reply to post by stumason
Ive ranted about the whole house thing before on ats.
tax, interest rates and one off tax.
you work, you get taxed, you save, you get poor interest on your savings and lucky to beat inflation.
you spend your savings on a deposit and get a mortgage, high interest of course (from the banks money it gets from others saving)
you pay your stamp duty
you pay your solicitors
you pay your mortgage off, which is as much as renting anyway
you die you give leave your house to your kids, your house is over the limit for inheritance by just 50k
kids have to find 40% of 50k
kids have to sell house
kids split whats left of the money
kids spend it on..... you guessed it another mortgage!
amount of work you you did vs the amount that was taxed from you and taken off you in the form of horrible saving interest vs insane loan
interest...... never ending cycle of tax.
If you had to take any loans out while you were in the saving and renting phase, increase impossibility factor by 5
edit on 17-4-2012 by Biigs because: (no reason given)