When you're debt free will you mortgage?

h4nym

Millie

If you can afford to, then do it - buy your home and take on the mortgage. There is a massive difference between borrowing for consumption and leveraging for investment. It won't be long before your mortgage interest drops below the amount of rent that you would be paying and that's the point at which the mortgage interest flips over from being consumption to investment.

In 10 years time, you will be living with a much lower accommodation cost than you would otherwise have to pay. That gives you plenty of headroom to increase your repayments to pay it off.

Do it!

H

Donedoingdebt

milliejon wrote:

I've owned a house in the past (but then got divorced and left it behind without a penny to show for it!) and have rented for the past 9 years.

Almost identical history as myself & I've got the same big decision to make. Problem is, I'll be around 48/49 when that time comes which probably means bigger payments to pay it off by 65. It's a hard one isn't it?

Donedoingdebt

ben500 wrote:

Unfortunately my experience has been I pay the mortgage she gets the house!

Here, here!

gallygirl

ben500 wrote:

No, debt free, mortgage free and it's effing brilliant I have no desire at the moment to own my own home having been in the same position as the op, I am now happy to rent, as for the childrens legacy, they see how I live and how stress free it is for me that is enough of a legacy as I have already taught them all how to fish.

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

Unfortunately my experience has been I pay the mortgage she gets the house!

As Rod Stewart once said, next time I'll just skip the middle bit & buy her a house!!!!

Getting_Better_With_Money_2

milliejon wrote:

I've owned a house in the past (but then got divorced and left it behind without a penny to show for it!) and have rented for the past 9 years.

Me too hun! -- have been renting for the past 5 years whilst I clear my "Divorce Debt". Am almost too scared to think about buying a place again and getting caught in the owing trap again!

PeachPickle

I definitely want a mortgage when I'm debt free

milliejon

Thanks everyone for taking the time to make a comment. It's a long way off yet, but it's something that's at the back of my mind a lot.

I hate paying out nearly £500 per month with nothing left to show for it. My house is even fully furnished, so we've got nothing but a telly and other bits and pieces.

Thanks again.

If anyone has anymore thoughts, please let me know.

In_Search_Of_Me

Having rented & now the proud owner of a 1 bed flat in a caccy part of town wouldnt want to rent again. The flat is mine & the feeling of home cannot, in my opinion, be surpassed. I love it! When I'm debt free will just pay off more each month so I pay less interest & pay my mort off earlier so win both ways! I kindly gave my x husband the flat we owned jointly which I thought was really kind of me...esp as it had a nice 10,000 negative equity at the time but then felt that may make him rethink next time he unzipped his trousers!!

milliejon

I kindly gave my x husband the flat we owned jointly which I thought was really kind of me...esp as it had a nice 10,000 negative equity at the time but then felt that may make him rethink next time he unzipped his trousers!!

That's funny. The sad thing about my house is that we bought it for £35k, and when I left it was worth about £50k. I left it with him, because I felt guilty for leaving him (he had suspicious political views!), but now know I should have done it properly. Well I've lived and learnt.