AIBU to be upset about renting?

[desperatehousehunter]

I've always rented. It's not that I don't love my house (and the previous places I've rented), and there are lots of positives to renting that I really appreciate, it's just that I'm getting bummed out about the fact it's not mine.

If we want to decorate we have to seek permission or change it back before we leave. If we want a pet it's up to the landlord. The standard tenancy seems to be 6months-1year so we constantly feel like there's a chance we'd have to leave our home (not to mention each time the tenancy is renewed we have to pay a £60 admin fee and the rent usually goes up).

I know that the solution to this problem is to buy a place - but that's easier said than done! I've got a good job and it's not that I couldn't afford a mortgage (in fact after meeting with the bank I've discovered that my mortgage repayments would be about 2/3 the amount I'm spending on rent, so I'd be better off to buy somewhere) it's the deposit that's the problem. I've been saving for 4 years and so far I don't have enough for a deposit and fees. The bank suggested I borrow money from my family, but it's just me and my siblings and they're saving for a house of their own too.

Should I just suck it up and accept that renting is the new normal? Or do I have a right to be feeling down about how difficult it is to buy a house?

Any advice? WWYD?

I've always rented & been happy with it. Recently though, having decided to get married & considering having a child, I feel like I'd like to own somewhere. I don't know why... Have always been a rover, maybe it's linked to settling down a bit. Homeownership has never been a dream of mine, but the rental market has gone so downhill in the last 20 years. I'm tired of paying good money for crappy places, wouldn't mind if I was getting value for the rent. Having said that, most of my mates shelled out massive mortgages for crappy places during the Boom & are now in serious shite. That does make me feel better off... For now!

I've gotten very annoyed recently with a number of people, usually baby boomer generation family members, who can't seem to understand what a stumbling block the deposit is.

We scraped one together took years and a lot of doing- now we need to move on. We were also lucky to move to an area where housing is slightly cheaper than average while still being o.k.

We probably won't get what we paid for the house - as house prices in the area have dropped - and the money we had to pay out for maintenance and upgrading stuff that the structural survey missed we won't get back I understand that.

However we need to get enough out to buy somewhere else - we are not upgrading but moving sideways for work. We are not looking to make any money. We just don't have any savings to put together another deposit.
It doesn’t compute – as long as we are not in negative equity we are fine and stalling –.

Home owning has proven expensive at times, frustrating waiting to have cash to do something but the security – knowing no-one is going to turn up on our doorstep at worst time and give us two months notice again – is priceless especially with DC.

But the bank were very clear about also needing another couple of grand upfront for fees (surveys etc). Wasn't much less than 5 K for
fees involved for us.

Keep saving, look at cheaper areas - and focus on positives of renting.

some couples decide to live outside their parents' homes and have a family together before they've saved up a deposit for their own home. But that's a choice people make. And that has consequences.

It's not a choice for the many people whose parents are no longer alive, or not in a position to house their adult children for whatever reason.

I'm sure it's terrible advice but can you afford a loan of over 5 years or so to make up the shortfall? If the mortgage would be 2/3 of the rent you're paying.

We've just got a mortgage and consolidated credit cards into a loan in December - the bank didn't care as long as affordability was okay.

I do totally agree with you - I don't understand why they cannot look at your bank statements and see that you have consistently paid your rent and bills on time and have saved something on top too. You're surely not that risky. We've moved in with our parents to save the deposit and it's only 5% on the new build scheme.

And salaries of those living in London have little to do with what they can buy in my experience. Friends earning combined salaries of £50k but who are bankrolled by mum, dad, and the rest are far better off than those I know who are earning £80k but are truly independent.

When prices are rising at 30% in a few years there is no way a couple paying rent can keep up with that in terms of saving the deposit necessary.

Yanbu. DP and I have worked out the figures and because of house prices in our area will need something silly like £50k minimum for a deposit as we will only be able to borrow £140k based on our prospective incomes. It's ridiculous.

I know we could move further north, or even move back to Essex where we're from originally, but for the first time in my life I'm happy in the area I live, I've spent two years making good connections for work and volunteering and I have people I could call friends, it's also the only place I've lived that I've felt at home, so moving further north isn't something that I want to do.

My job is possible down here too, too many nannies fighting for positions elsewhere. It also makes me angry about well paid adults being unablw to afford it op.

TheresLotsOfFarmyardAnimals
I'm sure it's terrible advice but can you afford a loan of over 5 years or so to make up the shortfall? If the mortgage would be 2/3 of the rent you're paying.

My brother did this some years ago with no problems. If you can still do this now, it's a really easy solution.

