That’s one way to look at it.
We are currently in the midst of a serious living crisis. Whether you like it or not, many of us are living hand to mouth, unaware of how long we can keep going.
While everything gets more and more expensive, and stocks begin to dwindle, our wages don’t seem to be getting any higher, only our debts.
Money is at the forefront of many of our minds and not in a good way.
That being said, many people, including young people, are searching for ways to make life cheaper for themselves, and one couple have recently found their names in the news, after revealing they took out a 40-year mortgage in order to keep their monthly payments down, but making the overall amount they are paying unfathomably higher.
Megan Crookes and Lewys Southwell were looking for a way to afford their monthly repayments and figured if they stuck to the usual mortgage of 25 years, they’d be paying around £1,682 a month.
However, they realised that if they decided to whack another 15 years on top of that, they’d be paying £1,384 a month.
Megan explained, as per I News: “We knew that it would allow us to purchase a house that was large enough that we could live in it for the long-term.
“At the moment it is just the two of us and our puppy, Winston, but we are lucky to have been able to buy a house that has plenty of space as and when we start a family.”
The couple recently bought their house in New Forest for £325,000 with a 10 per cent deposit.
While they are saving around £300 a month in the short term, over the course of the 40 years (should they be paying monthly for the fully 40), they will pay an extra £212,404 on top of the 25-year term.
Their plan however is to overpay knowing their salaries will likely increase in the future.
And apparently they’re not the only ones with over 88,000 others reported to have took out marathon mortgages too.
What would you rather do?
