Who Is Poor?

[Dromedary]

7 hours ago, El Cid said:

I feel free to take what ever lodgers I want, any alterations and I could do equity release.

I can also take in lodgers if I want to. Doing alterations is a different matter but that depends on whether I need to do them and also means paying for those alterations so it's not surprising you may need equity release.

 

But.... You still have not explained why you would be £4,000 a year better off than a renter, so try answering that first.

[El Cid]

6 hours ago, Dromedary said:

 

But.... You still have not explained why you would be £4,000 a year better off than a renter, so try answering that first.

I did think it would be obvious, I didn't realize you could not work it out.

I was renting, paying around £4,000 per year. I got a 10 year fixed mortgage and in a few years, I will not be paying my mortgage or rent.

My mortgage payments are roughly the same as my rent.

Not only will I soon not be paying £4,000 in rent or mortgage, I will have £150,000 in equity.

So although my income is well below average, being a home owner does offer some security.

[Dromedary]

6 hours ago, El Cid said:

I did think it would be obvious, I didn't realize you could not work it out.

Obvious.... I'm not a psychic and can't read minds....

 

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I was renting, paying around £4,000 per year. I got a 10 year fixed mortgage and in a few years, I will not be paying my mortgage or rent.

Just to remind you, I am not a psychic....

 

So in a few years you may be better off than a renter, glad we sorted that one. 

 

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My mortgage payments are roughly the same as my rent.

So you pay a mortgage and also rent?

 

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Not only will I soon not be paying £4,000 in rent or mortgage, I will have £150,000 in equity.

So it's now soon.

 

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So although my income is well below average, being a home owner does offer some security.

But you are still worse off than me! Great! 

Edited September 15, 2022 by Dromedary
did a slinny

[El Cid]

2 hours ago, Dromedary said:

 

So it's now soon.

 

But you are still worse off than me! Great! 

Rents have increased in price, my mortgage payments have stayed the same.

People that get  housing benefit must be on a low income, but it is worth a considerable sum.