The video’s interesting but the difference with their example of Switzerland is that renter’s rights were protected and they could take out decades-long leases. Renting in England gives a bad deal to renters
Exactly, that's what needs to change in the UK. Better rental rights. I'm not trying to guilt anyone that wants to buy, just saying that if you save like mad just to get a small deposit and buy something, it won't necessarily lead to the riches society suggests. It's a risk.
However it was worth the initial stuggle as now payments are much less on a lower intrest rate. We pay much less than rent for a one bed flat in our area.
That's great it worked for you, but interest rates are at the lowest they've ever been. They won't be there forever so it's difficult to say it's a sure bet to buy.
I've watched the video and in my situation it has been cheaper to buy than to rent.
As above, mortgages are a long term debt and house prices, rentals and interest rates do change alot. The mortgage payments are all out of sync at the moment due to the historic low rates.
All I'm saying is it isn't a sure bet to buy a house. I've lived in lots of different countries and I find the houses obsession a bit funny and with my economic hat it's not that great to have so much money tied up in unproductive assets that are ever more speculated on. The only winners here are the banks and the elite that inherited vast swathes of land.
the point has already been made that we pay more in rent than we do in mortgage repayments and with every repayment we own more and more of an asset.
And yes, I take it personally because you replied to my message further up saying that my choice of a 5% deposit ‘wasn’t perfect’ -so why wouldn’t I? :/
Only at the moment, who knows what the future will hold for house prices and interest payments over the long term debt repayment? I'm just taking a long term view on a long term debt.
That's nothing against you, 5% deposit isn't ideal and wouldn't pass most stress tests.