You are reading a single comment by @Greenbank and its replies.
Click here to read the full conversation.
-
I'd be surprised if there is anyone in this thread who's UK mortgage (even with costs inc.) is greater or equal to the cost of renting their UK home.
Yes, but that's only because I have a significant chunk of equity in the place to lessen the monthly mortgage payments.
If I was starting from scratch with no equity then there's no way I could afford to buy the flat (except with an enormous deposit), but I could afford to rent it.
(Rebasing the figures to a nominal £1k/month rent that £1k/month would stretch to a £236k mortgage at 2% and 25 years. Last valuation of the flat was (rebased) ~£370k.)
Greenbank
Of course. But if you are able to get a long term lease with known % rent increases and aren't in a hyper competitive market like London, then it's different.
I'd be surprised if there is anyone in this thread who's UK mortgage (even with costs inc.) is greater or equal to the cost of renting their UK home.
The state of the UK market doesn't apply everywhere - in NYC for eg, dispite competition and amazing mortgage rates, the cost of property taxes (and probably building MGMT charges) mean buying isn't the same no-brainer it is in London.
I guess my overall thinking was based on what hippy has said here previously, he owns or is close to owning his UK property outright. Renting that out would likely net a better return than selling and buying in Spain. Even if that's the plan and in addition he has the cash to purchase most of a residential property in Spain, I'd still buy in another country and rent in Spain.