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^^ wot he sez
Better than not having a property to cover healthcare costs...
A pension won't go so far when you still have to pay rent out of it!
I have been lucky enough to pay my mortgage without any problem over the last 15 years and it should all be paid off in 12 years time and I will be 52 then.
The thought of having to keep paying rent when I am mid to late 50s plus and through my retirement turns my stomach to be honest.
Come my 52nd birthday my wife and I are going to be in the money as we will have an asset (albeit fairly illiquid and we do not know what the value will be) and we will not have to pay any more money to the bank/building society so we will end up about 750 pounds a month better off.
If you can afford it then buying your own property does make sense. Who wants to worry about the landlord doing an inspection when you are retired and in your 60s/70s?
Pretty similar to ho hum, but I will be 59 (unless I keep overpaying as I am now and I'll be about 55. Then I hope to work only part time and enjoy myself before I am too old ...
How is the UK going to generate wealth when North Sea oil and gas have gone and Frankfurt is the financial hub in Europe?
I'm glad there are clever people than you working on that 🙂
Why is this so important to people/parents?
Well - I could either be able to give my kids/grandkids a big chunk of money one day, or I could NOT be able to. Which would you rather?
i'd rather you gave it me.
am i in the frame ?
Are you a landlord perhaps? 🙂
i too am in the same boat with the mortgage situation - do i dont i ....
the way im lookin at it - in the north east of scotland - a 2 bed 10/20 miles outside the city can be had for circa 130-140k a mortgage on that with my deposit is 650ish at current rates
a 2 bed in a similar area to rent is 850-1000. - thats quite a rise in interest rates before im loosing out - even if the property market does crash - ok no one likes to loose out on money bt surely if you were to be paying it out anyway its collateral damage.Doesnt mean im not holding off as long as possible if things keep going the way they are i wont be based from the uk in the next couple of years.
you dont have to travel far from aberdeen to get into the opposite situation though - its MUCH cheaper to rent in arbroath than have a mortgage at current prices 375/400 for a 4 bed house !
I guess its like salaries relitively everyones happy they have the best deal they are going to get from their company deal till they find out the guy sitting next to them doing the same job is on 2k a year more