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morgage or no morgage! your views please
mooncat
Posts: 33 Forumite
heres my situation
age 35. live with missus and 7 month old daughter
moving from my semi to a detached but dont know whether to go
200 k house and no morgage or 250 k house and 50k morgage
just looking for a general opinion on this
as im unsure what to do
age 35. live with missus and 7 month old daughter
moving from my semi to a detached but dont know whether to go
200 k house and no morgage or 250 k house and 50k morgage
just looking for a general opinion on this
as im unsure what to do 0
Comments
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Depends on what you can get for your money really - if you cant find a house you like for 200, but can for 250, then get the 50K mortgage - its not a huge amount of money and I assume you earn enough that you could make overpayments and not have to let it run the full 25 years.
While I think it is great to be in a completely debt free position and not have a mortgage, if having a very small one means you get a much nicer house, and its one you can stay in for years without having to think about moving in a few years, then I would say its worth it.
Plus, if you are putting down an 80% deposit on the house, you should be able to get a very good interest rate on the mortgage - if you get a fixed one for 5 or 7 years, and can pay off the mortgage in this time, then you are laughing.0
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