My approach has been never to extend myself on a mortgage. Some people I know took out the largest mortgage they could and it worked out well for them but they were taking a risk in being highly leveraged.

Others weren't quite so fortunate and had to live on baked beans in order to pay the big mortgage.

I suppose housing can be regarded as a capital good and therefore subject to greater fluctuations in price because of the trade and interest cycles, compared with consumer goods.

IMO housing should be more regarded as a place to live in - a basic human need - rather than a capital investment.

I recall that at one time the interest rate on my fixed mortgage was 12%.

Apparently our economy is to a large extent dependent on increasing house prices because the feel-good factor encourages higher consumption, which is about 70% of GDP.

Sobering thought that the UK economy seems to be based on rising house prices and increasing consumption.

Terrible dilemma for young people who are in a position to buy their first house. Are they buying at the top of the market? Could I soon become in negative equity? Is my job sufficiently secure?

Another interesting concept is the housing ladder as in "you must buy a house and get on the housing ladder". This implies that we should all aspire to live in a detached house with 5 bedrooms with an en-suite in each bedroom, possibly surrounded by a moat.

To go back to the question, I suppose if you have to remortgage or mortgage the obvious strategy is to try and get the best deal but don't over-extend and try and avoid buying at the top of the market.

You've raised some thought-provoking points about the risks and considerations involved in homeownership. It's true that housing should primarily be viewed as a basic human need rather than solely an investment. Striking a balance between affordability and stability is crucial, especially when it comes to mortgages. I didn't address swbc mortgage customer service until figuring it out. Also, careful planning and assessing market conditions can help mitigate potential risks and ensure a more secure financial position. Wise advice to not overextend and make informed decisions.