Owning your own home

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aggi in reply to @ReekBlefs

You're probably already aware of this but, unless your CC debts are on a zero % card then there's not much point in saving until you've paid them off. The interest on CC debts will be much higher than anything you can earn from savings.

When I bought (6 or 7 years ago) the problem was all about getting enough of a deposit to buy, now it seems to be back to not enough of a salary multiple (even though monthly payments could well be less than rent). I know that I wouldn't be able to afford my place now which is a bit crazy.

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ExTra in reply to @aggi

A colleague just told me yesterday why don't I look at 30, 35 years + mortgage to make my monthly repayment a bit easier... I truly did not know how to respond... As like you said, my potential monthly repayment would be less or about the same as the rent I am paying now...

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aggi in reply to @ExTra

That's not actually a bad idea if available, and gambling on London prices.

In 3/5 years time the property value goes up, you get a much better deal, you shift down to 20/25 years.

It's a bit crap compared to what you want but it's probably better than renting.

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