Debt - The price to pay for living the London dream
People leave home for it, others become homeless for it, some dream of living in it, others fall into debt in it….What are we talking about? London.
The famous capital of the UK is known for its lavish lifestyle where many people believe the streets are paved with gold and go there to find fame and fortune. The famous West End, classy Convent Garden, the home of the Royal family, nightlife that sweeps you off your feet and the most talked about hotels, the home of the rich and famous, the land of the stars…the magical city.
But is life really this good for London residents?
London has its share of rich and poor so whilst one side of the street may languish in elegance, the other side are struggling with debt and hardship. Trundling to work every morning on a crowded underground, working a forty hour week for minimum wage and losing every penny in an overvalued property is no starry eyed experience.
If you’re the type of person who only feels at home in a busy city but cannot afford the debt that London living bestows, why not consider Edinburgh?
In the capital of Scotland, you could lead a more affluent lifestyle and save on your mortgage at the same time.
A current property in London retails at an average price of £335,000. A similar dwelling in Edinburgh will cost a mere £228,000 saving you over £100,000. What a massive differance that makes to a mortgage! Imagine what you could do with a £100,000 savings. You could send the children to private school; buy a flash new car or even splash out on a second home abroad. For many people, that saving of £100,000 could mean the difference between a lifetime of financial strugle and potental bankruptcy, or a comfortable life with their family.
Transport is also less expensive in Edinburgh and people living around Stockbridge or other central regions could walk or even cycle into work, thus making the daily trudge healthier and less stressful. You can still visit those famous Michelin starred restaurants at a fraction of the price and there are some great shopping complexes including a Harvey Nichols for those who like to flash their cash.
If you want the glamour without the debt, Edinburgh may be the place for you.
Finance News posted on 17/09/2007 08:51:26
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