Page 22 | To think rent is so bloody unfair

Tar19891 · 2022-04-02T19:43:24+00:00

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?

vivainsomnia · 03/04/2022 10:27

A quick rightmove search has just shown the cheapest four bed to rent in my whole county is £1300. My mortgage on a four bed is £650. I am certainly not making paying £650 a month for insurance and maintenance. The renting system is desperately unfair
Well of course, when you pretend not knowing that most landlords also pay tax, many at 40% or more. Funny how the benefit suddenly looks less appealing. Had the costs of having tenants who stop paying, need taken to court and everything else and that's your £650 a month gone.

But you're accruing equity. You're not losing money in the long term to anywhere near the extent that someone trapped in the rent cycle (high rent = can't afford to save deposit = continue paying high rent) is
But that would be the case even if the house wasn't rented. Or do you cry at the unfairness that some people are just better off than others?

Comedycook · 03/04/2022 10:27

You’ve read this thread and still come out with this shit? After unfair affordability criteria have been explained several times? Jesus wept.

But it's true. Lots of people can afford the mortgage payments as they are often less than the rent they're paying...but if it was cheaper to buy, they'd do that. If you don't have the deposit, you can't afford it. Chill out...it's not a judgement. It's a fact

Zizizoom · 03/04/2022 10:28

I pay 1000 a month for a 2 bed maisonette. It's crippling. I'd get nothing around here for 800, even 1000 pm is considered cheap where I am; average 2 bed rental is around 1200. It's madness. Are you in a 1 or 2 bed? And are you up North?

SwanBuster · 03/04/2022 10:30

Wait until the SHTF - I’m convinced we are going to see a large scale swoop on private property ownership.

People will not have the money to pay, landlords will get f**ked on rental arrears, mortgage holders on repayment arrears - and then a ‘benevolent’ person from a large private equity firm will swoop in and take over the deeds in return for lifetime tenancies.

At these debt levels and these prices, the policies that have brought us to this point have made it the perfect circumstances for this to play out.

Blossomtoes · 03/04/2022 10:30

@Comedycook

You’ve read this thread and still come out with this shit? After unfair affordability criteria have been explained several times? Jesus wept.

But it's true. Lots of people can afford the mortgage payments as they are often less than the rent they're paying...but if it was cheaper to buy, they'd do that. If you don't have the deposit, you can't afford it. Chill out...it's not a judgement. It's a fact

It isn’t a fact. It’s rubbish. It’s not just about a deposit. People are being turned down for mortgages where the repayments are much less than the rent they’re paying because of the affordability criteria applied.

HRTQueen · 03/04/2022 10:33

Mortgages were easier to get than what what have been in recent years plus the rise in property has not matched the average rise in wages.

I can’t unfortunately get a better deal now so on a variable rate but at least I am on the property ladder I am grateful for that I will get something in return renting you get nothing in return ever

rugbunch · 03/04/2022 10:33

If you don't have the deposit, you can't afford it.

And these days most need family help for the deposit whether it's direct or indirect through living at home. Many are disadvantaged through no fault of their own.

Lineofconcepcion · 03/04/2022 10:35

@BoredZelda

most landlords have a couple of days or a week between tenants. It just doesn’t wash I’m afraid.

You have statistics to back that up?

Usually 3 weeks at the very least. In order to put right the damage caused by the previous tenant some of which is irreparable, painting, and cleaning which I do myself where possible, because they don't know the meaning of the word. Waiting for professionals to do some of the works is time consuming. So that my new tenant has an immaculate, fully functioning property they can call home.

okayigetit · 03/04/2022 10:37

[quote Comedycook]@okayigetit
Not really. My whole point is you can't afford it. Ok the mortgage is less but that's not just what you need. You need a deposit. So the op is moaning it would be cheaper to own but it isn't...if it was, they'd be able to buy.[/quote]
I have lived in London for 6 years, in that time I have spent £60k on rent, my partner has done the same, so collectively that is £120k we have spent on rent, on paying someone else's mortgage.

We are buying a flat for £420k with a 15% deposit which is roughly £60k. Our mortgage repayments are going to be £500 less per month than our monthly rent.

Which is cheaper?

LBFseBrom · 03/04/2022 10:38

@SwanBuster

Wait until the SHTF - I’m convinced we are going to see a large scale swoop on private property ownership.

People will not have the money to pay, landlords will get f**ked on rental arrears, mortgage holders on repayment arrears - and then a ‘benevolent’ person from a large private equity firm will swoop in and take over the deeds in return for lifetime tenancies.

At these debt levels and these prices, the policies that have brought us to this point have made it the perfect circumstances for this to play out.

I agree that the shit will hit the fan before too long. People can only take so much and currently so many are in an untenable situation.

HRTQueen · 03/04/2022 10:39

No one pays 40% tax they pay 40% tax over earnings of £50,270 from this year

The higher rate is around £20k higher than the average salary

Some on here are just oblivious to how people are struggling. I would love to be in the higher tax bracket but thankful I have a property even if I do have a huge mortgage on it

dizzydizzydizzy · 03/04/2022 10:39

@Jobseeker19

I have yet to meet a landlord who pays insurance.

