When Ross and I decided to move, we had the discussion.
You know, the one about whether we would rent or buy.
Would it be the best option for us? If it were, how much would it cost? How would we know we have the right one?
I think it's very difficult in this day and age to be properly informed of all the available choices. It doesn't help that I don't understand any of the financial lingo; as soon as someone mentions the word 'deposit' I fall to sleep.
Of course, the main reason for me thinking about getting a mortgage, is so I can provide security for my family. A house to call my own and something to pass on to my children when I eventually need to be plonked in an old peoples home along with my 700 cats. And Ross, obviously. Owning your own home provides your children with so many possibilities when you're no longer around. It's a bit of security and peace of mind, knowing you've left them everything you can. What could be a better gift?
Obviously it's also more financially sound to own your own home, or at least be 'renting to buy'. You are funding your own assets then, rather than someone elses and feeding a strangers pocket. At least you know that one day, the payments will end and you will ultimately have bought your house. This isn't an option with renting, you are just paying money indefinitely, without anything to show for it at the end.
Eventually we made the decision to rent. Albeit an uninformed decision, we weren't in a position which allowed us the time to gather as much information as we needed to consider a mortgage.
Maybe in the future, when we're a bit more mature, have purchased a 'finance lingo for dummies' manual and are more financially secure we will look further into it. For now though, we will continue to pay far too much for a house that really isn't worth the money!