Terrace mortgage free or Semi with mortgage?

Jigglebiz

SeasideSally I do think cash is a wise move.
Using additional income that would be spent on mortgage payments to invest carefully in a more diversified portfolio (and save up a pension).
For us it’s just a question of finding the property that allows us to do that. Struggling with unrealistic vendors in our area and struggling to get an offer accepted even 5% under asking... I’d pay asking if it was a reasonable price given the comparables ...

Red-Squirrel_2

SeasideSally wrote: »

Personally, I'd buy cash. We're aiming at doing just that when our flat and house have sold. We've been tempted to go above our cash budget, and we've got carried away looking at the houses on Rightmove, but we always come back down to earth. To gain the security of being mortgage-free, it's worth buying a smaller house (or one that needs work, or doesn't have a sea view, etc.).

Being mortgage free is valuable, but its much more valuable when you are living in the right house!

I don't think a small mortgage is anything to be daunted by if you're young and earning and it helps you get the right house for your needs and desires.

I could sell up and buy mortgage free10 minutes down the road, but it wouldn't be somewhere I'd want to live!

Thrugelmir

Jigglebiz wrote: »

I understand that generally 3. is advisable to maximise future gains,

Are you wanting to buy a home or an investment?

Jigglebiz

Thrugelmuir it’s a home and an investment. It incorporates inheritance from several relatives who have passed away (small sums). I don’t think it’s possible for me to simply think about this purchase as a home, without considering it as an investment too.

Of course, the property needs to be somewhere I’d want to live. Fortunately this is quite possible within my price bracket.