Anonymous
Anonymous asked in Home & GardenOther - Home & Garden · 1 decade ago

Is there a point to having a barely affordable mortgage...?

and living in a nice house in a good area, but you know that if anything were to go wrong you would not make the payments. Any solutions? The cost of houses is ridiculous these days, it's hard enough getting a house in any area let alone a nice one.

17 Answers

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  • 1 decade ago
    Best Answer

    Hi,

    I agree with your answers, but I just went mad last year, and rented out my house to totally pay off the mortgage, and stayed on my small boat in the meantime.

    Result ? the mortgage is payed in full, I owe nothing on the moorings, and indeed show a small profit.

    Not bad for looning about on a boat.

    I now have a lovely 4-bed detached in a rural area for b**ger all more payments.

    That is one way to go I suppose.

    Bob.

  • Anonymous
    1 decade ago

    I guess the point is that you will have a nice house for as long as your financial situation holds up, possibly everything will go okay and you will keep it. I feel that it is much more sensible to have a less expensive house and be able to buy some furniture and items for decorating every now and then. If all your income goes toward the house and you can't afford to do maintenance and decorating it could get pretty boring. I think you just need to look for the best buy, including the best interest rate you can find and

    a payment you can live with. But remember there are so many expenses involved with owning a house, you are always needing something. But prices won't get any better only worse.

    Good luck.

  • 1 decade ago

    It's worth getting on the property ladder. I agree that house prices are ridiculously high and I feel sorry for people starting out today. But renting can also be expensive. So - how about taking in a lodger, if you have the room? It would get a bit of extra income.

  • Anonymous
    1 decade ago

    there is no point in that because if something does go wrong you can go into foreclosure and the bank can take your house from you. so any money you did put into the house is gone. the market goes up and down. just save your money and wait until the market goes down. it's not worth barely making your payments to have a house and risk foreclosure and ruining your credit.

    another option is some places have a rent to own option. where you rent a home and the money goes down on buying the house.

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  • 1 decade ago

    i bought my first house 6 years ago for £60k it has now doubled in price, but i still cant afford to move whats the point any way, unless your salary goes up significantly in proportion to that of any new house it ain't worth it

    never try and live above your means

    buy a house you like that you know u can afford, stay there and get that mortgage payed off asap

    Ive just another 19 years to go!

  • Anonymous
    1 decade ago

    I know what you mean I'm 24 and can't afford to get on the property ladder. I would never get a barely affordable mortgage because you have to consider other bills and they rise all the time. I would never rent cause the only person who benefits from it all is the landlord.

  • 1 decade ago

    its the same old problem if you have a mortgage that is say 4 times your salary and there is 1 percent increase you could be in trouble they are all fine and dandy when you fall for a house then reality sets in we have all had this but if you have already tightened your belt well dont go to these on the tele you will never be out of debt

  • ?
    Lv 6
    1 decade ago

    I know how you feel, but i have not found the answer yet either!!

    Our mortgage is killing us, the cost of living keeps going up and there is no rise in income!!

    Oh well maybe we should sod off somewhere where you are rewared for hard work i don't know.

    Hope things improve for you

    Happy christmas!!!

  • 1 decade ago

    Good points, we solved this by relocating to a different province, BC to Saskatchewan, found a nice community, that is on the rise, and now we won't be a slave to our mortgage payments anymore.(yipee)..

  • 1 decade ago

    No! A mortgage should be affordable, but there is more to life than getting on the property ladder.

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