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Help me downsize

(9 Posts)
Downsized Wed 10-Apr-13 19:59:12

"Forever" home is now under offer following a parting of the ways. Want to reduce my hefty mortgage by 100k, but finding it hard to find anything suitable for me and two kids within secondary school catchment for youngest.
I have had an offer accepted on the only house I really like but it is over-budget and I am now panicking - is reducing mortgage by £60k worth it? It needs nothing doing to it, nice area.
Would it be a false economy and more hassle than it's worth to buy a cheaper fixer-upper to get mortgage debt down more to reach my target? That would mean a terraced as opposed to a semi in a slightly less desirable area. Intend to keep monthly payments the same, but the cheaper option would be paid off in nine as opposed to 12 years. WWYD?

Flossiechops Wed 10-Apr-13 20:04:09

We are looking to do the same, unfortunately we are tied in to our mortgage until January 2014. I have been looking on Rightmove and not seeing anything remotely nice for 100k less. If I were you I would undoubtedly buy the house and suffer a few more years of mortgage. 3 years may seem like forever but in reality it will be a small price to pay for a better house in a better location.

Like you say a house that needs lots of work will cost unless you can do the work yourself. Good luck smile

doglover Wed 10-Apr-13 20:40:42

We are (hoping to) downsize. We'll be paying over £300 a month less andd finally have an improved quality of life. We'll (again, hopefully) be going from 4 bed / 5 rec to 3 bed / 2 rec. I REALLY want to do this - fed up of living in a great big house but having zero money.

littlecrystal Wed 10-Apr-13 21:33:51

Very interesting. I am selling my 2 bed large victorian house and would be happy to buy a smaller 2 bed house in a better area. We are family of 4 and I like the idea of living small. However 3 years of extra mortgage is nothing in a long term. Of you are happy, do it.

Levantine Wed 10-Apr-13 21:47:37

I'm not convinced that fixer uppers really save you that much money. Go for the nicer location and enjoy it

Downsized Wed 10-Apr-13 21:49:38

Thank you for your replies as can't see the wood for the trees at the moment. Gut instinct says go for the house I like and live with extra three years paying off, saving £300 a month on current mortgage in the process, but head says settle for less to be more financially secure just in case.

Levantine Wed 10-Apr-13 21:56:50

You could be miserable if you buy a house you don't really like. You've found one, in catchment that you do like. You won't need to spend your life chasing builders, or living with decor you don't like. I would go for it if I were you

Jaynebxl Wed 10-Apr-13 23:08:26

Go for the nice house. You're worth the 3 extra years mortgage and so are your DCs. If you can manage it without living on the breadline then do it!

HepzibahFlurge Thu 11-Apr-13 19:29:06

Do it!
We did this two months ago - went from a 4 bed house to a 2 bed flat. Knocked 65k of the mortgage and reduced our monthly payments similar to yours. Best thing we have ever done, its lovely to have extra money in our pockets for holidays, evenings out etc(previously no spare money at all after bills)
We are so happy here (even the dog smile)

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