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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think rent is so bloody unfair

999 replies

Tar19891 · 02/04/2022 20:43

My rent is 800 per month. A mortgage on the same value flat would be 450 per month. Not in London obviously. It’s not fair is it?

OP posts:
ohmydayzz · 02/04/2022 20:48

A monthly mortgage payment would be wholly dependent on the amount of deposit and length of mortgage?

YABU.....

Chestofdraws · 02/04/2022 20:49

You realise from that eight hundred the landlord pays tax, insurance and has to also pay all repairs? And if you had a 450 mortgage, you’d also need insurance, buildings, and you’d have to cover all repairs yourself right? Although granted you’d not pay tax. What is it you find unfair?

HollyBollyBooBoo · 02/04/2022 20:49

Surely it depends how much deposit, length and rate of mortgage?

Renting is always more expensive long term though.

Original poster
Tar19891 · 02/04/2022 20:50

Okay! Further info needed. Flats are worth about 120k (one bed) and with a 15k deposit mortgage payments are about 450 per month.

OP posts:
LardyDee · 02/04/2022 20:50

And as the owner you'd have to pay for maintenance. And be exposed to the possibility of falling prices.

FuzzyPuffling · 02/04/2022 20:51

What ChestofDraws said. There's a great deal more cost to home ownership than just the mortgage.

LardyDee · 02/04/2022 20:51

Anyway, not sure if "fair" comes into it! The price is the price. It's set by the market.

Jobseeker19 · 02/04/2022 20:51

I have yet to meet a landlord who pays insurance.

EmmaH2022 · 02/04/2022 20:51

@Chestofdraws

You realise from that eight hundred the landlord pays tax, insurance and has to also pay all repairs? And if you had a 450 mortgage, you’d also need insurance, buildings, and you’d have to cover all repairs yourself right? Although granted you’d not pay tax. What is it you find unfair?
Exactly this Crazy comparison.
Original poster
Tar19891 · 02/04/2022 20:52

@Chestofdraws spot the landlord!

OP posts:
MrsTerryPratchett · 02/04/2022 20:52

I agree.

Singapore built government-owned, functional housing which people buy for an affordable price, based partly on income. Fair, affordable, safe and decent housing which is essential for a happy life and a productive economy.

If you're a gazillionaire you can still buy something bonkers. But low- and middle- income people aren't scrabbling to afford to pay a LL's equity. To make them wealthy.

Chestofdraws · 02/04/2022 20:52

Further info isn’t needed. We are all adults who understand finances

You’ve got your sums wrong, your costs would not be 450 a month. It would be 450 plus insurance and all repairs and Maintenance

There is nothing unfair.

EmmaH2022 · 02/04/2022 20:52

@Jobseeker19

I have yet to meet a landlord who pays insurance.
Seriously?!
xyzandabc · 02/04/2022 20:53

The mortgage payer will also be paying stamp duty, conveyancing fees, survey fees, buildings insurance, all maintenance on the property and all the hassle that goes with arranging these things So if it needs a new boiler, windows, or a new roof, that gets added to the £450. So yes renting is more expensive but the difference between your £800 and £450 example becomes less when you factor in the above .

MrsTerryPratchett · 02/04/2022 20:53

Another way is possible but people are desperate to justify the crab bucket.

Original poster
Tar19891 · 02/04/2022 20:54

@Chestofdraws I pay tenants insurance already. I appreciate that I don’t have to pay for cost of repairs but TBH they’re not 4.2k per year are they?

OP posts:
Chestofdraws · 02/04/2022 20:54

@Jobseeker19

I have yet to meet a landlord who pays insurance.
Of course they do, they have buildings insurance, landlord insurance . They often don’t have contents, but surely you don’t think that’s what people are referring to?
SweetSakura · 02/04/2022 20:54

I agree with you.

SheldonesqueTheBstard · 02/04/2022 20:55

Spot the landlord or spot the frothmeister thread?

Original poster
Tar19891 · 02/04/2022 20:55

Plus the landlord is building equity. Come on, we’re all adults as you say. Just admit to profiting off the situation

OP posts:
CheeseCakeSunflowers · 02/04/2022 20:56

You haven't met many landlords then. They would be stupid not to pay buildings insurance.

SwanBuster · 02/04/2022 20:56

'You will own nothing and be happy'

@LardyDee - the price floor is set on Univeral Credit's housing element. Which is set quite high indeed to protect landlords.

YANBU - housing speculation and the use of shelter as an asset has corroded the social fabric of this and many other countries. At this point in the cycle, consider alternatives to home ownership. There are different ways to play this rigged game.

Salary sacrifice pension schemes, universal credit 100% disregard, vanguard ETFs are all good keywords to begin with. Let these corrupt f**kers pay your rent with their fake printed money.

Chestofdraws · 02/04/2022 20:56

[quote Tar19891]@Chestofdraws I pay tenants insurance already. I appreciate that I don’t have to pay for cost of repairs but TBH they’re not 4.2k per year are they?[/quote]
You forgot tax on the income. Which is between 20 percent if you earn less than fifty k and forty percent on everything over.

BambinaJAS · 02/04/2022 20:57

I love these threads.

There is a good reason why renters think landlords are tone deaf and insert bad word here in the UK.

The main advantage of owning is the capital appreciation (and equity) that you build up that renters do not.

When I hear landlords complain about maintenance costs and insurance cost I laugh at their absurdity.

Building equity in an asset (house) is an immense advantage.

So stop making excuses. It just makes renters hate you even more.

Chestofdraws · 02/04/2022 20:57

@Tar19891

Plus the landlord is building equity. Come on, we’re all adults as you say. Just admit to profiting off the situation
Well of course they are, it’s a business, not a charitable act.
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