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samtheman

Buying/renting/combination?

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A lot is said about home ownership and whether owning your own home is always the best solution.

I'm reaching 30 and in a professional situation that would allow me to take out a fairly large mortgage... for various personal reasons (unsure whether I wish to stay in the UK, have a girlfriend who equally may consider moving at some point in the not-so-distant/distant future, I'm quite happy sharing a flat with a friend who's the owner), I'm not really sure about buying a place in London I'd want to live in.

I see various options available but would like to see people's opinions on "less standard" ways of approaching buying a place as a first-time buyer.

- The most common solution (as far as I can tell) appears to be to buy your own flat/house in London and to live in that place while paying for the mortgage.

- While living in London, I've come across a lot of foreign workers who own a property back home but rent while in London, although in theory they could afford to buy a place in London with or without selling the property back home. Since sharing a rental property can often be cheaper than paying for a mortgage, an obvious advantage there is to be paying less while ultimately, after 10 years (or less/more), being able to move back into a property having paid off a large part of an initially expensive mortgage.

I haven't come across many people do this with property in London adopt the same approach. I'm not talking about investment but looking for a property that at some point could be a home but temporarily, for a number of years, would be rented out.

- Having quite a few connections abroad through my family/friends and not knowing which country I will ultimately live in anyway, buying a place abroad to maybe live in someday may seem to make sense

- Not bother buying anything - this does seem like a decent approach but my rent is actually quite high currently so that I wouldn't mind offsetting somehow or replacing this rent with mortgage payments instead.

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The BTL bubble has burst.

Not really what I was looking for. I don't need to know whether rental yields are high or not but to see if people have slightly more original approaches than the typical ones, clearly embedded in the British psyche.

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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