Back in 2013 took out a mortgage after having word that a flat was being sold back in 2011 by a friend of a relative, I worked extremely hard to put together a deposit I moved in in 2013 with a 22.4 year pay back time. Just before I moved in I was perhaps naïve I wanted to leave my job and escape wage slavery, I thought as the mortgage was not huge it would be fairly manageable to pay off early, that perhaps wasn`t exactly untrue.
However around 6 years after taking out the mortgage I find myself living back at my parents ready to sell the property onto them. I made the decision in 2014 to rent the place out,it has to be said the flat mates did not help this goal, however I have to accept that property perhaps isn't for me,any profit really would not be worth my time in the long run.
My personal thoughts before getting a mortgage focus on creating more than 1 stream of income, and ask yourself is this what I feel I will want in a few years, you can always wait if you feel life has other things to offer before a mortgage is your type of thing.I might suggest alternative living as a way of getting by. Bare in mind that whilst you may not be pay rent when it comes to a mortgage you are paying interest, which is also dead money and if your on the land register is still not yours.
