Is it better to buy a smaller property without a mortgage or buy a larger one with a debt?
Added (1). We are downsizing and moving towns so as to capitalise on the strong market in one place and the slower market in another. This means we can buy a basic house and carry no debt. We have held mortgages on our properties for 11 years and this change will allow us to buy freehold… But the cost is that we will be down sizing our lifestyle and the comfort of our home. Is this the best way forward?
Neither of us has much financial skill your answers will be appreciated.
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