Can you help settle a debate

[Sobeyondthehills]

This is all hypothetical. I have entered a competition where the prize is £150k.

I said if I won, there is a flat across the way from us, at £155k, same bedroom, really cheap for this area (SE) if everything was all good for it, I would buy that and get a £15,000 loan to cover everything else, which would work out a lot cheaper than my rent

Partner has said he would buy a house, as we really struggled with lockdown and having little outdoor area, plus he doesn't want to have to deal with neighbours.

My plan is we get on the property ladder with more or less no mortgage and a debt we would pay off in 4 years and the prospect of moving fairly soon

His plan much bigger mortgage (cheapest house is around £270) but maybe a happier life and the prospect of staying in it longer.

Again all hypothetical cause the chances of me winning is the same chance of me winning the lottery

[Monday55]

Or move to the North, buy a 3 bed house and still have change leftover for a renovation.

[Sobeyondthehills]

Moving away is not an option due to DP's eldest living here, if it was up to me, we would be in the North

[FractionalGains]

Personally I’d take the house. It skips a move, but more than that - life is short, if you can afford to, live where will make you happy, not somewhere you only move to with a view to moving somewhere better.

[Sobeyondthehills]

@FractionalGains

Personally I’d take the house. It skips a move, but more than that - life is short, if you can afford to, live where will make you happy, not somewhere you only move to with a view to moving somewhere better.

That is very much my partners view on it as well

[LeSquigh]

I would also take the house. I’m in a similar position to you with not being able to move for reasons relating to one of my children but I would also go north and get more for my money if I could!

[Catnuzzle]

Def the house.

[wafflyversatile]

Buy a house if you can afford it. It'll be better in the long run even if you move again.

[MJMG2015]

The house, it's a no brainier frankly!

[Iminaglasscaseofemotion]

The house. No idea why you would move to a flat to then move again at a later date. Seems pointless.

[ComtesseDeSpair]

I may be misunderstanding but even if your objective is to own property with no debt, surely when you moved from the debt-free flat to the house you’d have to take on debt anyway? Unless you’re high earners and able to save upwards of £100k in a couple of years, which it doesn’t sound is the case? So you’re just stalling the indebtedness by a short time.

Unless you’d be truly happy in the flat (and it’s entirely possible, I loved living in my small flat) then go for somewhere you’ll stay long term. Moving is shitty, I’m doing it at the moment, I forget each time I do it how discombobulating it is.

[Sobeyondthehills]

@ComtesseDeSpair

I may be misunderstanding but even if your objective is to own property with no debt, surely when you moved from the debt-free flat to the house you’d have to take on debt anyway? Unless you’re high earners and able to save upwards of £100k in a couple of years, which it doesn’t sound is the case? So you’re just stalling the indebtedness by a short time.

Unless you’d be truly happy in the flat (and it’s entirely possible, I loved living in my small flat) then go for somewhere you’ll stay long term. Moving is shitty, I’m doing it at the moment, I forget each time I do it how discombobulating it is.

It is, but my thinking is, the flat may rise in price eventually, yes it wouldn't be as much as a house, but to be able to take on a mortgage for less than 100k, but looking at the replies, it appears I would be in the wrong.

Thank you for all your comments. In the meantime I shall cross my fingers and hope I win