Buying a home outright

[Gelsons Dad]

If you're buying as a future asset buy big with a mortgage. If you are after lifestyle now buy small and enjoy yourself.

 

[peoffrey]

I'm leaning towards University in Sheffield, Manchester or Preston (Central Lancashire). Property seems affordable in all three areas. I've no dependents either so there literally is nobody else to worry about.

 

[mancitymick]

If you're buying as a future asset buy big with a mortgage. If you are after lifestyle now buy small and enjoy yourself.

This is so true. First one i bought by my self. New build 3 bed semi on a 5 year fixed rate mortgage. Happy i knew what i was paying for 5 years and still enjoy having a lifestyle. House now is a lot larger but bought it with the wife. Sold both our houses and only increased the mortgage by 50K

 

[Manchester33]

What do people think about interest only mortgages? Ar they worthwhile or is it better just to try and pay it off.

 

[peoffrey]

I'd say pay it off. The freedom of having no mortgage to pay and effectively living there for free is pleasing.

 

[mancitymick]

What do people think about interest only mortgages? Ar they worthwhile or is it better just to try and pay it off.

Interest only mortgage is just another phrase for renting.

 

[kaz7]

As someone who spent 30 years paying a mortgage I can tell you the feeling you get when you pay off that final payment is amazing. You are free from any threat to your home, indeed once completely debt free you are untouchable as long as you have a source, however humble, of income.

This,i paid mine off last year sooner than expected and it is a great feeling of freedom

 

[denislawsbackheel]

Interest only mortgage is just another phrase for renting.

Unless property prices fall and you are in negative equity.

Then you really are screwed.

 

[malg]

As someone who spent 30 years paying a mortgage I can tell you the feeling you get when you pay off that final payment is amazing. You are free from any threat to your home, indeed once completely debt free you are untouchable as long as you have a source, however humble, of income.

Bang on fella. It's a great feeling.

 

[Rag-hater]

Just 1 less bill to pay had mine for a few years now still have fix thing blah blah.Keep a mortgage for as long as possible and save up.