Genuine question, AIBU to not get that in the long run you pay off mortgage, own your home to pass on to your DC and rent, especially with the high rates now, is dead money?
I do of course understand getting a mortgage is harder now and house prices, I'm talking about people who have been renting all their lives.
Unless having rent paid for on benefits, I don't get why anyone working hasn't got on the property ladder, less to pay every month with a long term mortgage, eventually nothing to pay unlike rent.
As I said, not talking about now, but decades ago. You showed your earnings, were offered the best deal of what you could borrow, bought your first home within these means, a starter home with the intention of paying far less for payments than rent, property goes up in value, you buy your next home without too much of an increase, still less than renting. So the upgrading continues and initially you just get what you can afford to get on the ladder.
Renting does give you the benefit of any problems being the responsibility of the landlord but all depends on how good they are! With council properties in a much better position as houses are upgraded and issues dealt with (hopefully) more quickly.
Plainly speaking, you work, give a significant part of your income to someone else just to live in their house, pay bills and CT. What's the benefit of this rather than knowing you're paying straight into a loan for your own property, a financial asset, it's yours? Xxx