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The way I remember it we were paying less than £1000/mo for rent but would have paid over £1500/mo for a mortgage.

Depends on how long you are planning to live there. You accumulate more equity in the latter part of the amortisation schedule with a fixed-payment mortgage.

If you're only planning on living there for a year or two and take out a 20 year mortgage, you're kidding yourself if you think you're "saving up" equity. If you plan to live there for ten years, now that's a different story.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Jun 1st, 2011 at 07:15:28 AM EST
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