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Long term Renting? What do you intend to do in the future?

155 replies

Mrspitt3 · 14/10/2017 07:34

I'm horrified at some of my friends that have been renting for 20+ years and are in their 40s, and most don't Paul into a pension. I'm mid 40s and got on the property ladder when I was 20 and had a partner (I know prices have changed and I was working didn't have uni fees etc, but had no help from parents). I'm curious to know how long term renters intend to keep a roof over their head when they can no longer work due to age??

OP posts:
EnglishGirlApproximately · 14/10/2017 08:33

OP me and others in their forties have said why we rent but you're choosing to assume it's because we're all so busy buying stuff we can't save. Obviously I would have preferred it if xh hadn't remortgaged our house and then stopped paying the mortgage while hiding it all from me but he did. Another post has talked about leaving an abusive relationship. There are many, many reasons why people rent but I guess it's easier to imagine we're all too busy jet setting around the world and driving flash cars than it is to put yourself in others shoes.

EnglishGirlApproximately · 14/10/2017 08:35

X post. The people you know could well have things they choose not to share with you. I've been divorced 10 years now and to this day none of my family or friends know what happened in my marriage, as far as they're concerned I'm choosing to rent because I prefer the freedom it gives me.

Graceflorrick · 14/10/2017 08:38

My friend, who is in this position frequently talks about buying a massive house when her MIL dies and they have inheritance. She’s quite gleeful when discussing it and it makes me feel really awkward Shock

Mrspitt3 · 14/10/2017 08:38

My question clearly wasn't why people are renting, it was asking what they plan to do after no longer being able to work/afford rent.

OP posts:
ThroughThickAndThin01 · 14/10/2017 08:41

I don't think it's judgey to wonder about this. It's occupying my mind a lot lately.

Dh and I have recently hit a bit of an economic downturn, and thinking maybe we should sell our house and downsize.

We are so lucky we have that option now we are into our 50's.

I'm so sorry for my friends of the same age who sold their house a few years ago for the same reason, with their savings dwindling rapidly as they haven't found new jobs paying anywhere near as much as before. They don't see a way out of renting, or working until they drop, with no inheritance coming up whatsoever.

I know there are millions of people like this, but I wonder like the OP, what will happen in the future.

Dothedodah · 14/10/2017 08:41

My question clearly wasn't why people are renting, it was asking what they plan to do after no longer being able to work/afford rent.

Which is nosey and judgemental. Why would you care what they are planning to do?

It’s none of your business.

Bluntness100 · 14/10/2017 08:42

The op has been very clear and she’s not being judgey, she’s asking about what happens when long term renters retire.

I get there will always be negative emption around this subject, but cmon she never said people were jetting round thr world or buying bloody acrylic nails. Not every thread needs to be a pile on..Hmm

EnglishGirlApproximately · 14/10/2017 08:43

Your question was initially about that but as you went on to talk about how you managed to buy it's clear that you are judging renters.

Bluntness100 · 14/10/2017 08:43

It’s none of your business

Then move onto another bloody thread if you don’t like this one. Others find it interesting or wish to discuss it. You don’t, so move on.

ThroughThickAndThin01 · 14/10/2017 08:45

We wouldn't have many threads Dothedodah if we didn't discuss things which were none of our business.

ThroughThickAndThin01 · 14/10/2017 08:45

Exactly Bluntness

HipToBeSquare · 14/10/2017 08:45

We own and it can be such a ball ache keeping up with the maintenance etc when it's so hard to find decent trades people in London.

I'd like to buy a big 2 bed apartment with balcony in a new build block and have that for retirement and just rent a family home so the maintenance is someone else's problem at this busy time in life.

But as there's no security for renters here I'd never actually do it.

EnglishGirlApproximately · 14/10/2017 08:46

bluntness the acrylic nails and holidays were mentioned by another poster so my response was to them. It's not a pile on at all, but at the age of 43 I'm just a little tired if my life choices being questioned due to the fact I rent. I really don't think I should have to tell people my life story but I'm asked endlessly why I don't 'just buy' and I'm sick of it.

Jenala · 14/10/2017 08:46

I meant to say, a 10% deposit would leave us with a large mortgage that would cost more per month than our rent currently does. I think this is the other fallacy, mortgages aren't necessarily cheaper each month than rent now because they are so huge. My uncle can't understand why we pay so much rent and was telling me that a mortgage would "only be £x" but I'd need such an enormous mortgage that it would be a more expensive payment each month than my already extortionate rent.

Your reply where you mention how it was like paying two mortgages/you had to quickly get another job... the tone is still very much suggesting that you had it hard and others must be feckless/not prepared to work etc.

It simply isn't true. We work really hard and don't do anything - no meals out or holidays yet we struggle.

Someone on NMW, working 37 hours a week, takes home approx £1100 a month. The average house price in the UK is about 200k. So a couple on NMW would need to save 20k for a 10% deposit (not allowing for all other associated costs which can be a few thousand), so around 75% of their combined annual income. Buying alone someone on a low wage would need a deposit of 130%ish of their annual take home pay and 105% if they bought at the lowest average price.