I'm a landlord and pay insurance. You'd be daft not o.

Comedycook · 03/04/2022 10:41

okayigetit well it begs the question if renting was so much more expensive why did you do it for six years....I presume because you couldn't afford to buy? It's like buying a car on finance...it might be cheaper to buy it outright than on finance but if you can't afford it, you can't afford it, so you spend more in the long run

SwanBuster · 03/04/2022 10:44

“ So that my new tenant has an immaculate, fully functioning property they can call home.”

I am laughing my head off imagining the warm fuzzy feeling and sense of satisfaction you felt typing that sentence. Landlords really love to convince themselves they are the pinnacle of morality don’t they 😂

vivainsomnia · 03/04/2022 10:45

No one pays 40% tax they pay 40% tax over earnings of £50,270 from this year
And for many, that's what they earn, so it's 40% of the rental income, especially in London, what's so hard to understand?

HRTQueen · 03/04/2022 10:47

So bad luck anyone on an average wage in certain areas of the country can no longer buy. Stop moaning and get a better paid job.

Nurses and teachers maybe you should do a part time job to top up your wages or thought about studying for a better paid job

Is that they answer to those who can’t get on the property ladder ?

SwanBuster · 03/04/2022 10:47

@Comedycook

okayigetit well it begs the question if renting was so much more expensive why did you do it for six years....I presume because you couldn't afford to buy? It's like buying a car on finance...it might be cheaper to buy it outright than on finance but if you can't afford it, you can't afford it, so you spend more in the long run

It’s not about not being able to afford to buy. Look at what they wrote. They were paying huge amounts in rent, and still managed to save up 60k and are jumping straight to a 420k place. These are likely people earning decent money, doing decent jobs and still they have to wait six years to be in a position to overpay for an inflated property - in the meantime handing over £120k in rent out of their net incomes.

120k which, if property prices reflected real world incomes, would probably buy a half decent place.

dizzydizzydizzy · 03/04/2022 10:48

@Egghead68

I am a landlord. So far this year I have made a loss of £4000. Property maintenance and insurance, management fees, tax etc. are very expensive.

I've also made a loss. Tenants Lost jobs due to covid and benefits aren't enough to cover it. I had a £6K bill to replace pipes to boiler and I now have to renovate the bathroom for about £7k. (The tenants broke the toilet and basin and the leaks have caused the floor to rot). The tenants should be paying towards the bathroom repairs but obviously can't.

vivainsomnia · 03/04/2022 10:48

I am laughing my head off imagining the warm fuzzy feeling and sense of satisfaction you felt typing that sentence. Landlords really love to convince themselves they are the pinnacle of morality don’t they
So much resentment in that statement. You read what you wanted to read because of your own personal frustration.

It might be hard to conceive it, but it's possible to me a landlord and feel a sense of responsibility towards your tenants and pride over your property, without feeling pompous and morally above anyone else.

okayigetit · 03/04/2022 10:49

@Comedycook

okayigetit well it begs the question if renting was so much more expensive why did you do it for six years....I presume because you couldn't afford to buy? It's like buying a car on finance...it might be cheaper to buy it outright than on finance but if you can't afford it, you can't afford it, so you spend more in the long run

Clearly because we were saving to be able to put down a deposit, but if you think the majority of couples can spend £120k or individuals spend £60k on rent in 6 years and still save £60k for a deposit then you're an idiot. I've just shown you the figures, it's costing me less to buy than it is to rent. I've just laid it all out for you

stuntbubbles · 03/04/2022 10:49

@vivainsomnia

No one pays 40% tax they pay 40% tax over earnings of £50,270 from this year And for many, that's what they earn, so it's 40% of the rental income, especially in London, what's so hard to understand?

Why landlords are such grasping, morality-free fuckers, mostly. Can’t wrap my head around it.

Comedycook · 03/04/2022 10:50

in the meantime handing over £120k in rent out of their net incomes

And this is always how people talk about rent...as if it's dead money. You got something with it...a place to live. You didn't burn it. It's just it was an expense rather than an investment.

HRTQueen · 03/04/2022 10:51

Oh boohoo 40% of rental income is taxed

I’m a landlord 20% of mine is taxed and would be 40% if I earned over £50k a year but I earn an average wage I would love to be in that pay bracket I would certainly be better off

I’ve been lucky why pretend it’s such hardship

Chely · 03/04/2022 10:52

@blossomtoes 🤣🤣 everything is so fucking unfair, wah wah wah

Not doing owt about it but moan though

ExplodingElephants · 03/04/2022 10:55

@xyzandabc

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 .

Never met a landlord that rushes to fix a boiler, windows, roof…anything when I think about it. I always hated renting as landlords used to think it acceptable to let paying tenants live in shit pits.

I agree with what PP’s are saying though about the £450 not being the entire cost and that, as a homeowner, you would have to pay for these things. Now we own, our entire monthly outgoings are broken down into mortgage, life insurance x 2 plus buildings and contents insurance. As a renter, you don’t have to have buildings insurance and you don’t have to have life insurance whereas it was a condition of our mortgage. Contents insurance is always optional but useful. Hate to say it OP but it’s like company apples and oranges.