Mortgage free or amazing house?

[Mayhemmumma]

What to choose - very fortunate position I realise.

Sell our house, pay off mortgage buy nice house in cash further out of ideal location, that bit too far to easily see friends or kids attend their current clubs but could go to a lovely school etc.

Double our mortgage (to 350k) buy an incredible house in great location? Lifestyle etc set up long term.

If you can afford the more expensive one then go for it!

Get the incredible house else you may always regret it.

You can always sell (at a profit) and downsize if you want to go mortgage-free later on.

What if one of you gets sick? Loses job? Massive rise in interest.

Mortgage free. It buys you freedom: career changes, sabbaticals, savings, less worry if one of you gets ill, hopefully more finances spare to adapt it to be carbon-neutral, prep against climate change.

It’s strange that the rural option is more expensive, considering they’re the same size. Round here rural is much cheaper.

We had a similar scenario but in late 40s we’ve just got a big mortgage to finance dream house in a sought after location. I wouldn’t have been happy in our old house long term and we didn’t upsize earlier due to school fees. My view is property is the safest place to put your money in the medium to long term and we can always downsize later and release equity.

Having said this I’m a bit worried that you can’t afford to do it up, and that your husbands job might become impossible as he ages. Also I don’t think a rural move is often appreciated by teens. And I wouldn’t want to be too rural for other practical reasons.

When buying property, it is always location, location, location BUT what you can afford.

Mortgage free every time. I'm 40 with rapidly failing health. We've got 5 years left on the mortgage and I feel like it's a race between my health failing completely and the mortgage being cleared. It's a horrible feeling. You don't know what's around the corner.

We chose the big house when we had this dilemma two years ago and haven’t looked back. But we are not rural, and for various reasons I wouldn’t want to be. Mostly ferrying kids around, needing the car to do everything, and the fact that in a rural location there is always the possibility of a new build estate popping up.

We were in a similar situation last year but not the same sort of figures involved. I got some inheritance and we could have moved to a bigger house or stayed put and be mortgage free.

We are both in our 40s and husband does a physical job so we went for being mortgage free and being able to enjoy a lot of disposable income and do some major works on our house. We are in a large 3 bed terrace house and could have swapped for a 4 bed semi with lots of garden but it's just the two of us so we don't need the space and it feels so good to know we are secure in this house for life.

The mortgage free option. You can always move again. In the mean time you can boost savings and enjoy life a little more.

Mortgage free
Use disposable income to renovate the house.
A 350k mortgage is quite hefty
Your children are young, think of the freedom to choose to privately educate if you need or have a hefty savings account for when they go to uni.
Think of the wonderful memories you can make as a family with money to do stuff.
Children love their family home because their family are in it... Not how big it is, or how fancy or how much it cost.

We were mortgage free at 40 but then moved and took on a £300k mortgage. Good decision because it was a lifestyle change for us.
I just thought I could sell up again if I wanted to be mortgage free again (it’s the plan for the future).

@nancybotwinbloom

How nice is this house? £350 k in the northwest is amazing!

Not so much in the south.

Can you post a floor plan of both so it's not idenyfinh?

£375 isn’t amazing in large parts of the NW

We were fortunate to be in a similar situation op.

We went for the mortgage free option, best thing ever for peace of mind and freedom from worry about anything unexpected happening. Good luck!

Mortgage free.

The security that buys you is priceless.

We went mortgage free and don't regret it. I would like more space, but the place is big enough iyswim. We're enjoying slowly doing the place up, making it perfect for us. It's nice that there's no rush or worries about resale value, we just do what we want for us. The lack of financial worries is incredible, I swear I look younger for it!

It comes down to what's your families priorities, debt and financial strain stresses me out so much and with a mortgage we would of been stretched if anything unexpected cropped up. Travelling further to see family is a little bit of a pain, but I also realised my boundaries with some of them weren't healthy and the space helped me address it. But if you'll still be comfortable in the amazing house, and adore your family then it wouldn't be a bad choice. Plus if you want a big house to entertain in or somewhere you can show off then go for it.

Which house makes you excited?

Mortgage free. There will always be more expensive things you want- with some it's horses, with me a small plane. With you it is a house. Plus you are still young enough to enjoy your money, like travelling, eating out a lot, spending on the children.

I'd go mortgage free and put lots in savings. It makes a huge difference, and if your Dh's physical job gets too much and he needs to cut down hours or change jobs to lower pay in the next 10 years you'll still be able to fund your lifestyle.

Are there houses are that are a bit cheaper, the same price or a little more expensive than your current house so it’s not double or quits with the mortgage?

You can't be on an average income if you can get 350K in mortgage. How much will you have left over after mortgage and bills? Is that enough for you to do what you want? How would you feel about selling up and moving to the cheaper area if you're circumstances change?