To double our mortgage at 36?

We doubled our mortgage four years ago and it’s been a disaster. DH sudden dreadful health issue has impacted his (self employed) work. I tried and failed a new work venture which set us back, having secondary school age children is more expensive than ever and general cost of living has crushed us.

Im hoping next year to finally finish work on house and sell to go mortgage free. We’re early forties and should have done this as soon as we had the chance the first time.

Only go for it OP if you’re financially sorted. We stretched for the dream and got a bit of a nightmare.

I think you are building in a lot of quite optimistic assumptions:

• getting it cheaper than its on for
• what your current house will sell for (prices are falling in many areas)
• how much you can get the work done for (beware! The cost of tradesmen and materials has rocketed)
• what it will eventually be worth

Re-do the maths, but this time, assume a more pessimistic (realistic) set of variables eg:

• buying it for asking (don't forget stamp duty & move costs
• selling your current house for 5-10% less
• reno work costing 20-40% more (see above re trades & materials)
• ultimate value being 10-20% lower (prices in rural areas are much more vulnerable to the market softening. A move to a city is usually a need, job wise, a move to a village is more likely a want).

Does it still make sense? Really?

Or are you dwelling on a bit of a pipe dream?

No way would i move 40 mins from kids schools.

Fantasy..goats, picking herbs from your kitchen garden, fun with paintbrushes as you lovingly renovate.

Reality..kids and you stuck in the car for hours every day, constant knackering slog ( and spending) to keep on top of house animals and land.
And then the garden floods.

Regardless of anything finance or renovation issues, I would be concerned that the commute for your dad and for the dc is too much. That is an awful lot of extra time spent driving and for the first year it might not be so bad as you will still be in love with the new house but next winter

@EponymousEponine If I was your Mum...

I'd say 'Heidi' was a novel, that particular dream was fiction. Please Eponine, be real, about this real life decision. The dream of the goats sometimes just has to be a shared dream. Find another way for you and dc to fulfill that dream. A goat adoption, a goat holiday - be creative. Your goat dream may not be worth all this disruption.

If I was your Mum I'd say: "please do not think about making your dc travel 40 minutes to their school and their friends" (and I say this as someone who moved only 20 minutes away). That kind of distance will be harder and harder as the years go by and they are more distant from their friends.

If I was your Mum I'd say: "don't feel responsible for looking after your Dad. However, the further you move from him the longer you will have to travel to visit. And I can tell you that takes it's toll".

I wouldnt in the current climate, husbands job was 100% secure till it wasn't. Thankfully we haven't extended beyond our financial responsibilities but the economic climate is not running favourably to take on unnecessary risk !

Forgot to mention that Reeves is rumoured to be doubling council tax payments for band G and H properties.

I think you'd be crazy to upsize, in this horrible economy we're in, which isn't forecast to improve anytime soon. Essentially you'd both be relying on your husband's high wage. The unemployment rate in the UK is the highest it's been since 2016. You say he has good job security, but we're in the beginning of a new age in terms of the workplace landscape and if push comes to shove, his employer will make his role redundant f it can save money. Or could you potentially switch to a well paid full-time job and he works part-time doing something different to what he's doing now?

I am a first time buyer and have been watching the property market like a hawk for months. I wouldn't be as sure as you are that the property will increase in value in years to come to £1,000,000 (or £800k) even with a £200k renovation cost.

You are living frugally at the moment and you want to double your mortgage , my worry would be if you became ill or your husband , or either of you lost your jobs ? Could you still keep the new house or would it be unsellable . Your dad has dementia and you will have more demands put in you in the future and will be further away
I think I would rather enjoy my present home and have the chance of nice holidays and treats whilst the kids are young to be honest . Enjoy the now !

Is there a chance you will have a chunk of money at some point to pay off the mortgage? Inheritance or anything? Or will you be saddled with a mortgage until 70 either way?

I was moved to a rural location when I was 15 and I hated it! It messed me up a bit mentally at the time. Living in the back of beyond isn't for everyone and not necessarily a fair thing to force on kids who become trapped out there and ultimately lose the friends they grew up with. It's quite a selfish act and it's not something I've ever forgiven my parents for. Try having those commutes when it's exam time! I missed a GCSE exam because the bus was running late and my dad could only take me as far as his work and that was probably a 30 mile journey before I had to catch a bus to go about 10 mile to where my school was!

