What are the advantages of taking out mortgages?

Every time you open up the newspaper, there is another horror story about mortgages. They are costing more, they are wrecking people's lives and they are leaving people homeless - why should you choose to buy your own home? There are almost 20 million mortgage holders in the UK*, which means two-thirds of Britons have not opted for mortgages. But what is the right choice? Why should you burden yourself with a massive debt when there are plenty of rental opportunities out there? What are the advantages to UK mortgages?

Firstly, mortgages can be cheaper than renting. The latest figures show the average rent for a home is about £640**, while the average mortgage rate is around 5.75%*** - and depending on your mortgage size, that could be a lot less than rental costs - a £100,000 mortgage with less than 6% APR means a monthly bill of less than £600.

And as you are paying out for mortgages, the house price inevitably rises. Even in these times of regional house price dips, there have been reports of house prices rising by as much as 5% in the last year****. So with mortgages, as you spend, you earn. House prices have risen exponentially over the last decade in the UK, and the only ones who benefited from that massive rise were those with their own homes.

Also, mortgages give you financial strength. With a mortgage, you can take out further loans in the form of credit cards, car loans and even secured loans - a house is the ultimate form of collateral. Mortgages also improve your credit rating, meaning a mortgage is a springboard for bigger and better financial responsibilities in the future.

Whatever your financial plans, and whatever your job, mortgages are the key to being able to afford more of what you want.

But most importantly, mortgages give you and your family security. There is nothing like owning your own home to feel a sense of permanence and stability. House prices rise and fall, as do mortgages but that roof over your head will not move. You can redecorate, extend and change everything about your home, just to your tastes - because it is yours. As it becomes harder and harder to save, your home and your mortgage will become your pension - with equity release schemes, all the hard earned money you paid into your mortgages can be taken out so as you can enjoy your later years in your own home.

Mortgages can be expensive and can become a burden. But all the pain and suffering you go through to keep your own home is always worth it. Mortgages are the best way for Brits to plan their future and allow them to raise their families and to enjoy their lives. 17 million mortgages* proves 17 million Brits can't be wrong.

* Council of Mortgage Lenders, Annual Report, May 2008 **rentright.co.uk, Regional Rental Price Index, May 2008 ***moneyfacts.co.uk, fixed rate Best Buy Table average, 19/05/08 ****Halifax Regional House Price Index Q1 2008, Scotland annual change +5.3%