Property

Should I Rent or Buy?

kai-money-should-i-rent-or-buy

One of the biggest questions we probably ask ourselves other than “what should I eat for lunch?” Is….”should I rent or buy a house?”

To be honest, it really just depends on what your current situation is, what you can afford and how long you’re planning on staying in one location for!

There are a couple of questions you should always ask yourself to help you decide which is best:

What Can You Afford?

If you buy a house, do you have enough money to cover:

  • A mortgage deposit
  • Survey cost
  • Stamp duty
  • Legal fees
  • Bills
  • Service charge
  • Council Tax

If your answer is yes, then make sure you find the best Mortgage deal for your new house.

If the answer is no, then renting may be best and in the meantime you should start saving!

Check out our Savings section and also our Top Tips for Renting.

How Long Do You Plan To Stay In The Same Place?

If you’re planning on settling down in the same place for the next 5 to 10 years then buying a house might be a great idea.

But…if your planning on travelling the world, checking out a new city, starting a new career or even opening a business, then buying a new home might not be the best idea.

It sounds boring, but buying a house is a massive commitment.

If you want to have a bit more freedom and flexibility then renting might just be the best choice for you.

Your Life Circumstances

Are you earning enough money? Do you have a stable job? Do you have decent credit?

You’ve really got to look at you life, and ask if buying a house and paying back a loan for 30 years is really right for you!

 

The Best Mortgage Deals

Halifax 2 Year Fixed
Maximum LTV
60%
Initial Rate
1% fixed for 2 years
Subsequent Rate (SVR)
4% variable
Overall Cost
4% APRC
Lloyds Bank 2 Year Fixed Remortgage
Maximum LTV
60%
Initial Rate
1% fixed for 2 years
Subsequent Rate (SVR)
4% variable
Overall Cost
4% APRC
Barclays 2 Year Fixed
Maximum LTV
60%
Initial Rate
1.9%
Subsequent Rate (SVR)
4.2% variable
Overall Cost
4% APRC
Monmouthshire 2 Year Fixed Mortgage
Maximum LTV
95%
Initial Rate
2.2% fixed for 2 years
Subsequent Rate (SVR)
5.2% variable
Overall Cost
4.8% APRC
Halifax 2 Year Fixed
Maximum LTV
60%
Initial Rate
1% fixed for 2 years
Subsequent Rate (SVR)
4% variable
Overall Cost
4% APRC
Natwest
Maximum LTV
75%
Initial Rate
1.3% Tracker for 2 years
Subsequent Rate (SVR)
4.2% variable
Overall Cost
3.9% APRC
Nationwide Tracker Mortgage
Maximum LTV
75%
Initial Rate
1.4% Tracker for 2 years
Subsequent Rate (SVR)
4.2% variable
Overall Cost
3.7% APRC
Monmouthshire 2 Year Discount Mortgage
Maximum LTV
8%
Initial Rate
2% fixed for 2 years
Subsequent Rate (SVR)
5.2% variable
Overall Cost
4.8% APRC
Leeds Building Society Discounted Variable Mortgage
Maximum LTV
75%
Initial Rate
1.4% Discounted Variable for 2 years
Subsequent Rate (SVR)
4.4% variable
Overall Cost
4.8% APRC
Yorkshire Building Society 2 Year Fixed Stepped Offset
Maximum LTV
65%
Initial Rate
2% fixed for 2 years
Subsequent Rate (SVR)
5% variable
Overall Cost
4% APRC
Coventry Building Society 2 Year Fixed Offset
Maximum LTV
50%
Initial Rate
1% fixed for 2 years
Subsequent Rate (SVR)
5% variable
Overall Cost
4% APRC

Share This Post

You Might Also Like