[Cherie]

Originally Posted by DemolitionRed

Your property is your asset that ensures you can re-pay your loan. During the last recession, many people defaulted on their mortgage payments and many lost their homes back to the lender.

Yes, you only owe the amount agreed but if the bank forecloses on you, they still re-possess the house, re-sell it and give you the residue not owed to them. They can't only take a portion of the structural asset, unless, its been divided into apartments, in which case they could take one apartment.

We had quite a nice house in Surrey but we reached a stage where everything revolved around working hard and paying the endless bills. The decision to give that up was the best thing we ever did. We still work hard but we now have enough free cash to play hard too. Life's too short!

If you want a roof over your head you have to pay rent or a mortgage? if you have a family, you don't have the luxury of selling up and downsizing to a canal boat, good for you for doing that if it suits you, it wont suit everyone and I expect your kids are somewhere? are they renting?