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Debt - what's normal?

(16 Posts)
DireStraights Sat 20-May-17 23:36:24

I worked non stop in my 20s and 30s and any spare cash my husband and I had we put into our mortgage. We had kids in our 30s and paid off our mortgage.. We now are thinking of moving round quite close by for bit more but similar space but a better location (and a bit more storage) but we will have a mortgage for 15 years. ... would you settle into a mortgage free life or move for the extra space and location ...?

Beckywiththebadhair Sat 20-May-17 23:57:09

We could have been mortgage free but we moved for a better location (no extra space sad) when we had DS and took out a 20 year mortgage. Still have about 15 years left on it but will pay it off sooner.

I suppose it depends on if you are happy in your current place.

KanielOutis Sun 21-May-17 07:52:52

I'd either stay where you are or rent out where you are as an investment and buy elsewhere.

I'm similar in that I will have paid off the mortgage in my 30's, only I had children young so they will be grown up then too. I won't move for more space, but not against the idea of a BTL when I have no mortgage.

CheeseCrackersAndWine Sun 21-May-17 08:11:28

We are early/mid 30's and have 17 years left on our mortgage. I think far more people have mortgages than are mortgage free (excluding people who rent obviously) I would love to be mortgage free but only if it was in a house with enough space. I'd rather have an affordable mortgage in somewhere I was more comfortable living in. We are in a house that we will happily live in for a long time so when we ever manage to pay the mortgage off we won't be looking to upsize (unless we win the lottery or something grin)

Topseyt Sun 21-May-17 08:13:21

If you actually have enough space where you are and are happy there then I would stay put.

backtowork2015 Sun 21-May-17 08:18:18

How old are you now OP? 15 yrs mortgage may mean you need to retire later than you otherwise would have, that would be a huge deal breaker for me. You're currently in a position where you could presumably set up plans for a very comfortable retirement if you have no mortgage

WhenSheWasBadSheWasHorrid Sun 21-May-17 08:19:56

We are 40 (ish) have 14 years left on mortgage but we hope to overpay and be mortgage free in 8-9 years.

I would love to be mortgage free but would be tempted by a nicer area and larger house.

HotelEuphoria Sun 21-May-17 08:26:41

I love my house, the location and all we have put into it, the kids are also now grown and only here p/t. We are now mortgage free and for the first I am looking at other houses. I don't need more space now, but if I see that dream house, detached, better garden, right location, then ..... never say never.

EngTech Sun 21-May-17 08:30:34

Debt only becomes a problem when you start missing repayments and the arrears start mounting up.

Sad fact of life these days that the friendly people who loan you the money, eventually want it back and are still friendly when they send the bailiffs round.

Boils down to have you confidence in the future with a regular income to service the debt plus the odd curve ball which will come your way I.e. Interest rate hikes etc.

I had a mortgage when rates were eye watering, nudging 15%, coped just about, but only just.

Good luck in whatever you decide

Oysterbabe Sun 21-May-17 08:32:22

I'd move if mortgage would still be paid by retirement age.

DireStraights maybe a slightly insensitive username for this problem?

EngTech Sun 21-May-17 08:33:38

Debt only becomes a problem when you start missing repayments and the arrears start mounting up.

Sad fact of life these days that the friendly people who loan you the money, eventually want it back and are still friendly when they send the bailiffs round.

Boils down to have you confidence in the future with a regular income to service the debt plus the odd curve ball which will come your way I.e. Interest rate hikes etc.

I had a mortgage when rates were eye watering, nudging 15%, coped just about, but only just.

Good luck in whatever you decide

User06383 Sun 21-May-17 08:46:14

We're late 20's and could be mortgage free in under 10 years if we carry on overpaying on our current house. But, we want to move and get some land. Current house is big enough internally (4 bed) but the gardens are too small and I want land for the horses at home.

It's a tricky one as I'm dying to be mortgage free! But outdoor space wins in this case.

BrexitSucks Sun 21-May-17 08:48:56

How old are you now?
Better location sounds tempting, 15 yr mortgage is nothing.

unlimiteddilutingjuice Sun 21-May-17 08:52:12

I'd go mortgage free but I am overly cautious.
It comes from working in a CAB and only seeing situations when they've gone wrong.
But: Knowing I would still have my home if I lost my job or got sick? That security would be amazing.

Wecks Sun 21-May-17 08:56:00

Why on earth would you move and take on a mortgage to a house that's no bigger?
We paid off our mortgage when DC were very young. More to life than struggling to buy bigger / better houses just for the sake of it.

tiba Sun 21-May-17 08:56:12

Live in south east and just took out mortgage for 35 years.
With the aim to pay back earlier.

We bought a place that had a big enough foot print and garden and driveway that it wouldn't be necessary to move again, and if we wanted more space in the house we can convert the loft.

It's a scary long time, but it's the decision we made

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