By Paul Tobias-Gibbins
FOR most Purfleet people, a mortgage is the only way to buy a property. However, for some, especially Purfleet homeowners who have paid off their mortgage or buy-to-let landlords, many have the choice to pay exclusively with cash. So the question is, should you use all your cash, or could a mortgage be a more suitable option?
Looking at the numbers locally…
2,833 of the 17,395 property sales in the last seven years in Thurrock were made without a mortgage (i.e. 16.3%)
Interesting when compared with the national average of 31.9% cash purchases over the last seven years. Next, I wanted to see that cash percentage figure split down by years. As you can see from the graph below, this level of cash purchases vs mortgage purchases has remained reasonably constant over those seven years.
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