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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To ask who chooses to pay rent rather than buy?

226 replies

fluffiphlox · 24/01/2013 11:13

I am laid up at the moment and resorting to watching Homes under the Hammer etc. My query is who the dickens is choosing to pay £500 plus per month (some rentals are £1200+). Isn't this more than a mortgage? I'd be interested to know who renters are and why? Most of the properties are family homes rather than student lets etc so why would a 'grown up' choose to give their money to a landlord rather than service a mortgage?

OP posts:

PandaOnAPushBike · 24/01/2013 11:15

Because they can't get a mortgage big enough?

WorraLiberty · 24/01/2013 11:15

How many people do you think have a choice?

GoldPlatedNineDoors · 24/01/2013 11:15

I pay £500pm mortgage, plus fork out for any repairs, worry about equity, the hassle of selling up.

All because someone said renting was "throwing my money away".

If I rented a similar flat in my street id save £100pm and have a landlord who was responsible for maintenance and not have to worry about moving.

Anyone got a time machine?

Booyhoo · 24/01/2013 11:15

people who cant buy?

you didn't really put much thought into this did you?

MrsBungleBear · 24/01/2013 11:16

Because the deposit needed is astronomical.

Lovemy3kids · 24/01/2013 11:16

I rent and pay more than £500 per month. I rent because my XH and I split up and sold the family home (as the mortgate was more than £1200 per month and I couldn't afford this myself). I am now a single parent to 3 DC and my income will not allow me to 'afford' a mortgage - even though I can afford the rent.

My ideal would be able to buy a property, but I cannot see that happening for a very long time... :(

StickEmWithThePointyEnd · 24/01/2013 11:16

Because I can't afford to buy.

Linoleic · 24/01/2013 11:17

ifancyashandy · 24/01/2013 11:17

Because I'm single and the mortgage on my 2 bed flat in a decent part of town with a lovely huge balcony would cost me double my rent. And I have a great landlady who totally sees it as my home. And who fixes anything that breaks as soon as. Hassle free living.

Lonelynessie · 24/01/2013 11:18

Because lots of people can't afford the huge deposit needed for a mortgage, so they have to rent or be homeless.

BettySwollocksandaCrustyRack · 24/01/2013 11:18

Because it isn't as easy to buy a property now as it used to be and it is bloody hard getting on that property ladder.

When I got my first mortgage in 1991 it was easy........lenders were chucking 95% mortgages at buyers left, right and centre. Massive difference now though sadly....I feel really sorry for people today setting out on their own!

Feminine · 24/01/2013 11:19

What are you talking about op

There are thousands of 'grown-ups' renting, all for very 'grown -up' reasons.

I don't have the energy to type anymore.

DawnOfTheDee · 24/01/2013 11:19

People who can't afford/are trying to scrape together a deposit.

People who know they will only be living in that city temporarily.

People who like someone else being responsible for repairs, etcc

People who want to rent.

Original poster

fluffiphlox · 24/01/2013 11:20

Well I admit I'm out of touch and I don't think I said that anyone was 'throwing their money away'. I was very taken aback that rent is so much. I wasn't making a moral judgement, just wondering who is making that choice. I'm not at home watching TV as a rule so it's a bit of an eye opener. What sort of deposit is needed for a mortgage these days?

OP posts:

PartTimeModel · 24/01/2013 11:20

Because while you are paying extortionate rent it can be extremely difficult to save up enough for a deposit so you can buy?

Because even then house/flat prices are so high it can be difficult/impossible to buy.

I can only afford to buy as I'm in a shared ownership scheme. Without that I'd be totally fucked even though I earn about average wage. Even with the scheme it's very difficult to upgrade to a 2 bed flat which we desperately need to do. It will involve moving out of out (un-posh) area, changing schools, changing childminders, increase commute to work etc etc, and paying out a LOT more.

Pandemoniaa · 24/01/2013 11:20

People rent because buying a house involves of far more than paying a mortgage. Isn't that obvious?

I'm old enough to have bought houses when they were affordable. However, ds1 who has a similar job and income to me when I was his age, could pay a mortgage but even if he could save the enormous deposit, would be unlikely to get a mortgage big enough to buy a house.

Loa · 24/01/2013 11:21

People whose job involving moving fairly frequently - short term contracts can be very common in certain sectors and the next job many miles away. If you don?t have DC moving round starting careers up that can be doable especially if you can move quickly.

We thought we had some work stability - bought house to give DC some stability DH now works other end of country and we'd like to join him but need to shift the house first.

Darksideofthe80s · 24/01/2013 11:21

If you would like to offer self employed dh and myself a mortgage we would very happily buy rather than rent.

Forgetfulmog · 24/01/2013 11:22

Goldplated I agree with you - we desparately want to sell, but are in negative equity so there's no way it's going to happen for some time. Wish we had rented. I think there needs to be a radical overhaul of how we perceive renting in the UK - it's not all as evil as people think it is.

DaveMccave · 24/01/2013 11:23

I prefer renting. It gives you more flexibility with jobs and your not iced to a place. I know plenty of people stuck in miserable, dven abusive relationships, and people severely depressed because try hate their jobs so much, but are to scared to try and change things because of their bloody mortgage. I wouldn't want all my spare cash going on large repairs when a landlor could do it anyway. I think buying is a good option if you are sitting on huge savings of course, but only then. It's not a necessity to me.

nefertarii · 24/01/2013 11:23

Hoe can you have possibly missed the fact that an extremely large deposit is needed, property prices are sky high (therefore uping the deposit amount) and the fact that banks are not that keen on lending.

Some people also just don't want the hassle of buying.

Loa · 24/01/2013 11:23

What sort of deposit is needed for a mortgage these days?

We had 40 K saved - we were first time buyers and bought a 3 bed semi in a cheap area of country. We borrowed the max we could. I forget how much of a % somewhere between 15% and 20 %.

Booyhoo · 24/01/2013 11:23

never mind the fact that house prices are insane in comparison to wages.

DaveMccave · 24/01/2013 11:24

Gosh, excuse all the typos, bloody phone.

ClaraBean · 24/01/2013 11:24

We live in a very expensive part of Britain, was born here, and I made dh move here when we got together
We both have reasonably good jobs, but there is no way we could afford to buy anything half decent in my home town. No way at all. The houses around the corner from us are 750000 +
We have decided to rent, unless we get a massive windfall.
We only rent from private landlords, who are looking for long term tenants, and who are happy for us to make the house 'ours', paint walls, make changes. We pay £1150 a month rent, but we love the fact we are not responsible for anything that goes wrong with the property, we have a very hands off landlord who leaves us to it, unless we call him.
I would find it very difficult to rent from a landlord who wouldn't let us paint the walls and was popping in every minute.
Of course owning our own home would be ideal, but it really isn't a massive deal that we don't. I don't feel the need to own a home. It is not a big deal for us.
If the money landed in our lap, we would buy, but we don't want to be indebted to a bank with a mortgage, much prefer to have a debt free life. If we need to move, we move, we are free (imo)

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