What is my next step financially?

I'm sorry but I stopped reading that when the author said as much as 83% is wasted as it's not building equity but rather paying insurance and interest.

He's overcomplicating it.

Why pay £1000 a month to rent, when you can pay £1000 to buy.

We bought our house 6 years ago for £180k. The neighbours house just sold for £240k. Identical house but we've had ours professionally decorated and new carpets, so it's safe to assume ours is £240k minimum.

That's £60k in 6 years. And yes property prices don't always rise, but we only pay £8500 a year for our mortgage. Out mortgage debt drops by £600 a month, so in total we probably have £100k extra equity over our deposit when we bought.

The only reason not to buy is if the market suggests the property bubble is about to burst. And then you just wait till it does and buy then.

/r/povertyfinance Thread Parent