Moving From Buying A House To Renting

[dave50]

Has anyone considered or experienced leaving the mortgage rat race and moving into rented instead? If so what were the reasons? My sister is considering it. She says she feels trapped and would like pay her debts off including the mortgage and have the freedom to move around when she feels like it. At first I thought it was a stupid idea but the more I think about it I'm not so sure.

[VHG]

The problem is you are paying rent for the rest of your life.

I retired 10 years ago at 53 on a decent pension and was able to pay off my mortgage.

It is amazing how much "spare" money you have if you dont have to pay out any mortgage or rent every month.

[bednobs]

she will never be able to get back on the housing ladder should she wish to

[sherrardk]

I hate renting. Whilst our landlord leaves us alone you never know when your landlord's situation will change and they will want their house back. Also, I don't feel that I can make this house our own, it is such a feeling of 'temporary', hate it with a passion.

[China Doll]

If I already had a mortgage then I wouldn't switch to renting. However I currently rent and have absolutely no desire to get on the property ladder at the moment so I can kind of see the thought process. If I was in her postiion then I might consider renting out the mortaged property so that the mortgage is covered and perhaps rend a much smaller place for myself. I'm not sure it would save money though.

[friedgreentomato]

We did we owned in london and got the chance to move out to northern ireland - we sold up paid off our debts which were massive and now rent - we live in a house we would never afford to buy - we know our landlords won't sell has it has been in their family for over a 100years and are far happier - we got so stressed out owning !

[ubasses]

I am with VHG, retired and could not bear the thought of having to find several hundred pounds a month for rent. I have also seen several people struggling in that position.

[ChuckFickens]

I'd much much rather being paying a monthly amount towards something I could eventually say is mine.

Sadly I'm not.... I'm paying the same sort of amount towards something I'll never have anything to show for.

[daffy654]

I've always rented and would never consider buying (except in the event of a large lottery win). Its nice to not have an enormous debt hanging over us :)

[cupotee]

I would say keep paying a Morgage if at all possible. My son and his wife lost their home nearly 2 years ago and now rent at a hell of a lot of 100s of £s a month. More than they paid in Morgage!!
I have no idea how they got in the muddle they are in, but when the landlord wants to reap his investment they will be out on their ear looking for somewhere else to move into. Where does this end as people get older it can't be pleasant having the prospect of moving hanging over you all the time.

I have to say its wonderful being retired and know we own the roof over our heads and no one can tell us to move out.

[johnk]

If she thinks she will be happy paying large rentals in retirement she should go for it.

[ummmm]

I think she'd be mad to do it. Our mortgage is £140 per month, next door is rented out for £800 a month.

[RATTER15]

We are in the process of selling so we can settle the mortgage and buy are own land and build a log house, in the interim between selling up and finding land and building a home we will have to rent, that is a killer to see our money dwindling away!!