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AIBU?

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Original poster

To sell my house because I want security at this age?

130 replies

burnth · 12/04/2024 19:12

I’m 38. My mortgage is 270k, I pay 1k a month. Single and probably always will be (no desire for a relationship after some pretty awful ones…)

I had the house valued last week and it’s come back at 495k with a suggestion of marketing it at 525k.

I hate owing so much. Current term is 30 years so I will be 68 technically if it’s ever paid off. I will be gifted 50k later this year and may have some other inheritance down the line but who knows.

I want to buy somewhere with my equity and feel secure. All my family are saying it’s a stupid idea, that if I continue overpaying it will soon drop (I overpay 300 a month) and that in the longer run the house will make more money than a smaller one and I can downsize later on with more equity to either use or keep as savings.

I feel so confused. Most people I know don’t have a mortgage by now and this feels huge. Well it is huge. What would you do?

OP posts:
Darkedonlinen · 12/04/2024 19:19

Have you looked at what sort of property you can buy for less money in the area you want, to decide if you’re happy with it? That would be my first step.

Bethebest · 12/04/2024 19:19

Do it absolutely! I did similar and it opened a whole new world for me with unexpected freedoms. I travelled, worked reduced hours and eventually adopted. None of which would be possible if I’d continued rattling around in an expensive house paying crazy amounts on a mortgage for someone else to inherit.

jellybeeanie · 12/04/2024 19:18

I’m 43 and currently have a mortgage of £245k. It will be £290k after an impending move. 25 years left officially but will be quicker as we’re overpaying.

So, you’re not the only one!

I hate having a mortgage this size at this age but we weren’t able to buy before our 40s, we want to live in a specific area and we need a 3 bed house.

So I’m wondering about your house - size, location etc. Is it too big? Could you get enough space for cheaper in an area you like? I can’t, but I would if I could. And I definitely wouldn’t be letting your family influence you like this - it’s your house and your money.

In your shoes i’d go for it but only if you can get a place where you’d be happy.

CreateAUsername2024 · 12/04/2024 19:16

I'd say yanbu as it reads that the thing that you want most is to feel secure and you will feel secure by doing this. I'd be tempted too in your position, one thing I want more than anything is financial security so I do get it. Also you could potentially get a really lovely place which would be suitable for a single adult woman with your newer budget so it's a relatively nice position to be in. Not really the same but my husbands aunt downsized from a country cottage to a very nice new build and its lovely. Some people thought it was madness but she's really happy. What sort of thing would you go for?

Rosa2023 · 12/04/2024 19:16

I’d absolutely do this! How freeing to have no mortgage. Why do they think it’s a bad idea?