I'm curious... this is to those who say they would never get a loan and the thought of owing money scares you, is a mortgage excluded from that statement?
I wasn't one who said I would never take out a loan (except for that I doubt I would for a car as for me, personally, I don't see it as something that is required or neccesary) but did say I never had done so and the thought of owing money scares me and yes, a mortgage is included in that sentiment; possibly even more so due to the large scale. Loans are a big responsibility and I don't think a little aprehension is unwarrented or odd. A mortgage is different though in that it is something I would do and plan to eventually but I would be wanting a substantial deposit first and be beyond comfortable with the repayments. I think it will be a few more years of savings before that is something we even start to think more seriously about and it definitely will be for a modest amount although last time I was at the bank they tried to 'sell me the dream' and I was pretty shocked how much they thought was appropriate to borrow. The main difference is you do need somewhere to live and the alternative has its own financial drawbacks. A car, to me, is more of a luxury (others see that differently, half the reason we rent is because it means we can afford to live somewhere where walking to the shops, park, doctor etc is a reasonable option and we want that to continue when we do look into buying a home) and the fact they depreciate so quickly are the reasons I would not go into debt for one and can see myself always opting for pre-loved versions.