Who doesn’t own a house and isn’t bothered?

[Horcrux]

We are trying to sell our house and we have very little intention of buying another. We have 2 children and jobs and plan to rent as it’s cheaper in our area. But it will also give us more freedom to travel.
Is this totally stupid?

[RaininSummer]

Spied. That seems wrong to me. Social housing isnt for those who can buy.

OP be very sure about this as I would be in big trouble now if I had to pay rent instead of my almost paid up mortgage.

[Horcrux]

@Wintersnowdrop we hope to be getting stoned on a boat we own by that point 🤣

[nicslackey]

Spied We inherited a house. Sold it. Continue to live in very nice social housing.
Are very happy.
I bet you are. Using limited social housing stock and smirking as you do so. While people who could never have a house to sell live in b& Bs. Sickening

[Horcrux]

My dh’s parents own their own home. That will be my children's inheritance. By the time we pay our mortgage off our youngest will be 40

[Couch25k]

What's your long term plan when you are 50, 60, 70?

I may sound boring but by the time I'm 50 we will be mortgage free living in a large 4 bed detached home that we can sell and downsize and live very comfortably

[TipseyTorvey]

I think you're quite mad. I'm risk averse though but given that I've been paying into my pension for over 30 years and STILL won't have enough to live on, ensuring I have a mortgage free home at least, is the only security I have. I'm trying to work out what work I can do past 65 that will net me just enough to eat and make repairs but that would never stretch to full market rent.

[leckford]

Insurance may not be an issue, until it sinks. I know a great deal about boats from family. Brother thought moving large amounts of drugs around the world would make him a lot of money. It didn’t

[MrsAgassi]

Madness.

[cushioncovers]

Nope wouldn't do it. Short term it looks good on paper. Long term not so much.
My grandparents rented and my grandmother is 89 and still paying rent. My parents bought and have been mortgage free since they were 50.

[Spied]

@RaininSummer
We are happy where we live, most importantly our DC are happy living in the house and area we live in. We don't feel the need to buy. We have money put aside for our DC's future we just don't want to put into a house that we have to worry about upkeeping/repair etc as on our wages we would struggle with such costs.
We don't privately rent as in the past we have had some dreadful landlords.
We pay full rent and receive no benefits.
Our social housing rent is a little more than we actually paid in our last private rented house.

[hattyhatshats]

Is there an option to sell and use some equity to buy a cheap house/flat somewhere and rent to cover the mortgage and then you've always got a safety net if the boat sinks/gets bitten in 2 by jaws?

[YappityYapYap]

Always choose the ownership option. Would you rather pay £1,200 a month to a house you will own making you rent and mortgage free in retirement or would you rather pay £1,000 to be asked to move out when the landlord wanted to sell/move back in and have nothing to show at the end of it?



You can't live on a boat with kids! You need a fixed address. You know that idea is total madness. You aren't a slave to a mortgage, you are doing what every human being needs to do and housing yourself

[TheChosenTwo]

Sounds bonkers to me but I’m not you.
I’d never give up my house to go and pay someone else’s mortgage so that I’ve got more money For holidays etc.
So what happens when your dh gets to 70 and you’re renting? If you want to be spending the extra money on things if you start renting, what are you saving for the future rent bills?
It’s crappy paying large chunks of money every month for the mortgage but I’ll (hopefully) one day leave my dc with a decent inheritance to help them out.
I would see it as a backwards step.
A friend of mine has just sold her house (divorce, no children) and is now renting. She couldn’t find something smaller that she wanted to buy and is now renting and spending more money on the rent than she did on her mortgage beforehand. She is now burning through her money and has little chance of getting back on the property ladder.
The boat idea is a lovely one (not for me as dc and I get horrendously travel sick ) but it sounds like a pipe dream.

[june2007]

my inlaws sold the house for knock down price to live on a boat for a few years sold the boat but the price didn,t cover cost of a house so now they rent. Mooving every couple of years. My sIL helps ontribute to the home. They have a dog too so limited to renting options. And if something gets broken you then need to see who has responsibility to fix.

[Horcrux]

Lucky you @Couch25k

@TipseyTorvey we won’t be able to retire at retirement age if we keep the house

[Horcrux]

@leckford we also know a great deal about boats, thank you

[Bakedbrie]

The mortgage rates at the moment are at historic lows, you are crazy. If you pay rent, you pay someone else’s mortgage plus their profit.
Presumably you think by selling you can spend some of the sale proceeds on travel? Fine, but that’s your equity and it’ll just get whittled away to nothing, so your exit from home ownership will be a sad one way ticket.
The other nail in the coffin is that many landlords and agents make money on tenant churn ....the deposits, fees etc. So once your in, they sadly loose interest and often want you out in order to get new cash in.
I find your thinking v short term. Negotiate a better rate on the historic low rates OP and stay in ownership.

[Horcrux]

@hattyhatshats we wouldn’t receive enough equity to buy out right

[Horcrux]

Why not @YappityYapYap? Plenty families live on boats.

[misspiggy19]

I think it is madness to rent over owning a home.

[TokenGinger]

Why ask if it's totally stupid if you're so adamant that it isn't?

Of course it's stupid to give up your security with a risk of paying rent until the day you die, or worse, putting on your kids to house you when you become old and frail.

Every few years when you remortgage, you can do so for a shorter term and the mortgage gets paid off quicker.

I initially took mine out over 35 years. I've had it for 6 years. Next year, if I double my payments, my mortgage will be cleared in 10 years.

I know on a £1,200 mortgage you cannot do this, but as your loan to value decreases, you'll access better rates.

[Horcrux]

Okay, so totally scrap the idea of long term renting.
If we sell our house for what it is on for we will gain £110k in equity.... but realistically £90k if sensible offers are made.
Say we put half of this away for future and use the other half to buy a boat... we will both still work whilst living and travelling aboard. Children will be home educated.
If it all goes to shit we will still have £45 for a deposit on a house.
Is that still crazy?

[madcatladyforever]

It's totally insane, renting is awful. You have no control over what you are allowed to do to the house or decor and the landlord can chuck you out whenever they feel like it.
I've always owned my own place and had to rent for a year recently while I moved cross country and have hated every single second. My landloed is a shit and the place is a dump.
I'm moving back into my own place in 2 weeks and cannot wait.
I'll have paid off my mortgage in 9 years and I'll be free to do what I want with my own money.

[Horcrux]

I’m not adamant that it isn’t @TokenGinger, I am listening to people’s opinions.