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Which part of the UK can you rent for £1,700 but mortgage for £800? The housing market varies greatly in the UK, e.g. London is an extreme outlier. It's usually
by switch007 11y ago
Which part of the UK can you rent for £1,700 but mortgage for £800? The housing market varies greatly in the UK, e.g. London is an extreme outlier. It's usually only useful to talk about specific locations
- collyw 11y agoProbably anywhere if you bought the house 15+ years ago.
- lhopki01 11y agoLondon is more extreme but it's the case in almost the entire UK that rents are higher than mortgage payments.
- switch007 11y agoPerhaps so. e.g. in Greater Manchester rent might be £470 for a 2 bed terraced house whereas the mortgage would be about £300-400, depending on interest rate, but a mortgage payment isn't a direct comparison to a rent payment: you need life insurance, buildings insurance, contributions to a repairs fund, service fees if a flat, upfront costs to be amortised over the duration of ownership etc (but those payments are not necessarily the difference). Also, the set of people who are renting and unable to get a mortgage I imagine is quite large.
- sokoloff 11y agoWhat does life insurance have to do with owning a house? Is that required for a mortgage in the UK?