Cian Carolan

Okay.

You don't want to tie all your money up in your house because when you go to buy your next house, assuming that even if you decide to sell your own house first,

If all your money is tied up in equity in the house, you go to buy the next house and you're in a chain, you need 10% signing deposit.

Like you need 10% of the next house.

If you're buying for 500,000, you need to have 50 grand in the bank when you sign contracts.

That catches a lot of people out.

So you might have been really diligent and overpaid your mortgage over the years.

And then it comes to trading up.

and then all your money's tied up into the house and then you're scrambling, looking around to find ways to get that deposit or negotiate a lower contract deposit when you're signing contracts.

So it's just, that's why I say it's so nuanced and it requires a lot of thinking and sometimes a bit of foresight as to what your plans are ahead.

And yeah, it depends on motivations as well.

You know, me personally, I'm not that motivated

By overpaying my mortgage, I look at it and I'm like, well, it's a little bit down the list for me in terms of priority areas for spare cash.

And then I'm also thinking, well, if we decide to move again, I don't want everything tied up in the house.

Basically.

Yeah, I mean, I had a really good example of this earlier this week.

I met with a couple and 51.5% of their take-home pay is tied up in mortgage repayments, car finance, short-term loans, credit card debt.

Way too high.

And look, they're coming to you or to me for these conversations because they're aware.

Yes.