Thanks for the replies everyone.
So I was assuming first two years of mortgage would be a 50-50 split in the monthly payment between interest and what goes towards the house, so those two effectively cancel out each other in terms of monthly costs. The big thing which remains is the cost of the mortgage itself, so stamp duty, solicitor fees, surveys etc. Apart from stamp duty I have no idea how much those would be in total, but lets say 20k to make it a round number. So if the house was to sell after two years for the same price we have 20k less + probably more to cover sell fees etc. (No idea how much those are).
Rent on the other hand is around 1.5k per month in these parts, so 36k in two years, that is a fair amount more compared to the buy/sell scenario outline above, but it does offer waaay more flexibility. Also the buy / sell scenario assumes no drop in value and that might as well be wrong.
The two year stay isn't set in stone, might be less, might be more, depending on what happens in the UK. The other issue is that we've been renting this place for 7 years, so a fair bit of money down the drain, but I guess rushing a house purchase is a very bad idea overall (also I've heard stories of houses taking absolutely ages to sell).
Talking to the landlord next week most likely, no idea what their plans are, but they did serve us notice via letting agency and the end date is end of year.
So I was assuming first two years of mortgage would be a 50-50 split in the monthly payment between interest and what goes towards the house, so those two effectively cancel out each other in terms of monthly costs. The big thing which remains is the cost of the mortgage itself, so stamp duty, solicitor fees, surveys etc. Apart from stamp duty I have no idea how much those would be in total, but lets say 20k to make it a round number. So if the house was to sell after two years for the same price we have 20k less + probably more to cover sell fees etc. (No idea how much those are).
Rent on the other hand is around 1.5k per month in these parts, so 36k in two years, that is a fair amount more compared to the buy/sell scenario outline above, but it does offer waaay more flexibility. Also the buy / sell scenario assumes no drop in value and that might as well be wrong.
The two year stay isn't set in stone, might be less, might be more, depending on what happens in the UK. The other issue is that we've been renting this place for 7 years, so a fair bit of money down the drain, but I guess rushing a house purchase is a very bad idea overall (also I've heard stories of houses taking absolutely ages to sell).
Talking to the landlord next week most likely, no idea what their plans are, but they did serve us notice via letting agency and the end date is end of year.
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