Originally Posted by
Whitemonk Returns
How has nobody mentioned that spending 50% of your basic income on your mortgage payments is terrible financial planning!?
I’m guessing you’re of the previous generation? Seen the price of properties in S/E England?
Alternatively, pay rent into someone else’s pocket, likely similar costs to a mortgage without the security of your own home or the potential for future capital growth...
I was born in the 70’s and have had it ok (could’ve done a lot better had I understood financial planning better in my more junior years and that would’ve involved taking on Mortgage debt).
To suggest poor financial planning to those who’ve had little choice but to take on large debt to progress a career or have a half decent home for their families, is a little crass. What choice have more recent generations had? Bank of mum and dad (lucky few); don’t follow a dream or sign contracts = stay in the soul destroying previous employment that may or may not have paid well?
Borrowing to 50% income may not be wise, but perhaps there was little other choice - after all, where does anyone get to in life, without taking some risk....