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  But Tom - How much rent would they be paying over the same period with nothing to show for it?
  
  A lot of people reduce the cost of their mortgage with over payments, clearing it early and saving thousands. It is not always possible at first but as your finances improve over payments become more viable. You cannot do that with rent, it just goes up with nothing to show for it. there is no rule to say you have to pay a mortgage for 25 years, in fact the sooner it is cleared the better.
  
  There are flexible loans available where you can pay off your mortgage early, perhaps put all your savings into it while having the ability to draw out those excess payments if/when they need the cash. I do that myself, my tax provision goes into my mortgage and while its there it saves me mortgage interest (actually clearing down the balance a lot faster than otherwise) getting me the equivalent to a 9% gross interest rate on my savings!!!
  
  These people in the article were badly advised, buying at the wrong time in the market, over-extending themselves and getting a house they did not like because they panicked into buying.
  
  No-one, absolutely no-one should think of this as advice to get a flexible mortgage. You must get advice from a mortgage adviser first specially with a complex product such as I described.

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