Compare to when you were on £5k and paid out £3k deposit - you needed 60% of your annual income as a deposit if buying alone. But you say we so I'm assuming you bought together. If your partner was also on £5k then you needed to save just 30% of your combined annual salary to get the deposit together.

In my area the average house price is more like £300k and a modest house in a crap area you could hope for £200k. It's extraordinarily difficult to save enough especially if you come from a background like mine where you were thrown into renting young and became stuck, which isn't uncommon.

Bluntness100 · 14/10/2017 08:49

at the age of 43 I'm just a little tired if my life choices being questioned due to the fact I rent

If she had said * English girl can you tell us what you plan to do” I’d get your point, but it’s a general question, it’s not aimed at you specifically and you can read and move on. No one is questioning your life style choices.

Mrspitt3 · 14/10/2017 08:50

Thanks bluntness and through thick and thin.....I'm very thick skinned and as always fully aware these posts generate emotion.

OP posts:
Graceflorrick · 14/10/2017 08:56

The PP who talked about the cost of a ‘modest house in a crap area.’

This is the reason so many of my friends are still renting or living with parents. They wouldn’t live/buy a house they considered to be below them.

My first house was in an awful area, overlooking a major road my friends were very judgemental. When we sold it and made a profit, they commented that they woul never have paid that for such an awful house. I worked my way through houses.. the only one they’ve liked is my current house!

People want to go straight to their ideal house, they can’t buy it so they rent their ideal house instead.

Mrspitt3 · 14/10/2017 08:58

English girl.... I answered the question about my situation because someone asked.

OP posts:
AdmiralSirArchibald · 14/10/2017 08:58

We rent and probably always will. I have a good pension and will still be able to afford to pay the rent and we are saving. We simply can't afford to save the 40k deposit we would need to buy here, our salaries are not high enough to get a mortgage big enough to buy here and even if we did, payments would be higher than our already enormous rent. We can't move from here as DH's job is not available in other places. So we have accepted that we will rent and will prepare for old age in other ways. Not everyone has to do the same.

theaveragewife · 14/10/2017 08:58

We rent (mid 30s) and I'm also fed up of people asking intrusive questions because we do. If it isn't enough that letting agents and landlords don't seem to care enough to get rid of black mould and we have to rent a shit house for £1600pm, people think they can judge us for not owning?! The 6 monthly inspections of our house, being kicked out just before Christmas as ll wants to sell. There is no protection for renters, no rent control, no way of getting on the property ladder. WTF are we supposed to do? Yes it bothers me on a daily basis that we could obviously afford mortgage payments on a lovely house, but we have no way of building up a deposit.

AdmiralSirArchibald · 14/10/2017 09:00

Also, I genuinely don't think we would be able to afford house maintenance costs on top of a mortgage even if we did have a way to buy currently.

Fionnbharr · 14/10/2017 09:20

Attitudes towards renting are odd in UK with home ownership almost always being favoured. But long term rental is the norm in many EU countries for people from all income levels.
The UK need to change the landlord/tenant power balance. Tenants who fulfill the terms of the contract should have the right to stay unless the landlord needs the property for own use or envisages major renovations. And these conditions should be mediated by the courts. The problem the UK has is that the failure to invest in housing combined with high demand has left the door open to small time btl landlords who often offer low standard properties and depend entirely on the rental income to pay down their own mortgages. This means they sometimes have to sell on quickly and tenants cannot rely on the home continuing to be available. In Europe the big pension funds invest in property and they can cope with short to medium term cash flow problems.
Tenants in Europe who lose their income at retirement/death of spouse are helped by the social security system.
I think all this is possible in UK. The balance of landlord/tenant rights just needs tweaking.

3luckystars · 14/10/2017 09:38

It’s an interesting question.

What do they do in other countries? When I was in Italy, loads of people rented all their life, it was normal but I never asked this question.

ImMissHannigan · 14/10/2017 09:43

My exp (father to my 2DDs) has had ample
Opportunity to buy (huge inheritance, redundancy pay outs etc) and has blown the money each time. He is renting now and I fear he will have to work until he dies in order to keep a roof over his head. Now I really should t care as he isn’t my problem anymore. But he is my DDs problem and I know that he will expect them to take care of him when he is older. So I work hard to raise them single handed (he rarely sees them and barely contributes financially) and he will reap the rewards of that hard work all over again when he is older and relying on their kind nature to look after him financially. I can’t get my head around why he hasn’t planned for the future. He is 50 now so not much chance of getting a long term mortgage even if he could. And short term would be unaffordable.

EnglishGirlApproximately · 14/10/2017 09:44

I get that it want directed at me specifically but it was directed sat long term renters, and I am one so I answered. Don't get emotional and take threads like this personally, I have a good life and I'be made the most if the hand I've been dealt. I just don't understand why people are so unable, or reluctant, to see that people have different life experiences.
mrspitt fair enough. If you genuinely can't see why your question is very clearly questioning why people rent then I think you're either a little short sighted or on a wind up.

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