One must applaud anyone who buys property and pays off the mortgage loan as quickly as possible. But I suspect that these days are over for many. The price of housing is so high that many people will be nearly 40 by time they will have saved up sufficient deposit.
Plus, these days with so much money tied into property I do wonder if this is inhibiting other investment (that could be growing the economy)?
I could only pay mine down and eventually off because my employer (The Crown) gave me very generous relocation allowances when I moved twice at their direction to comply with distance-from-posting upon change of sub-department and promotion. After that, I bought to let and I still scour all the buy-to-let adverts and auctions because there are still the occasional run down bargains to be found. I buy for and on behalf of my family as a way avoiding unnecessary taxes now and at my death. I don’t even own my own house here, my whole family does in a form of tontine which also covers their houses too. No expensive mortgages for my lot so no greedy bankers to raid our pockets with expensive interest charges. It’s somewhat complicated, but it does work and the costs are nowhere near mortgage rates and charges.
I just paid my first mortgage off in 9 years by paying extra at the beginning of the mortgage (from memory the first extra $1000 knocked six years of the mortgage period), I had about a 30% deposit so that helped too.
When I divorced my second wife I gave her a house which she managed to lose in 4 years.
@strathmore , What you say must only be true
for yhe uk then??
As property prices in Fance and spain can be at least 50% lower than
property prices in the UK for vastly better accomodation !!
So it should be easier for people in europe ??
I think that the powera that be in the uk encourage high property prices
as it reflects well in the asset column of the countries financial books ??
Good question and fair points. I’m not sure the same property owning models apply. More people rent in mainland Europe. Some country’s banks have tougher hurdles for obtaining a mortgage. People tend to rely less on property asset gains for creating savings. Plus the capital gains tax laws are often different. While out in the country property can be very well priced this is not always so true for big cities.
I suspect that the top end of the UK market has been pulled upwards by overseas buying. Some of this has been dodgy money and with ownership hidden behind overseas companies. International money laundering has found London’s money markets, advisors and loose property laws attractive. When your Mayfair house moves from £5m to £15m then your Islington house moves from £500k to £5m and your Stoke Newington house moves from £150k to £500k. And so on outward.
I shouldn’t complain as my London flat could have bought me x5 of the SW France 4 bed farmhouse on 3 acres that I purchased.
No, you’re not the only one Foxy. 
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Good on yer Percy…
