To be scared of a mortgage?

[PaintingOwls]

This is a stupid, vicious circle that I seem to be walking in.

DP and I have saved up a deposit, we pick a location, explore the area, look at houses, see one we like, then go cold at the prospect of getting into £300k of debt for a 2 bedroom house or something.

It's always fine on paper, then when we are faced with the reality we just can't go ahead with it. We made one offer but then were outbid and quite frankly relieved.

I just don't know what to do. We're wasting money on rent. I don't know why I'm being so stupid. I can't face the thought of such high levels of debt but I am also sick of renting.

I’d go for it now. Interest rates won’t be this low forever. Much less scary if you fix paying 2% rather than risk 5% or 9%.

I hate any type of debt, it's all bad to me except for a mortgage, the only debt I've ever had.
Look at it as an investment for the short, med and long term.
You have to pay a monthly amount paying it to your provider is better than paying it to a LL.

It's fine! . For me the reality/prospect of still having to pay rent in my retirement was many times more scary than my mortgage.

AnnabelleLecter

Perhaps you haven't found the right house you can imagine being your home yet?

Maybe it is that. A lot of it comes from "I'm paying HOW MUCH for that tiny thing??"

I like the idea of thinking about it as a savings plan instead of a debt.