Buying a house without debt

Hello all. New here. Hope this is the right section to post this question.

I will be debt free by the end of this year thank God. I never want to put myself through it again and speaking to a friend and he made me rethink getting a mortgage because that’s another type of debt that chains you down.

I’ve been doing some reading about getting a house without a mortgage(only brief).

One idea I liked was in living on half your wage. So it will take me about 6 years to save £100 000 and with some research I saw you can buy a house up north for this amount.

Now I was wondering how much do house prices go up over a 6 year period as by the time it’s 2023 I worry if the price goes up by 10 percent each year then I won’t have enough b.

Thank you for your time. I look forward to the replies

Replies

  • worried_jimworried_jim PPR
    11.6K Posts
    10,000 Posts Combo Breaker
    Forumite
    Just get a mortgage and over pay when you can then you are on the housing ladder and taking advantage of any HPI.
  • Thanks will consider it
  • WindofchangeWindofchange Forumite
    1.1K Posts
    Eighth Anniversary 1,000 Posts Name Dropper
    Forumite
    Nobody can tell you whether house prices will go up or down over the next six years. As above, probably best just getting a mortgage and overpaying it if you’re able. My personal opinion is we’re in for a correction down south as things are just ridiculous. Up north, things seemed to have stalled / gone down already. Plenty of folks posting about negative equity woes on the house buying and selling section. You pays yer money, you makes yer choice and all that.
  • datlexdatlex Forumite
    2.2K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    Forumite
    Pumakel12 wrote: »
    Hello all. New here. Hope this is the right section to post this question.

    I will be debt free by the end of this year thank God. I never want to put myself through it again and speaking to a friend and he made me rethink getting a mortgage because that’s another type of debt that chains you down.

    I’ve been doing some reading about getting a house without a mortgage(only brief).

    One idea I liked was in living on half your wage. So it will take me about 6 years to save £100 000 and with some research I saw you can buy a house up north for this amount.

    Now I was wondering how much do house prices go up over a 6 year period as by the time it’s 2023 I worry if the price goes up by 10 percent each year then I won’t have enough b.

    Thank you for your time. I look forward to the replies
    You can actually buy a house for under £85,000 in the North.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • louloufoxlouloufox Forumite
    46 Posts
    Part of the Furniture
    Forumite
    I personally would buy sooner with a mortgage and regularly overpay. You will be surprised what a difference this makes.

    Also you need to consider how much you might pay in rent if you do not buy your own house ?

    Best of luck whatever you decide to do.
  • worried_jimworried_jim PPR
    11.6K Posts
    10,000 Posts Combo Breaker
    Forumite
    datlex wrote: »
    You can actually buy a house for under £85,000 in the North.

    And get £50,000 change!
  • CotswoldtonyCotswoldtony Forumite
    50 Posts
    Fourth Anniversary 10 Posts Combo Breaker
    Forumite
    Most people want to be debt and mortgage free but do not understand how dangerous this can be to them in Law.
    If your property is debt free this means you have a tonne of money in that asset so you can become a target and it is very easy to place a Lien on your home to force you to negotiate.
    Possible future Liens from ex wife, Inland revenue tax investigation, negligence claim/s, creditors & lawyers are a few that can and will do this to you.
    Nobody can look into the future and the Land Registration is a very cheap and easy way to find out your net worth in your property that any person can do.
    Point of Law...if you have a mortgage on a property this can protect you from predators after money in your asset because the mortgage company must be paid in full as they have first charge on your property.
    No judge can force you to sell your property to clear a debt, so your mortgage can protect the roof over your head placing you in a better position to negotiate with any creditor in the future.
This discussion has been closed.
Latest MSE News and Guides

Glitch hits Nectar bonzana

Did you miss out on bonus points?

MSE News

Ask an Expert: Scams

Watch MSE Katie's answers to your questions

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals