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Where are there historic banquette halls?

Should I rent, move to halls or buy my own flat?

  • I'm 22 and have enough savings to buy a flat and my parents are going to help with monthly repayments. I am starting uni this september. I have done lots of calculations and have found that if I take a mortgage, my monthly repayments are actually cheaper than renting a flat or living in halls! Plus, the monthly payments that I make are like savings because I am paying it towards my own house and not to someone else's mortgage! But I am worried about missing out on social aspects by not living in halls! Plus, I will have to buy a flat about 2-3 miles away from uni whereas halls/rented flats are within 1 mile of uni! I'm really confused! What do you suggest I should do? Costs: Renting: £350 per month In Halls: £400 per month Mortgage : £325 per month

  • Answer:

    Are you actually eligible for a mortgage? Generally you need an income, which you won't have as you're a student; you also need a good credit rating, which at your age could be difficult. You need to speak to your bank and make sure this is even possible. Also, take into consideration other costs - if you live in halls, your utilities (electricity, gas, water) are included; sometimes internet too. If you live outside, you'll need to pay these. Most people suggest halls for the first year as this is a great way to make friends; most people move out with these friends in the second year.

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I would usualy say you should buy as soon as you can, but with uni I think you should rent for at least the first year or two. You would miss out on a lot by having your own place - living in halls is a great experience and helps you make really good friends, have the best time and really enjoy your first year of uni life. In your own flat, whether rented or bought, you don't get to mix as much and you would notice the difference. Besides, the first academic year is only Sep-June, 9 months, which will fly by. After that if you still want to buy whilst at uni the first thing you should do is be very honest with yourself about your employment options when you leave - as much as you might think you're sorted, there are soooo many graduates fighting for even call centre jobs right now, let alone anything decent. So hopefully you'll never have to face that, but just consider that if you do and you get desperate, you can't claim housing benefit on a mortgage, so you would be absolutely reliant on your parents to not let your house get repossessed, so it's up to them really.

JL

Live in for the first year whilst getting to know people..and the area and then buy a place as near to the campus as you can get..although a lot of students prefer a bit of distance...you also will probably have met people who could become tenants of your house by that time.

Lily B Talus

buy and then look for a quite person to share your home,that way it would be better financially,and company on the study nights.

dave

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