well i think you are right the most obvious disadvantage of mortgage is that you are carrying an enormous debt over a long time. The other major drawback is that since the mortgage is secured on your property, you have to be able to keep up with your mortgage repayments or you could lose your home.

During the credit crunch, lenders worked hard at keeping even those struggling with the mortgage in their home. But if homeowners really can’t make the repayments, their home will be repossessed. The bank or building society will then sell it to recover their money.

Although the monthly amount you’re paying may seem reasonable, the total amount you pay back over the years is huge. For example, someone who borrowed $160,000 over a 25-year term would repay $280,600 in total once interest is added on! (This assumes the rate of interest averages 5% over the term.)