[chris8886]

Originally Posted by Speedy Claire

You still have to insure rented property!!

If you can`t pay your rent you may end up selling your bike, car or TV

Owning a house is a predominantly English thing yes but what difference does that make to anything.

Yes it may be postponing the inevitable but if you can`t afford your mortgage then surely you won`t be able to afford to pay rent either???

I have friends with mortgages and I have friends who rent.... the friends with mortgages pay less each month on their mortgage payment than my friends pay in rent. The big difference is that with a mortgage each month a little bit more of the house belongs to you and a little less belongs to the bank/building society therefore at the end of the mortgage, you own an asset free and clear. Also along the way you build an ever-increasing amount of equity and the icing on the cake comes when your property appreciates over time. With renting, you pay for the privilege of continuing to reside in the dwelling, but you never gain an iota of equity no matter how long you stay.

couldn't agree with this more.