House price including all fees etc is 350k so u put down a deposit of 20% which means u've already saved up 70k ,so house borrowings are 280k x 6% interest rates which = 17000 plus rates ,insurance and maintenance costs . Obviously u make payments above interest but for the exercise blah blah .
Probably should do the figs on 7-8 % but .
The added benefit of ownership over paying rent is u get capital growth if u are lucky but more importantly mummy ,daddy and friends help out with the garden and cheap reno's and u also add value for nicks . If your timing is right u can make a 50-100% gain over 10 years [conservative ] and all tax free but if u pay rent now at 16k-18k [similar to current house repayments ]and still pay rent at the same inflation adjusted rate at the end of 10 years u'll still have nothing versus the folks who can now sell there house and have 150-300k tax free cash in their hand !
