Why don’t people understand that not everyone wants to buy a house?

[tarrantulla]

We rent a flat in London. Have a big deposit but would rather invest it across several asset classes. Prices around us in zone 1-2 are dropping.

People will often say things like “oh are you saving for a deposit” or “it’s such a waste of money to rent” when in reality, for the last few years smart people in London rent and not buy!

Who told you this?

Because they were wrong by the way.

Didnt you say you bought a property? How did you manage to do that with such an unfortunate understanding of how a mortgage and home ownership works?

I think you need to use this 🤦🏼‍♀️ emoji on yourself

Nope.
You are the legal owner. The bank has a charge secured against the property you own .

I wish we’d been legally allowed to send my poor mother peacefully into a sleep from which she’d never wake, when she was still at a stage of dementia where she couldn’t remember anything, but was often anxious about something that was all in her head - but before she became doubly incontinent, unable to recognise any of her family, or hold any sort of conversation.
So maybe at 90, rather than going on to 97, as she did.

I know 100% it’s what her former self would have wanted, too.

Ok so I’m not buying my house, I’m just renting it from the bank?

Well I have to say the bank is the best landlord I’ve ever had. They let me live in peace, never invade my privacy to do inspections. They let me decorate the house however I want, do what I want to it and don’t get funny if I put a few picture hooks up. They don’t care how many pets I have. They don’t raise the ‘rent’ on a whim - I’m locked into a 5 year deal. So long as I keep paying the ‘rent’ they will never evict me. Best of all once I’ve lived here 25 years they give me the house for free.

All things considered I’m very happy to be renting from the bank.

Yeah we got a 10.year deal when the children were small and interest rates were low. 10 of never worrying about that key cost going up. We are overpaying but that's a choice. The security has been amazing

So buy outside of London. It's not the only place to live. Buying isn't compulsory and if you're investing elsewhere fine but also factor renting into your old age

Also, rent round here is about £3000 for a house our size.

Our interest payments are £700 a month, everything else we pay is paying down the capital

Tell me you’ve never bought property without telling me you’ve never bought property.

It's what the majority did ( and were encouraged to) though Doesn't make people stupid for following advice Hindsight is a wonderful thing

I bought a flat in London in 92/3 . It had originally been £80 off k when built a couple of years previously. I bought as a repossession gor£34 k