Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
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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