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A lot of weight is placed on the fact that we need to own our own homes so that we have achieved any sense of accomplishment in life. And while it may be nice to own our own property, did you know that mortgage actually means “death pledge.” It doesn’t sound so nice now, does it? But although there are many reasons to not buy a property, there are many reasons counteracting that claim, so which one is best for you? Do you buy a home and saddle yourself with a certain amount of debt, or do you go for the rental option? Let’s weigh it up.

The first thing to address is what a bank looks at when you are applying for a mortgage. You need to have a stable income, a reliable occupation, and a good credit score! The latter one is of the utmost importance. Getting a good credit score isn’t something you can do overnight, it can take years of getting your score to the position where banks may look at you without a furrowed brow. You can learn how to build your credit with small personal loans, which is a viable option. But it is something that takes time. If you are really looking at getting a mortgage, you have to play the long game. In going down the buying route, and you have already been approved for a mortgage, you need to realize how much it will cost you. Not just in how much mortgage you will have to pay, but also in the amount of hidden fees and extra costs, such as closing costs and insurance. Looking at all of that in the round, it may be worth renting purely because of the reduced stress.


Renting can be easier than buying because you have minimal hidden fees. At least with renting a  

property, the process is a lot less protracted, and there is a definite moving in date. With renting, you have a sense of freedom in the fact that you will generally have to give a month’s notice and you can move out for something better. Likewise, the landlord of the property can do the same to you, and if you are in a precarious position, for example, you have a family; it may not be the most pleasant moving-out process. The other reason that rentals appear so popular now is because people are unable to afford to buy anymore. This is great news for the landlords of this world, and it is definitely a great money-spinner for you if you wish to buy a property. The buy to let schemes have been so popular in recent years, but if you're living in the UK, the limited horizons that Brexit may bring could mean that buying property now with that goal in mind could be quite fruitless. On the other hand, people may wish to sell their properties quickly now before the UK officially leaves the EU, which could help you to buy a property for much less than the asking price! Rent or buy? You decide!