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buying it would have been costly, but it was the deposit that would have been prohibitive. The mortgage would probably have been £800 or so, Mig would know better.

The way I remember it we were paying less than £1000/mo for rent but would have paid over £1500/mo for a mortgage.

Of course, when you're paying rent all the rent minus owner's expenses goes to the owner, whereas when you're paying a mortgage the mortgage minus interest stays with you, so it might still make sense to buy at £1500/mo over renting at £1000/mo. However, I just couldn't sustain an outlay of £1500/mo plus owner's expenses, whereas I could sustain a rent of £1000/mo. So there was no choice. The "better option" was simply unaffordable.

I'm shocked at the prices you refer in the diary. £2500/mo for rent in the friggin' boonies? What?

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Wed Jun 1st, 2011 at 06:57:35 AM EST
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