Why are people in the UK so obsessed with mortgages?

Question

I am so bored with people bleating on about this in the UK, saying renting is dead money, blah, blah. Yes but if your house gets reposessed then your money was indeed dead, you morons! When you have a mortgage you still don't own your house, your bank does. Even if you manage to pay off your mortgage in old age then the government will make you sell it to pay for your care home! Trust me I used to work in one, it happens all the time. Why not do what everyone else does in other countries and just rent and enjoy life without having to take three jobs to pay off your precious mortgage. YOU ARE ALL SHEEP HERE IN THE UK WITH YOUR OBSESSION.

Answer 1

Maybe it might be the lack of council housing due to them selling them off.

The U.K. has sold it's people or should I say the people's assits off to the rich , at the same time as making them pay for doing it.

Answer 2

You are wrong on so many levels.....Renting is dead money, I know because I rent properties, I get the rent money and the value of the house goes up as well, so I am the winner not you....There is such a thing as downsizing which I have also done, so when I bought my house over 20 years ago it was x amount and when I sold it was nearly 4 times as much...so paid off Mortgage, bought smaller house, bigger car, better holidays, money in bank....getting the picture yet.
Yes rates are going up, but thanks to Blair and Brown who everyone seems to hate for some reason (Ah yes Iraq)
they are still not at the 15% they were in the early 90's
Anyway, you have missed the boat, so stop bleating.

Answer 3

Now that council houses are in short supply private renting carries many risks. As you say it takes a long time to pay off a mortgage but it has advantages as property can be used for security for other loans and you can always sell up when and cash in if the property price rises.
Downside of a mortgage fluctuations in interest rates can give you a big problem if you borrowed anywhere near the maximum you can afford.
At the end of the day you pay tour money and take your choice.

Source : have done both

Answer 4

The reason we have mortgages rather than rent is for the capital appreciation of the asset, which is why we are one of the nations with the highest amount of owners with second homes. I own three properties with only a very small mortgage.

I think it is sad that you are so negative. If you turned some of this negativity into positive thinking you might be able to afford to purchase your own home.
If you think we are all sheep bleating on about it why dont you go and live somewhere else where you will be happy!

Answer 5

What is wrong with buying at the right time - paying a bank not a landlord - and having the freedom to make a profit by down sizing your accommodation by selling at a profit?

Besides this obvious advantage, you can do what you like within reason to your own home and mortgage payments are a little cheaper than rent.

People in general like to own their own castle these days in the UK with pride.

Answer 6

Yes, but you can have a mortgage which does not get used for care homes - see a financial advisor - you can protect your investment for your spouse and children.

Answer 7

It is the same here in the states. That's all you see on the TV advertisements.

Answer 8

charming - since when is it an obsession to have somewhere to live? have you seen how high rent is in UK???? and hey we know the score we aint dumb animals but at least we have manners...

Answer 9

It beats what everyone here in the U.S. obsesses over... Paris Hilton.

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