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Original poster

Buy the house or pay off mortgage by 42?

85 replies

BHFEPP · 13/01/2026 20:04

Just as the title really. I am 38 and could pay off my mortgage by 42 if all is well (got the bulk ready to pay off in chunks already, haven’t done in full as it’s currently invested).

Anyway…I’ve just found my dream home. Absolutely beautiful and exactly where I would love to be. But, it would mean taking out a chunky mortgage and realistically I would be paying it off for many years to come. Part of me thinks go for it and if I ever have to downsize I can, the other part of me thinks just leave it and accept where I am and what I have. For context current home worth 550k. The one I love is 695k.

OP posts:
Vanillalime · 13/01/2026 20:48

Buy the house. For the location & lifestyle if would be worth it to me,

Konstantine8364 · 13/01/2026 20:47

This is such a personal decision. I'm going to pay my mortgage off this year at 37 and I am so excited! I did think about moving to a better house and area, but my current house is fine so I am going down to 4 days a week and going to invest the rest of my mortgage payment to give me flexibility to retire early and continue to go more part time.

Hazlenuts2016 · 13/01/2026 20:44

I'd stay put. In our late 20s/30s, me and OH remortgaged and made home improvements and moved up the housing ladder. Now in our 40s we are focused on getting our current house paid off and then possibly downsize. Unfortunately paying it off won't happen until we are in our 60s. It would be massively liberating to have it paid off within a few years. As I'm sure lots of people have said on here, do anything you can to the current house within a workable budget to enhance it.

SherbetDipDap · 13/01/2026 20:43

I wouldn’t think twice about buying the dream house.

We’re about to buy our ‘forever home’ (fingers crossed!!) and although it means another 30 years of mortgage (we’re 10 years younger than you), it will be 100% worth it.

notthatoldchestnut · 13/01/2026 20:42

Buy the dream house. You’ve got 4 years before you pay off this house if you use all your savings. So it’s an additional 16 years. You can overpay a bit to bring that down.

I guess ultimately it depends how much your existing property costs compared to the new one each month?

we have a £500 a month mortgage and im battling with DH all the time to not pay it off. The reality is that we can do so much more with our income and we would easily absorb £500 into kids stuff and holidays and things each month that we wouldn’t really “see” the benefit in the way id love.

mumto2teenagers · 13/01/2026 20:40

A few years ago we thought about moving and increasing our mortgage, we decided against it and I'm glad we did. Our mortgage will be paid off by the end of this year before I turn 50.

We are planning on going on more holidays and savings some each month.

InWithPeaceOutWithStress · 13/01/2026 20:39

BHFEPP · 13/01/2026 20:36

@HateThese4Leggedbeasts i guess this house I’ve compromised a lot. None of it’s ever really been ‘done’ or to a massively high spec. Garden is big but needs loads of work which I wouldn’t want to do here. The dream house is all done.

Show quote history

Would it not be cheaper to do your current house up?

Januaryescape · 13/01/2026 20:38

Twenty years? I’d stay put and go on more holidays. Is dream home bigger? Higher running costs - do you need more space?

only you can decide but I’m late 40s and knackered, facing job insecurity - I’d stay put

Original poster
BHFEPP · 13/01/2026 20:36

Catladywithoutacat · 13/01/2026 20:35

Good for you

@Catladywithoutacat ?

OP posts:
WallaceinAnderland · 13/01/2026 20:36

20 years is too long.

You would be 62 and hopefully still able to work until then. You'd do better to pay it off now and put more into a pension.

Original poster
BHFEPP · 13/01/2026 20:36

HateThese4Leggedbeasts · 13/01/2026 20:23

What does the new house give you Vs the old house? Eg more space as a single person isn't the same answer as more space and giving each child their own bedroom . However I think I'd go for the bigger house if it gives you a better life somehow as 42 is young to have paid off a mortgage.

@HateThese4Leggedbeasts i guess this house I’ve compromised a lot. None of it’s ever really been ‘done’ or to a massively high spec. Garden is big but needs loads of work which I wouldn’t want to do here. The dream house is all done.