You can't get a secured loan on an unsecured loan - so no, you can't borrow your deposit like that

OTOH if you rent, and the roof leaks, you just phone someone else to deal. If you find Japanese Knotweed in the garden, it's not your £100,000 loss in value. If the ndn turns out to be from hell then you can move without it costing thousands of pounds. It's not all downside when you rent.

Thecuntureshow, there are some lenders who do consider a loan as a deposit, I have friends who did it with Virgin money just last year, it would be taken into account for affordability though so not something to do without thinking as it would reduce the amount you could borrow.

In our case, it was just an unsecured loan but they didn't ask us the purpose of it. They just wanted the last 3 months bank statements so I'm thinking that if the OP borrowed now and then waited until November before applying for the money the bank would just see the amount in the savings account.

We only had to confirm that we had not got our deposit from family.

I do know of two people that have done this.

OP - try speaking to a broker and asking the question. London & Country were great.

Relocate to a much, much cheaper part of London or a vaguely affordable suburb that you might consider living in permanently so you get a feel for the place. Or houseshare
a) you'll save on the rent
b) your friends will still be central so you will save on no longer going for spontaneous dinners/drinks
c) you will be further away from nice shops - less opportunity for unplanned splurges
d) you will have more time to spend on your selling business

The trick is to move somewhere that doesn't come with a hefty season ticket. We moved from Zone 1 to 3 and got our deposit together in 1yr through some very focused saving. Never moved back to Zone 1 but it was enough to get us somewhere v nice closer to town, and a lot of friends followed us here which has been v nice.

Desperate DO move into a studio flat. Nothing can beat the security of your own home though the mortgage can also bring worries along with it...if you can save a couple of hundred a month then why wouldn't you?

DH to be and I are going to be moving into my MILS when we emigrate...she's over there already...and while the thought of living with MIL is a but much...I know that we have to do it and be grateful we have the chance to save so much money...luckily my MIL is lovely.

Victrix all that is true but crumbles to nothing when you get your two month notice to quit. It's an AWFUL feeling....to be told that you have to leave your home.

I feel the same. A lottery win will be our only chance of ever buying.

We love our current house, and have been her nearly three years. The landlord has just decided all sorts of new 'rules', such as no pots in the garden and leaving windows open. It's shit.

not read whole thread because it will no doubt attract the shrieking anti-landlord harpies, but if you like the place and it is decent, why not ask for a longer tenancy?

good for you, good for your landlord.

Seattle -
That's interesting

Re moving out in zones - we're not central at all.

House prices have gone up 50% in three years here. Yes it's a lovely place but the knock on affect is that it pushes prices up all around, even in the really horrid areas!

Countess how can he say that!?? You're paying for the property...that means the garden too! What reasons does he give for the no pots rule?

Special don't be rude....there have been a lot of threads about renting and just because renters are vulnerable and vociferous on here does not mean they are "harpies".

Thanks for all your advice and opinions on this. It's so useful to get a varied POV.

I have no problem with landlords special and all but one of mine has been very fair and lovely. They have to cover their backs and that's fine (the problem comes when they take this too far and have no trust in all tenants). I have extended my tenancy from a 6 month rolling contract to a yearly rolling contract but they are still able to serve us with notice if they want/need the property back.

Apparently it marks the patio. They are wanting to come and do an internal inspection soon - I shall not be holding back!

Could you save up for a deposit for a small flat, rent it out and put any profits towards a deposit for a house you want? Then when you have near enough, sell the flat and voila!

Also, what are all your opinions of buying a really run down house and slowly doing it up? I've been looking at a lot of auction properties but wonder if that's a bit if a mad idea.

I thought you needed a minimum of 25% deposit for a buy to let (and if you're sensible, several months/a year mortgage payments set aside in case of no tenants or non payment)

Desperate that's it! A year or 6 months...makes no difference.

Countess tell him to get you a jet washer but he can't stop you having plants! Tell him you'll get those little feet for the pots or something.

I once viewed a house where the LL expected to do all the gardening and told me "I don't want any pictures hanging on the walls...there are enough there already."

It wasn't even a furnished property! It was empty but for these weird prints all over the place!

Cunture would she have to say it was to let? Can't someone just buy a flat, live in it for a bit then let it?

Desperate my sister did this but it has taken her and her DH 8 years to get it to a nice condition as the cost was huge and they could only do bits at a time. It was a ramshackle two up two down cottage. They've added an extension with three more bedrooms and also two bathrooms. He did all the work himself.

DH and I will be doing this. We can't dream of a new or tidy house...and to be honest I love DIY and designing things. I see nothing wrong with it as long as you're prepared for hard work.