Not really. It's secured against the house so worst case is the lender repossesses. Either way, unless you have money you will be paying rent to the people who do, either via rent or interest payments. Yeah, I don't like it either, but that's the game.
The OP makes it seem like renting and saving huge piles of cash is the only way. It's not. You can buy and save into your house instead. As long as interest plus maintenance etc is the same as what you would have paid in rent, you'll probably end up better off if house ownership is your goal.
The OP makes it seem like renting and saving huge piles of cash is the only way. It's not. You can buy and save into your house instead. As long as interest plus maintenance etc is the same as what you would have paid in rent, you'll probably end up better off if house ownership is your goal.