OP posts:
Catladywithoutacat · 13/01/2026 20:35

Good for you

cotswoldsgal1234 · 13/01/2026 20:34

You get one life. Buy the dream house. You will soon reduce the new mortgage and you will have the house for as long as you want. Go for it.

Original poster
BHFEPP · 13/01/2026 20:34

FuzzyWolf · 13/01/2026 20:21

I’d buy the house. You can pay off a £145k mortgage quickly.

@FuzzyWolf when I’ve put it into the mortgage calculator it’s showing 20 years (I would need to keep some of my savings back to pay costs of moving)

OP posts:
Original poster
BHFEPP · 13/01/2026 20:33

Ohpleeeease · 13/01/2026 20:23

What seems like a huge mortgage now will look a lot less in ten years’ time. You may still be able to pay it off earlier.

What benefits would paying off your mortgage very early bring?

@Ohpleeeease i am not sure really, I suppose I’ve just had it as my goal for so long, the sense of security and more freedom maybe.

OP posts:
Original poster
BHFEPP · 13/01/2026 20:33

OneZanyPoet · 13/01/2026 20:29

In a similar position and decided not to buy the house. It would be nice to have more space for the teen years, but then they’ll leave home anyway. This way I can set them up by paying for uni, maybe help them buy a house and retire before I’m past it. Moving house is a waste of money if you don’t have to, 40-50k in fees and stamp duty. And you’ll have to pay again if you downsize.

@OneZanyPoet good point about not always needing more space

OP posts:
Original poster
BHFEPP · 13/01/2026 20:32

BuffaloCauliflower · 13/01/2026 20:08

How long would it take you to pay off the additional mortgage? It’s not a huge amount extra in the grand scheme of things and you’ve got loads of equity

@BuffaloCauliflower I would basically be paying it for the next 20 years.

OP posts:
OneZanyPoet · 13/01/2026 20:29

In a similar position and decided not to buy the house. It would be nice to have more space for the teen years, but then they’ll leave home anyway. This way I can set them up by paying for uni, maybe help them buy a house and retire before I’m past it. Moving house is a waste of money if you don’t have to, 40-50k in fees and stamp duty. And you’ll have to pay again if you downsize.

WallaceinAnderland · 13/01/2026 20:24

I bought my dream house. I don't really want to go on holiday as I love my home and garden. The summer is amazing and it's way too hot for me abroad.

We do still have holidays in the shoulder seasons but home is where we are every day and I love it. I would go for the dream house every time.

But only if it's financially realistic.

Ohpleeeease · 13/01/2026 20:23

What seems like a huge mortgage now will look a lot less in ten years’ time. You may still be able to pay it off earlier.

What benefits would paying off your mortgage very early bring?

HateThese4Leggedbeasts · 13/01/2026 20:23

What does the new house give you Vs the old house? Eg more space as a single person isn't the same answer as more space and giving each child their own bedroom . However I think I'd go for the bigger house if it gives you a better life somehow as 42 is young to have paid off a mortgage.

FuzzyWolf · 13/01/2026 20:21

I’d buy the house. You can pay off a £145k mortgage quickly.

MidnightPatrol · 13/01/2026 20:20

Dream house

downunder50 · 13/01/2026 20:18

We paid off our mortgage at 40, it was wonderful. We go on a lot of holidays now.
It depends on whether you're unhappy where you are are though, or if it's just not completely perfect. I'd consider moving if you're unhappy where you are. Be sure the perfect house isn't going to end up being a money pit though.

PurpleCoo · 13/01/2026 20:14

Such a tough one! I am 49 and paid off my mortgage a few years ago. I only live in a 2 bed terrace, but it's nice enough and room enough for me and the dog. I only need to work part time, I have a campervan and travel a lot. I sometimes think it would be nice to move to a slightly bigger house, or a stone cottage in a village, but that would mean a mortgage, and going back to working full time, and then less traveling. I really don't want to do that.

How will your life change once you have paid off the mortgage? What is more important to you?