6 responses

  1. Richie
    October 19, 2020

    Hi Gemma. It can be a scary prospect taking on a mortgage, can’t it?

    We’ve paid ours off now but there are two things that really stick in my memory:
    1. How ridiculously easy it seemed to get a 100% mortgage (yes, it was that long ago!)
    2. The truly terrifying scenario of having a variable rate mortgage and our starting rate ending up being doubled thanks to government policy in the early 1990s!!!
    So, for anybody setting our on their mortgage journey now – don’t dismiss the peace of mind offered by fixed rates 🙂

    Reply

    • alittlebitsocial2
      October 20, 2020

      Thank you Richie, we were lucky our fixed rate was 6% when we took out our mortgage. They wanted us to remortgage but the variable rate was 3% so we stuck with it. This was the early 2000’s so very different now.

      Reply

  2. Britt K
    October 19, 2020

    These are great tips. I love that you included the fact that there ARE cons to buying a property as well. I find that our society pushes the idea of homeownership and while there are benefits, it’s not always the right choice. I went through a period of time where I was moving regularly – largely due to changes of job, etc. I’m talking 12 different houses in 10 years. That would have been WAY too complicated to try buying each time knowing that it was likely going to be a short-term stay. I swore that I wouldn’t consider ownership until I knew I wanted to stay in one place.

    Reply

    • alittlebitsocial2
      October 20, 2020

      Thank you Britt, I completely agree. There isn’t much flexibly with homeownership. We had to go the route of a shared equity scheme and it meant we couldn’t move for nearly 10 years! We got trapped due to the financial crisis. They wouldn’t let us rent it out either due to the shared part and we needed to move for work commitments. We sold in the end and now rent. Hopefully we will get back on the property ladder eventually.

      Reply

  3. Helen
    October 23, 2020

    Great post ☺️ I’ve just moved back to Australia from the UK and one of my top goals (once I have work!) is to buy a house. I’m lucky enough to have inheritance which is doing next to nothing in savings accounts so I figure I may as well put it to work in the housing market! Thanks for sharing!

    Reply

    • alittlebitsocial2
      October 24, 2020

      Thank you Helen, we bought our first house with inheritance and did some renovations. It is worth it. Best of luck 🙂

      Reply

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