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Buy outright or buy with mortgage?

thisisnotthetruth
thisisnotthetruth Posts: 11 Forumite
in House buying, renting & selling
Is it better to buy a cheap, £30,000 house outright or get a mortgage for a £150,000+ house. I don't like the idea of being in debt but worry a cheaper house would be an awful place to live.
«1

Comments

  • ognum
    ognum Posts: 4,879 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Hmm, you have gone to the extremes haven't you. What about a 90k house with a smaller mortgage?

    Until we know where you are buying and what the difference in properties is how can we say!
  • ManuelG
    ManuelG Posts: 679 Forumite
    Tenth Anniversary 500 Posts Combo Breaker
    lol

    10 characters of it
  • thisisnotthetruth
    thisisnotthetruth Posts: 11 Forumite
    I was just asking in general, what are your thoughts?
    I don't really want to get a mortgage for a 90k. If I'm getting one, I want a nice house.
  • thisisnotthetruth
    thisisnotthetruth Posts: 11 Forumite
    ManuelG wrote: »
    lol

    10 characters of it
    Your message makes no sense.
  • ognum
    ognum Posts: 4,879 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    thisisnotthetruth wrote: »
    Your message makes no sense.

    Nor does you question!
  • thisisnotthetruth
    thisisnotthetruth Posts: 11 Forumite
    What doesn't make sense about it? I am asking whether to buy a 30k house outright or use said 30k for a mortgage deposit.
  • hcb42
    hcb42 Posts: 5,962 Forumite
    Decision is:

    Do you want to buy a £30K house outright and live in what is probably a very deprived area

    OR

    Buy a £150K house in an area you prefer.

    Your choice! No right or wrong to it
  • kingstreet
    kingstreet Posts: 39,338 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Why not discuss this with friends and relatives who know you?

    Not really something "pixels on a screen" can help you with, really.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    It very much depends where you live. Where I currently live, £30k will get you diddly squat, £90k might get a very small 1 bedroom flat in a less desirable part of town and £150k could get you a 1 bedroom flat in a slightly nicer area.

    In my home city, £30k could get you a flat but the areas you would be looking at would require you to be good at dodging tomahawks. Whereas £90k might get a 1 bedroom flat somewhere you'd actually like to live.

    You have to live somewhere so your choices are rent a property from a landlord or effectively rent money from the bank/building society to buy a property unless you're one of those adult children who have yet to fly the nest.
  • thisisnotthetruth
    thisisnotthetruth Posts: 11 Forumite
    My Hometown(where I live now) is rather deprived and you can get 3 bed houses for 39ishk. Also there are nicer houses here that are more expensive, but if I got a mortgage I would probably move to my nearest city, just because I may as well be in a better area for the money.
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