It sounds like the house needs a serious amount of work and you both full time so it won't be fun to live in for a very long by the time you've turned it into a nicely decorated home. If there is a problem with flooding, you'll not easily sell it in the future.

You need to think about days when you've got a car that's broke down or needs to go in for an MOT etc.

Like others have said, you need to be careful about relying so heavily on your partner's income and financing yourselves silly on it just in case something does happen.

Think about it either of you lost your jobs, where are you going to end up having to commute to for alternative work! The roads are crap these days and commutes take far longer than they used to plus you might have to deal with a lot of dark treacherous roads in the winter to get to and from your rural house

Where does all the time come from not only to renovate the home but to also have this small holding of animals that you talk about? You are going to work all day take ages getting home with the kids each night and then have animals to sort out? Let alone making the house liveable?

Thing is, my mum and dad were exactly like thls! They moved to the sticks, got horses, goats, hens! My dad was still working like a dog at his business 30 miles away. It just didn't work, after five years they packed it all in and went back to the area they moved from and by this point I had my own home in the county they moved me to so I never lived any closer than 36 miles from my parents. Dad died 9 years ago, he worked himself into an early grave and mum lives alone 36 miles away.

Will the dream home be such a winner when you need to drive hours to school?
Are there better schools nearer to the new house?

I'd prioritize location, easy acces (childcare, school, healthcare) and factor in that your children's support needs (especially with two having a diagnosis) may fluctuate over time, especially around puberty.

My one regret in life is that I didn't push myself financially with property when young. I could have afforded to double tge mortgage but didn't. If I had I would be in a different ball park now in terms of assets.
I'd go for it

My one regret in life is that I didn't push myself financially with property when young. I could have afforded to double tge mortgage but didn't. If I had I would be in a different ball park now in terms of assets.
I'd go for it

I would hate have to drive for over two hours a day for school. It also means that you’ll be far away from all their friends (when they’re older and socialising after school). You could be doing that journey more than twice a day sometimes.

We have always been walking distance to school so that would be an instant no for me.
I appreciate we are all different though.

Our household income is more than double yours and our remaining mortgage similar with more equity and low interest rates but oddly we pay more a month than you say you do! Personally I would not want to stretch much more in my position let alone yours. But then our focus has been on large pension investments to reduce tax liability instead and I am also mindful that the property market could change as could our health/work so want to ensure we are very comfortably able to pay the mortgage

I think I’ve found the house - painted white, with a big river at the bottom of the garden?

If so…gulp, that’s a lot of work. And has some very close neighbouring buildings which looks like possibly a commercial premises?

Its a no from me.

1. The more you have in asset value the more you'll be taxed which is money out of your kids inheritance (which seems important to you)
2. You're swapping one set of problems for another and its a lot to spend on something that will make life harder.
3. Are many houses are reduced or struggling to sell locally? I've absolutely noticed a number of nice enough homes stuck on the market so I'd personally be worried about making such an expensive move right now.

Well, @EponymousEponine I came to say you shouldn't do it. Then I read all your figures, what the house is like, etc, & I was going to say go for it!

I've now read all four pages & I DON'T KNOW!!
I can only say I'm glad it's your decision & not mine! Hugs!

Are there closer schools? The almost three hours driving a day would be really difficult…

On the one hand, you only live once, if you can genuinely achieve the small holding and renovation you plan, and the family is truly keen, then I’d say yes.

Do be mindful though that your kids will loose independence as teenagers if there’s no public transport for them: clubs, sports, jobs, friendships etc will all be much harder if they can’t take themselves. See if you can problem solve that first.

I so need to see the house - it sounds fab

I’m sure the house is beautiful but why are you even looking at houses in an unsuitable area? That school run will kill you.
You will be massively complicating your life when there is no need. Your children’s needs may get more expensive, kids get more expensive as they grow. With three children, especially two with special needs, you have a lot of moving parts in your life and have to keep things as simple as you can. I don’t think it is a good idea to take such a risk and gamble just because you “like a project”.