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Where’s my crib?

Or ‘Putting a roof over your head’

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Rent or buy?

  • Rent is monthly
  • Rent is usually renewed every few months (lease)
  • You don’t own the house with renting
  • Mortgage is a loan
  • Lender charges interest
  • Long time to pay back
  • Insurances
  • You own the house with a mortgage

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The same property can be a different price in different places.

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Use the link below to search for a 3 bedroom flat in:

London (Westminster)

Birmingham

Middlesbrough

What is the difference in cost?

PCM = per calendar month

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Mortgage?

  • Loan
  • Usually over 25-30 years
  • Interest charged by lender
  • Paid monthly
  • Requires additional insurances
  • Often needs an upfront payment
  • You own the house

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How much is a mortgage per month?

Total amount borrowed

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Interest

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Number of months

Use the link below to work out how much different mortgages would cost per month:

  • £100 000
  • £150 000
  • £200 000
  • £500 000

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How much does a house cost?

Use the link below to find out how much a house costs where you want to live. You can define the town you want to live in and the number of bedrooms.

Once you know how much your new house costs, use the HSBC mortgage calculator to work out how much the mortgage will be every month.

You can then add the cost into your monthly spreadsheet.

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OR

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How much does a house cost?

Use the handouts provided to work out the monthly cost of each of the houses.

Which one would you prefer to buy?

You can then add the cost into your monthly spreadsheet.