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AIBU?

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Original poster

To want to get rid of mortgage

29 replies

DollarDilemna · 30/03/2025 17:05

WWYD

We are struggling to cover bills. I work part time with two young children, DH works full time having started his own company.

I’ve recently received inheritance. I want to downsize and get rid of our mortgage, bills would be the same but closer to work and school.

DH wants to use the inheritance to pay the mortgage for a few years but stay where we are.

WWYD?

OP posts:
CaveMum · 30/03/2025 17:13

Can you earn more in interest than you are paying as your interest rate on the mortgage? If yes then I’d put the inheritance away to earn said interest then review the situation when your current mortgage deal comes to an end.

Upstartled · 30/03/2025 17:10

I guess it depends on the amount of everything. It's expensive and disruptive to move so if this is a desperate situation and you can use the inheritance as an opportunity to get out of dodge, I might use it to downsize.

If it isn't desperate, rather just annoying, then I'd make the inheritance work harder by taking the whole amount off the capital.

I wouldn't use it as your DH suggests though, to pay the monthly mortgage costs simply to create a temporary illusion of having more money than you do. That lifestyle inflation is a fucker.

Tiswa · 30/03/2025 17:07

So what is the financial impact of downsizing in terms of fees etc and what is the loss of space

how much mortgage can you pay off and what would that do to your monthly payments?

Aposterhasnoname · 30/03/2025 17:07

Not sure I’d downsize with young kids. You’ll want more room as they grow up, not less.