DH and I are 1st time buyers in the south-east. We are in the very fortunate position to be able to afford, potentially, to be cash buyers but it would mean a smallish property (eg 2/3-bed terrace) in probably a less sought-after area (but still perfectly acceptable imo).
We would also have to put some of our savings in as well to cover stamp duty, fees etc.
Alternatively we could apply for a mortgage, keep our savings, and buy a bigger house in a 'better' area. We are both over 40 so would be looking at a relatively short mortgage term eg 15 years.
The idea of being mortgage-free really appeals to me, though, especially as my 2-year plan is to set up my own business. It would be great not to have the worry of mortgage repayments. But we would definitely have to make more significant compromises on space etc.
What would you do? Does the freedom of being a cash buyer outweigh the negatives of a smaller place, or should you always buy the best house you can afford?
Please or to access all these features
Please
or
to access all these features
AIBU?
To buy a house in cash even if it means smaller house and using savings?
106 replies
BoxAndKnife · 18/06/2020 12:55
OP posts:
Am I being unreasonable?
51 votes. Final results.
POLL
You are being unreasonable
43%
You are NOT being unreasonable
57%
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