| Comment | I guess the situation is a bit different with Glasgow where you actually have affordable transportation to commuter towns but with Edinburgh a lot of the times all of the savings you're making on your mortgage are wholly counteracted by the extortionate transportation costs you'll incur if you need to commute in more than 3 times a week.
For example, an okay 2-bed in Falkirk will cost me £80k, so that's about £320 monthly mortgage (10% deposit, 2% interest, 25 years). If I add (minimum) £200 a month for transportation on top of that, I'd get to the mortgage payment for a £150k flat with the same conditions. And £150k can already afford me a 2-bed in some not too shabby areas of Edinburgh (Oxgangs, Northfield, Piershill, Craigentinny).
Add to that the fact that in one case, you're spending £200 renting a train seat for 30 min a day, while in the other, you're paying them towards an appreciating asset, and you can see how buying in the city ends up being the preferable option even if you don't care about urban amenities and all that jazz. |
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