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RE: Early Retirement Finance Update November 2018
This is not surprising, man. It's horrible how much people end up paying on mortgages. When they don't pay a portion it just keeps getting compounded and increasing their losses. I really think this house ownership mindset needs to change, people should look to renting more.
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Here in the UK renting just doesn't work.. so expensive, as expensive as paying a mortgage. Once you've paid yr mortgage it's 25 years + rent free.
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Oh right, my bad. I was talking from the perspective of Asia and even North America, where rent is expensive but not as bad as the mortgage payments. But still, if you default on one payment, that default compounds over time to such an alarming amount.
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Yes it can do... I'm lucky to have got a 1.9% 5yr mortgage deal though so the extra interest is minimal!
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