Mortgage vs renting

[FlyMeToDunoon]

Talk me through this please.
DP and I are in a 3 bed house. We can't afford to move.
Can't afford to keep the property maintained properly. It needs some repointing, windows need renovating, window sills and front door frame need replacing. etc etc.
Basically we have no spare cash. We live on overdrafts which we are trying to pay off.
So we sometimes fantasise about selling up, putting the equity in a savings account of some kind and renting.
Assuming a good, nice landlord then maintainance is looked after, we have an investment [equity] for the future and possibily our monthly outgoings are lower.
What is the reality?

We have about 20% equity in our house but have been in it 5 years and are still only paying interest only. We have got young kids and only 1 salary and couldnt commit to full repayments...or if we did we would live a horrible existance and not have any fun for God knows how many years! What makes me feel crap is that most of the people around me with their own businesses etc seem to hve paid theirs off! Ours wont be paid off till we are 60 i should think...keeps me awake at night!

I am in same sit. as you Flymetodemoon. Mortgage is up to date but not for much longer. House needs a lot of updating, it is servicable but as old as the house - 20 years.
I am definitely renting asap.
Good luck!

we a rethinking of moving into rented, we have had house on the market for approx 14 weeks now, no luck yet.

we haven't found anything we like and are tempted to rent until we do. is this a good idea. my main concern is we only have one full time wage now as i work part time and would we find it hard to get back on the property ladder.

should also say that my dh is not good with money and worried he may spend the equity, he doesn;t have a good credit score as it is.

will this affect us getting a new mortage or possibly renting. i should also say that our mortage has always been paid so we have no arrears on anything.

It is a good idea We sold last month and have had an offer accepted but I am considering pulling out and renting as the market has just turned again and prices are starting to fall.I think big falls will come later this year and it will be at least 2-3 years before they stabilise or rise.Put the equity into a term account and don't touch it

Our landlord - like a lot of buy-to-letters, it seems - has recently decided to put the flat we rent up for sale, so we're just waiting for the phone to ring to be given our notice.
We have been trying to buy somewhere for ages, but the right place is very hard to find. I think renting can be the right choice, but the risk of being turfed out on a couple of months' notice (standard with assured shorthold tenancies) is a major downside and one that's causing us a lot of stress right now.

We have discussed this issue with a solicitor, and the one we spoke to said they only offer 6 month renewable contracts for the tenants, and the landlord has a £125 payment to make to renew this every six months. I agree with Cargirl there's no such thing anymore as a long-term let.

Everything is 'short-term' these days now, it's safer for everyone involved, financially speaking.

we are currently looking into letting out our 3 bed home, because it works out cheaper than selling it so we can move to a bigger place.

I personally don't think there's anything wrong with renting property, I've done it in the past and it's nice to know you are not tied into a long-term agreement, you can move on if you want to in the future. Mortgages are a hassle.