Home Owner, Mortgage Owner or Renter

[EnglishinWales]

Let's have a landlord category and see how many of them there are amongst us.

[LBW]

I'm a renter, though possibly about to pull the trigger depending on what me and Mrs LBW think about a place we're viewing at the weekend. £160k for a mid-terrace in Southampton on a somewhat quiet street, looks in decent nick so will probably sell very quickly for near-asking price. Guessing the seller is an estate given that the current setup is very elderly-friendly.

We're fully aware that we'll be buying into a market that may be about to tank, but we've got a plan to weather whatever happens (unlike our dear friends at 118). Luckily (!) we're restricted to a single-income mortgage as she doesn't have permanent residency yet. 10% deposit, 5 year fix, 25 year term on 4.1x a single income and the ability to overpay like hell means we can probably clear it in 15 years if we wanted, or the more likely scenario of keeping our equity intact when the downturn eventually happens.

If I were maybe 3-4 years younger or if S24/letting fee ban had arrived sooner, I'd try and hold out. But for the sake of finally being able to live without useless letting agents prying around, not staring at beige walls every day, finally having a pet cat, and starting a family with a greatly reduced risk of being forced to move out, I'm willing to take the risk.

[renting til I die]

Of course I rent (name change would be the first thing on my to do list if that changed!) but I was temped to vote with the one honest troll! Just for a laugh! I think 'Off the gird' is what I would like to be aiming for longer term!