In a quandry

[skymoo]

Hi all

We currently own our home but are thinking of selling. We would be happy to go into rented accommodation but are not sure how long 'long lets' normally go for. If the agent/owner gives you a time scale, do they normally give you this is writing as a binding contract type thing?

I'm sick of having no life and all our money going into the mortgage, and therefore renting would save us about £450 a month at least.

All welcome to comment - is this a shit idea?

I will call the agent for a property we have seen, but in the meantime would appreciate some feedback.

i sympathise!

long term wise. unlikely to get a contract with anything more than two months notice either side.

think of the (very) long term. one day you wont have a mortgage. but you will always have to pay rent... someone may correct me but the size of your mortgage will be eroded over time, as things get financially easier (inflation, pay rises, children needing less - apparently this does happen!) but rent will rise proportionate to inflation.

Thanks HH. We are mortgaged up to retirement, so that's not really a plus - only the fact that once we are old we could sell to pay for our nursing home fees!

We have rented before and are aware of pros and cons, but I'm kind of thinking 'quality of life' now rather than bricks and mortar.