay your rent, you have savings to tide you over and you can move somewhere cheaper if it looks to be longer than that. It's hard to do that with a mortgage and presumably you'll have thrown all your savings at the buying the place...
Being a homeowner = taking fewer risks. Thatcher knew this.
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I'm prob late to the party here and might of missed the whole point but...
Have you ever missed a rent payment?
Are you ever going to live somewhere rent free?If it's a big NO to both of them then buy buy buy!
LHL
hoefla
chrisbmx116
^ Comments removed, so I'm guessing here, but... this time last year I was in a position to buy with my partner, putting offers in and all the rest. Stopped as I wanted to switch jobs, to what should have been something better, and, well, it turned into a whole year of shitty ass low paid work (with luck ending in September)- if we had bought we would have been in serious trouble. Stability is good. Risks with deposits are bad.