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This is a very risk averse strategy though and you could have instead invested that cash tax free through an ISA. Last 5 years annualised global equity return is around 10%. If all your cash is locked up in the property and you have little savings, what happens if you have a large emergency expense?
hesa
@princeperch
Everyone with half a brain cell should have been preparing, not for brexit because that was a black swan event, but for the inevitable economic cycle to complete it's loop, which I suspect it will do in the next year or two.
Ive been aggressively paying down our mortgage for the past 5 years and got it down from 225 in 2012 to 85k today. I don't earn a particularly high salary for London , but we nearly got seriously shafted at the tail end of the last recession with the wife getting made redundant. That was no fun. She changed careers to become a teacher from a solicitor and earns 20k odd less than she did before. For some people that 20k would have been the difference between keeping their house or having to sell it.