Move somewhere bigger or pay off mortgage?

(13 Posts)
SugarMiceInTheRain Mon 19-Sep-16 10:37:04

WWYD - we are soon going to be in the fortunate position of being able to pay off our mortgage early. Currently in a 3 bed semi in a cheap area. Five of us in the house, so it feels a little cramped at times but we have good neighbours, nice garden, garage etc. Too far from DS1's secondary school for him to walk, but no public transport or school routes go our way so we drive him there/ to nearby main road.

I'd like to move to a 4 bed nearer the school, which would mean keeping our current mortgage payments (About £540 a month for the next 15 years) or possibly increasing them slightly, which would be financially manageable but would mean no holidays for the foreseeable future. DH would rather stay put, pay off the mortgage and have disposable income each month.

What would you do in this situation?

timeforsomethingnewithink Mon 19-Sep-16 10:39:36

How old are your children?

MiddleClassProblem Mon 19-Sep-16 10:48:09

I don't think I would do it if it meant a higher mortgage but if it meant the same and included moving costs/stamp duty etc then I would move over the extra money as I like the ideal of kids being able to have their own room but it does depend on ages and gender ratio iyswim. If the ones sharing are the same gender, close in age it's less of an issue of a teen sharing with a younger sibling.

Sierra259 Mon 19-Sep-16 10:48:11

Would it be possible to extend your current place? Either to the back/sides or a loft conversion. That would give you a bit more space. Obviously it wouldn't solve the issue with distance to school, but how many more years would you need to do it for before your DS turns 17 and could maybe get his own car?

Sorry, completely sitting on the fence here! I can see the pros and cons of each so just trying to gauge other factors that might influence. My gut instinct would say stay where you are and extend if possible - Being mortgage free would open up so many opportunities for possible early retirement, helping the kids out financially with uni/house deposits/travel. If extending isn't an option, then moving might be more appealing.

user1471549018 Mon 19-Sep-16 10:53:01

I'd move or extend depending on what i could get if I moved (ie bigger house in better location but still with garage and nice garden). But I would prioritise having a bedroom each for the DC

SugarMiceInTheRain Mon 19-Sep-16 11:55:09

Thanks for your replies and ideas! Extension probably not possible due to the fact this house has already been extended to put a dining area onto the end of the kitchen (next door's living room is a living/dining room). I haven't properly looked into this option though. We also have the loft kind of converted - boarded, insulated, velux window, lighting (but no space for stairs so can't be used as a bedroom though we do use it as a study/ hobby/junk room.

The two boys share as they are only 2 years apart. DS1 has only just started secondary. DD is a toddler so is fine in the box room. I do love the idea of having the extra money for holidays/ uni fees etc for the children but also reckon as they get older they'll be at each others' throats! Maybe we will just sit tight for a bit, then see what happens. Hopefully my income will increase somewhat once DD is at school (currently self employed, part time to avoid childcare costs). Both DH and I are quite risk-averse so don't want to overstretch ourselves by taking on as much mortgage as the bank would be willing to lend us!

lalalonglegs Mon 19-Sep-16 12:11:06

Stay put and buy your son a bicycle so he can get himself to school/the bus stop.

ClarkL Mon 19-Sep-16 12:44:46

My concern with a house that is just big enough is that with house prices and the current market children will be moving out as young adults. Although my son is 12 and daughter 11 I'm thinking about a house that is big enough for 4 adults to live in without wanting to kill each other.

YelloDraw Mon 19-Sep-16 12:45:15

How old are you both? How secure are you jobs?

5 people in 3 beds I'd want to move unless it meant paying off the mortgage until 70 or something.

Sierra259 Mon 19-Sep-16 16:43:47

After your update, I'd probably lean more towards moving if you can find something that doesn't up your mortgage payments too much. It sounds like it will get pretty claustrophobic over the next few years. Probably worth keeping an eye on what's available in the area you're thinking of to see what the situation is.

CathFromCooberPedy Mon 19-Sep-16 21:09:53

I would sit tight for a wee while. I was just saying to dh the other day we've missed the window to buy outside London with our 'London money' and l think the market OR salaries are going to shift.

This isn't really about Brexit BTW, just a change in how things are.

Your dc are young enough still to be OK as is. I'd give it 2 years and see.

Well that's out plan! smile

Starrystarrynight456 Tue 20-Sep-16 00:14:23

I'd probably move but would depend on your age as yell says. If 15 years wouldn't take you past retirement age then I think it's worth it if it means living where you want for next few years. You can always downsize in the future perhaps before the 15 years if your kids have left home etc but still get benefit of living in the bigger home in meantime.

LyraMortalia Tue 20-Sep-16 07:47:27

I'd move if the house feels a bit small now and your youngest is a toddler it's only going to get 'smaller'

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