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How the heck do people in rental homes afford it

(115 Posts)
LardLizard Thu 18-Jan-18 18:45:09

Talking to some people today telling. Bout their rents so high about three times then amount a mortgage could cost
Feeling. Like they have no hope of ever saving and buying
And won’t get a mortgage for the mount it costs to buy a normal three bed type home
As banks etc won’t give it to them
Yet they are proving. That they can afford it as paying more in rent as they have no other choice

HermionesRightHook Thu 18-Jan-18 18:47:24

With great fucking difficulty, I can tell you.

WindyWednesday Thu 18-Jan-18 18:49:07

Housing benefits, working tax credits. I am a landlord and all my tenants have been in receipt of some benefits or other while working minimum hours.

rightsaidfrederickII Thu 18-Jan-18 18:53:18

With great pain and sacrifice.

I'm not eligible for any benefits whatsoever

BitchQueen90 Thu 18-Jan-18 18:53:41

My rent is fairly low. I'm a single parent and get working tax credit. I don't have any day to day money worries but I certainly will able to afford to save enough to buy my own home.

BearFoxBear Thu 18-Jan-18 18:54:12

We earn a very good wage and pay a hefty rent. But it's the saving for a deposit that's hard.

BitchQueen90 Thu 18-Jan-18 18:54:49

*"will NEVER be able to save enough to buy my own home", that should say!

LardLizard Thu 18-Jan-18 19:14:28

It’s just a disgrace that it’s come to this

wonderfullyweird Thu 18-Jan-18 19:16:40

My mortgage is £500 pm. If we were to rent this house it would be £1500. We could never afford to live here, it's ridiculous. There needs to be a tent cap introduced.

wonderfullyweird Thu 18-Jan-18 19:17:05

Rent cap

blueCanvas Thu 18-Jan-18 19:18:15

with great difficulty

YouandMeAndtheCat Thu 18-Jan-18 19:19:00

A bit off topic but why does it say on house rental listings "sorry no Housing Benefit tenants". What's all that about? Surely these are the very people that probable can't easily afford to buy a house in the first place so why do I see this so often?

dementedma Thu 18-Jan-18 19:23:11

my sister rents in London. her one bed flat is half the size of our 3 bed flat and she pays rent which is double our mortgage. But she could never save up enough for a deposit to buy. She is at the mercy of the landlady putting up the rent and would have nowhere else to go if she was asked to move out for a tenant who could pay more. she's in her 50s so its a scary prospect.

IndieTara Thu 18-Jan-18 19:23:23

Im a single mum who works ft and earns less than £27k I am only entitled to child benefit.
My rent on a 2 bed flat is 45% of my take home salary. I can barely afford to live and will never be able to save a deposit to buy somewhere.

Bluntness100 Thu 18-Jan-18 19:24:57

I find, having both rented and been a landlord, that many folks rent a much better\bigger property than they need, thus paying a huge amount more in rent annually than they need to and could save for a deposit.

Not everyone, but very many do. They also then struggle with the "come down" in moving to a property they could own if they bought. It's crazy.

HottySnanky Thu 18-Jan-18 19:25:11

Agree with the need for a rent cap. If we had a mortgage on the house we rent, we'd be paying a couple of hundred quid less a month than we do on rental payments. Also it needs everything doing to it - I mean, it's not a hovel, everything works and it's not riddled with damp or anything, but it needs new front and back doors... new boiler... new kitchen... new bathroom... it's so frustrating. We are lucky to have a roof over our heads though I can't see any way of saving up for a deposit before we die retire.

GreyFluffball Thu 18-Jan-18 19:26:44

We manage because we have to. We have no money for a deposit on our own home and no way of saving one as we pay rent. We don't eat out except for special occasions, only have one small car and holidays are camping in the UK. We're part of the unfortunate group where we don't earn enough to live comfortably and own our own home, but earn too much to be entitled to benefits.

InDubiousBattle Thu 18-Jan-18 19:27:13

Well, if you can't afford a deposit to buy (we can't )then you have very little choice.

Taylor22 Thu 18-Jan-18 19:28:13

I'm a landlord and tennant at the moment.

Our mortgage is about £575 but we rent it out through an agency for £700

After agency fees and insurance we make -£10 a month.

PinkBuffalo Thu 18-Jan-18 19:28:28

Yes on rent cap. I'm desperately trying to buy a house this year as mortgage will be so much less. I may well have to move into rented & 1 bed flat will be about 60% of my salary. I'm terrified I'm not going to be able to afford anything like bills etc on top.

Minestheoneinthegreen Thu 18-Jan-18 19:30:25

I have a deposit but don't earn enough for a mortgage that would get me a shoe box. My rent is 60% of my take home. I do worry about retirement - or rather the fact I can't stop working as my pension won't cover my rent

Dowser Thu 18-Jan-18 19:31:36

Taylor...I hope you mean you have £10 left after tax as well!

Gladiola44 Thu 18-Jan-18 19:31:40

A bit off topic but why does it say on house rental listings "sorry no Housing Benefit tenants". What's all that about? Surely these are the very people that probable can't easily afford to buy a house in the first place so why do I see this so often?

A lot of agencies and landlords only want to rent to professional couples/sharers.

ItsAllABitStrangeReally Thu 18-Jan-18 19:32:26

Proof of rent payment should be enough to get a 100% mortgage without a deposit.......its impossible to save for.both.

Dowser Thu 18-Jan-18 19:32:55

I wish my tenants would buy my house.
£140k and it’s theirs!
Don’t want to be A landlord any longer.

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