101–103 of 103 posts
Assuming that home prices can only go up is harmless when that mortgage is manageable. But holding on through several business cycles is problematic when debt service is a high proportion of income. If you miss a few payments you'll learn that you never really owned the home.
Again, the harmless part I mentioned applies to many places but certainly not London.
Earlier quoted context omitted.
Your response to that should be: "you are not a responsible adult until you are debt free." That is actually one of the secrets to a lower stress longer lasting life IMO.
I recently bought a flat - my only real debt is the mortgage. There is a psychological shift - I was in London for 7 years and thought I'd rent forever. But it bugged me to be pissing away 1300 a month to a landlord... and it was never big enough. And London is its own headache. The shift for me at least has to do with 'settling down'. I bought this current flat (outside of London) primarily as an investment (gentrif…