Gregor
Member
Registered: 28th Nov 03
Location: Paisley, Renfrewshire
User status: Offline
|
Dead money I know. Paying someone else's mortgage as well - I know.
I am self employed and have been for a couple of years now. However, the banks are strict on any form of lending to self employed and in particular mortgage. I've tried and tried but have been stonewalled each time and told that another year/2 years of accounts is required.
For this reason I am seriously considering renting. For those of you who do so , does it work?
What monthly outgoings need I consider when renting as I am unsure if rent covers any other bills?
|
noshua
Member
Registered: 19th Nov 08
User status: Offline
|
Nothing wrong with renting if it fits your needs, i.e. nowhere else to live, with the girlfriend before buying to make sure she isn't a crazy bitch, new job, etc.
I live in a 2 bed 2nd floor (top) flat, pay £825 rent. £1200 is paid into a separate account to cover rent and all bills - been working good so far. Probably overpay by a little, but never know until the bills settle (gas, electric and water as they're quarterly)
I'm sure there's been a couple threads on here and people have described their rent/mortgage + bills.
As for bills to pay:
Rent - 825
Water - 20
Gas - 40
Electric - 40
Council tax - 120
TV license - 12
Then remember you have the choice of taking out TV like Sky / Virgin, contents insurance, probably a few others I've missed.
EDIT: Added a rough list of what we pay.
[Edited on 05-11-2012 by noshua]
|
Gareth T
Member
Registered: 14th Feb 06
Location: newcastle
User status: Offline
|
I rent and its good if yiu want hassle free living. What I.mean is if something goes wrong/brakes its someone elae who sorts it and doesnt affect our money anymore. Depending in area etc depends on how much rent you pay so be prepared in this climate to pay that bit more for a nicer prooerty/area.
|
Gregor
Member
Registered: 28th Nov 03
Location: Paisley, Renfrewshire
User status: Offline
|
Cheers guys. Would like to be able to strike a balance between being able to rent and save for a bigger deposit too but I'm unsure how that can be done without knowing what I can afford when I don't know what the outgoings will be.
|
sc0ott
Member
Registered: 16th Feb 09
User status: Offline
|
Why not try housing associations for social housing or mid market rent. Both are cheaper than private let / paying someone elses mortgage.
|
jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
User status: Offline
|
I'm self employed, mortgages are out there, you just need a reasonable deposit (30%ish).
Sadly you may also struggle letting as the agents will ask you for your last 2 years SA302s/returns. You'll probably need a guarantor if you can't provide reasonable accounts.
|
Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
|
I rent and I think it's a good learning curve. I have always been like you said in your first sentence. But I'm glad I didn't jump into a mortgage especially with my girlfriend so we can see if we can last without strangling each other
My only recommendation to anyone is to have the deposit ready as its very hard saving aswell as renting & trying to live your normal daily routine & hobbies, but worth It to have your own place (as such)
|
Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
|
quote:
Originally posted by Gareth T
I rent and its good if yiu want hassle free living. What I.mean is if something goes wrong/brakes its someone elae who sorts it and doesnt affect our money anymore. Depending in area etc depends on how much rent you pay so be prepared in this climate to pay that bit more for a nicer prooerty/area.
Same here, live alone and renting a nice apartment / flat suits me perfectly. Currently have no desire what so ever to buy a house.
|
