The best way to treat home ownership is to pay off the debt as quickly as you can, which in real terms would mean sacrificing every bit of unnecessary spending whilst paying off the debt (holidays, nice cars, nice bikes, kids etc).
No it's not. Complete guff.
And as for the poster above who advocates 25 year olds dedicating their life to ensuring they have loads of cash aged 55. Also bollocks.
Thete is a middle ground here that makes loads of sense. Enjoy life, but keep a sense of perspective, so that if you have a future it's a fairly good one.
I bought a house when I was in my mid 20s. sold it at a profit after a couple of years. Used the profit to go travelling for a couple of years. I could have kept that house and been mortgage free in my 40s. Instead I used the money to have fun then so I won't get my mortgage paid off until this year when I am almost 59
Taking about interest only mortgages makes me wonder how many people with these have no savings plan. I suspect most. I have a friend who bought a large house interest only and had no savings plan apart sell it at some point in the future and pocket the equity. He had a couple of redundancies in quick succession and lost the house. For me standard repayment mortgages were always the way to go and interest only seemed to high risk for something a major as your house.
My flat's "value" is increasing by ~£600 a month at the moment
