Is this house buying business just a big con?

Am I wrong in NOT being obsessed by 'getting my first step on the housing ladder' like everybody else in the UK? People are taking out enormous sometimes interest only loans so aren't actually paying off the debt they are in fact renting from the bank who is making a huge amount in interest. People say 'oh my house has doubled in value' but actually in real terms it's still worth the same, because you'd only GET that money if you sold the house and lived on the street - if you moved to another then that would have doubled in value too so you'd get nothing more apart from being skint for x amount of years for the sake of that mythical rung! Often when we're older we sell homes to pay for care or to free up money, leave it to children and pay inheritance tax. Is it really really worth it? Is it all just a big con to control us and get our cash? What's wrong with renting? All the people who have no money to enjoy life because they bought a small box in a dodgy part of town! Crazy?

Controls have been lifted on lending by the United States and apparently suggest similar conditions that you described in the United Kingdom.
I believe the interest only payments is a myth promoted by mortgage institutions. They're based on the idea that equity will continue to mount up on property and therefore you could sell the property in the future and pay off the loan and realize a profit or enough to buy another property and so on and on.
Mortgage and other lending institutions and Real Estate brokers here in the good ol' U.S. of A. blame first time buyers for the mess. When we know of course that most first time home buyers haven't the foggiest idea of what they're getting into. They only learn when they sit down at the 'closing table' to conclude contracts agreements that cover conditions that include fees, taxes, and costs they were never fully informed about. Often, this takes place after furniture is on the way to the new home, and or maintenance contractors are standing by to prep the new property.
Yes, in short, it's all a scam and the blame is shifted on to the shoulders of the first time buyers and not where it belongs on the shoulders of scam artist disguised as Mortgage brokers, lending institutions and Real Estate Brokers.
Thanks

There is nothing wrong with renting as long as you expect to receive nothing you will get nothing. Buying a house is a big investment but most of us do get our money out of it.

depends on your circumstances

i bought my mums house for her , the rent on it was 450 pounds a month

but i could buy it for 20, 000 pounds , so for the same price as 4 years rent i could buy it for her under the right to buy scheme

but i know what you mean about buying a box somewhere and being in debt for the rest of your life , to me it seems crazy , but paying rent is whats called " dead money "

if you pay approx 450 pounds a month the you are throwing away over 5,000 pounds a year
wouldnt it be better to buy a house with that money , after 20 years thats 100, 000 pounds

you could find somewhere for that kind of money


all the best
Ian

'...most of us do get our money out of it'.. when we die and no longer need a home.

I agree with you, people are getting into silly financial situations becasue of a desperation to own property, the average house now is 10 times the average salary. It should be at most 4 times the average salary to enable them to be affordable. This situation is fuelled by pure greed - Greedy banks want to lend more, greedy estate agents over value the house to make more from their % cut, greedy sellers who want more from their house, greedy buyers who assume that when they sell the house they will make money, greedy developers who overprice what they do (example - house converted into flats opposite mine, they cost more than mine and are smaller - why?). Just pure greed



Edit
You cant find a house for 拢100,000 these days. Not in an area where you are likely to still have your car the next morning

I have rented for 5 years and am just in the process of buying my first house, it is alot but it's nice to know it will be mine, am not buying to make money, it's for me and my partner to settle down and feel happy knowing our money is invested in our home and we are not lining the pockets of someone else!