To think I’m failing as I don’t have a mortgage

[AmethystH]

All my bills are paid. I have no debt. I go on lovely holidays. Own my car. Why do I feel like I’m missing out as I don’t have a mortgage? Please help me see the positives to this. Having a bit of a wobble today after hearing people at baby group talking about their mortgages (negatively), and feeling like I’m behind in life.

For reference, I was a teenage single mum and it was just myself and my son until 3 years ago.

It sounds like it’s a goal of yours to own a house.

What do you need to do to achieve that goal?

Hmm.. we have an old house with no end of problems, latest one very difficult and very expensive to fix.
Feels like we have hardly made a dent in the mortgage over last 8 years and have spent £1000s in the house - and it looks no better!! We may also have to sell at a loss if we cannot fix issues.

Not always great!!

On the bright side - any responsibility for maintaining your home is your landlord's, so you don;t have that hassle. And if you want to move, you can, without the enormous hassle of trying to sell.

To me, the biggest benefit of a mortgage is to have somewhere you own outright when you are older. Having to pay rent when you are way past retirement age is a headache.

If I were you I would look in areas that you like for a property that costs the same or slightly less than your current rental and consider saving for a deposit wiht a view to trying to buy later on. Watch out for flats with massive annual management costs, though. You are better off buying freehold if possible.

How old are you? What steps are you making to buy? I was a first time buyer at 36 with 2 kids, I think that’s pretty normal these days