They did this before it worked out really well around 2008
A conundrum
Submitted 1 day ago by ickplant@lemmy.world to [deleted]
https://lemmy.world/pictrs/image/15e46ee1-78e0-4f48-b909-bd21d684306c.jpeg
Comments
sirico@feddit.uk 1 day ago
blarghly@lemmy.world 1 day ago
Lemmy: blames capitalism for making loans too hard to get.
Also Lemmy: blames capitalism for making loans too easy to get.
Infernal_pizza@lemmy.dbzer0.com 1 day ago
More like blaming capitalism for the fact that it’s necessary to get a loan just to afford something as basic as shelter
MintyFresh@lemmy.world 1 day ago
It’s almost like capitalism is bullshit
sirico@feddit.uk 1 day ago
What we have isn’t capitalism those banks should have gone under
TankovayaDiviziya@lemmy.world 1 day ago
Not buy a house, inherit a house from our boomer parents.
bstix@feddit.dk 1 day ago
They’ll sell it to pay for the elderly homes.
You’ll only inherit the clay ashtray that you made for them in 3rd grade.
outhouseperilous@lemmy.dbzer0.com 1 day ago
Who didnt reverse mortgage it to pay for extravagant vacations.
DeathByBigSad@sh.itjust.works 1 day ago
Boomer parents: emotionally abuses you for your entire childhood/teenhood
Me: Has severe depression
Boomer parents: “WHY ARE YOU SO LAZY AND UNGRATEFUL, USELESS EATER, BURDEN ON SOCIETY” then proceeds to threaten to leave me out of the will.
Funny thing is, she also threatens to leave my older brother out of the will. Basically she tries to make us hate each other, and we do hate each other. My entire family is dysfunctional. They are all conservatives, racists, LGBT+ phobic, has the toxic masculinity mentality, ableist af. They think anyone with a slight disability deserves to get executed because its “a waste of resources”. This is why dislike my ancestral homeland, it reminds me of hatred and intolerance.
Tall_Chilchuck@lemmy.world 1 day ago
I’ve never paid a mortgage, but £500 seems pretty low. Do mortgage payments tend to be that much cheaper than rent prices?
vala@lemmy.dbzer0.com 1 day ago
Anecdotally I pay over 200% the cost of my father’s mortgage to rent a home in a lower cost of living area.
ickplant@lemmy.world 1 day ago
Definitely not as low as £500… but mortgages are generally cheaper, sometimes much cheaper than rent. Example: we own a 5-bedroom house with a mortgage of $1,900, my step-son just moved into a 2-bedroom apartment for $2,200 rent.
lunarul@lemmy.world 1 day ago
I paid $3300 rent back in 2020. Got a mortgage at the low rates in 2021 and got a $2800 monthly rate. So it seems like it’s cheaper. But once I add the property tax (~$1000/mo), HOA ($500), home insurance (~$300), it’s at all not cheaper to own than to rent. Plus paying for maintenance on our own (had to replace both the fridge and the washing machine in the time since we moved) adds up too. Not saying it was better to rent, but it was definitely cheaper.
fakeman_pretendname@feddit.uk 1 day ago
I think most of the people disagreeing with the post are from the USA, which has completely different costs/taxes/prices etc.
In the UK (as the original post is), it depends where you live - our mortgage is about £350 per month (5 bed terrace), but if would have been almost £500 a month without the deposit. Rent in the area is about £600 - £1500 per month, for similar or smaller properties.
Note that this is in Northern UK, in the sort of town sometimes described as “a bit of a shithole”. I could get a train to a town an hour away and the prices would literally double - but the ratio between mortgage and rent would be pretty much the same.
Even with the cost of repairs, and a tiny bit on insurance etc, it’s a significant saving. Also, the repairs actually get done, which was not the experience I had in rented accommodation.
NickwithaC@lemmy.world 1 day ago
500 Vs 1000? What year is it?
betterdeadthanreddit@lemmy.world 1 day ago
The problem here is inability to read between the lines. The [bank?]'s message is pretty clear: “Stop polluting my sight, you filthy poor.”