21 Mar IS A MORTGAGE AN UNDESIRABLE, IF INEVITABLE DEBT?
A mortgage is an economic means of borrowing a large amount of money, repayable over a number of years, although you have a choice as to how many these are. It can be redeemed on the sale of the property and is invariably financially more advantageous than paying rent. With our present rates of interest, this is particularly attractive and in the opinion of the Bank of England, the most reliable source of advice, should remain relatively low, despite a short term (probably around a year) spike in inflation. Economically, circumstances can change for good or not, quite quickly. Look at the problems we have today, which didn’t exist a year or so ago, and will be substituted by others, a year or so, from now.