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Original poster

would you move somewhere that you don't particularly want to, to be mortgage free?

62 replies

MarmaladeFatkins · 31/05/2023 07:54

just that really. I love where I live, have lived here for 20 years. but I will be paying my mortgage until I'm 70. I could move 20 miles away and be mortgage free. but it's a very different area. not horrid, just different. from city to countryside

would you do it?

OP posts:
Orangesandlemons77 · 31/05/2023 08:39

MarmaladeFatkins · 31/05/2023 08:13

I'm 50 with teenagers. would wait 3 years until they can drive/live independently. I am disabled and don't want to work until I'm 70, is the reason. I am on the bones of my ass, yes! but wouldn't move the kids so not yet. I would enjoy aspects of it....less people, good access to walking. and my thinking is, I am still in easy drive/train distance of here

What about moving to a flat, but staying central? I have teens too and find it easy in the city centre

Haruka · 31/05/2023 08:46

Absolutely not. I have seen this with my grandparents - moved into the countryside and 15 years down the line had real issues as they became less and less mobile, couldn't drive anymore, so a trip to the shop or doctor's became a massive hassle.

If anything I'd relocate to a large town or city with good public transport, GP surgeries and shops nearby.

unfor · 31/05/2023 08:57

I was also going to suggest moving to a flat. I am considering doing this in a few years' time when my DC leaves home.

PeachyT · 31/05/2023 08:58

Slightly different but similar... About 4 years ago I chose to move over 30 miles away to halve my rent so I could save for a deposit. A hard decision but thought it made sense.

But I have no friends here, everyone local is mostly twice my age and have young families that they're busy with. There's nothing to do and nowhere to go. Nobody really cares about the area. It's been the most dull and frustrating few years of my life. (Granted Covid happened, but it was especially dull here). And because of all the mortgage rate rises and house price rises I'm no closer to buying. So now I'm thinking of moving somewhere better for me, and just forking out for rent to have a better quality of life. And forgetting buying a house for now.

The one benefit is that I've got quite fit and healthy. All there is to do here is go running and to the gym. There are no takeaways or restaurant options so I cook all my own food.

ostentatiousocelot · 31/05/2023 09:23

Is there room for a compromise? Once teens have left home, downsize in your current area? E.g. if you have 2 children and are currently in a 3 bed house, could you move to a 2 bed flat? Sofa bed in the living room for e.g. Christmases when they're both home at the same time. Often it will only be one of them visiting.

ilovebagpuss · 31/05/2023 09:29

I don't think I would if it was full rural. Especially if you have physical disability as often the amenities will be less or non existent to keep your independence.
I would definitely move to be mortgage free I just wonder if you could find a better fit, smaller property of move to a cheaper town?

StormShadow · 31/05/2023 09:31

I don't like that idea, but I also wouldn't be keen on mortgaging myself until aged 70 to live somewhere I loved either. Is there a middle ground available?

Sellotape6 · 31/05/2023 09:34

MarmaladeFatkins · 31/05/2023 08:19

yes, the idea of financial freedom is very compelling, isn't it?!

Show quote history

I have lived somewhere I loved and somewhere I didn’t love.

Living in a place and community I love makes such a difference to my life satisfaction / overall happiness that I’d stay in the good place if I could afford it.

mindutopia · 31/05/2023 09:38

No. I live in a beautiful house in a beautiful part of the country and will technically have a mortgage til I’m 68 (though I anticipate being able to pay it off before then).

Where you live is fundamental to your life and identity. You never know what could happen tomorrow and if I got to my 60s and finances necessitated it, I’d move maybe. But life is for living and enjoying and I want to enjoy where I live, not just have some nice holidays.

IWonderWhereThatDishDidGo · 31/05/2023 09:39

We want to do this, however the place we would move to is somewhere we want to live. We'd be going from just outside London to NI.

ThreeRingCircus · 31/05/2023 09:45

DH and I are considering a big move (from expensive Berkshire to somewhere much cheaper) but crucially it would need to be somewhere with amenities in walking distance or on good public transport links as we get older/for teenage DDs. I would rather move much further away, but to somewhere with amenities than a lot closer but be rural just for lifestyle factors and what we enjoy doing.

TheYearOfSmallThings · 31/05/2023 09:47

I would only move from a place I love to a place I wasn't crazy about if I absolutely had to. Not to give up work early, not to have a bit of extra cash. I wouldn't consider moving to a rural area if I had disabilities that already impact on my life - I would much rather downsize to a flat in the area I am happy in.

BMrs · 31/05/2023 09:55

OP can you wait until the teen leave home and downsize but remain in the area you love?

That's what we plan to do but live in a fairly large home that would be far too big for just us.

Original poster
MarmaladeFatkins · 31/05/2023 11:12

IWonderWhereThatDishDidGo · 31/05/2023 09:39

We want to do this, however the place we would move to is somewhere we want to live. We'd be going from just outside London to NI.

there is a place where I really want to move to, but it is much further away...2 hour drive. I suppose it depends where kids go. but I don't think I want to be 2 hours from them, if they stay in this area

OP posts:
StormShadow · 31/05/2023 11:16

I think it's a good point that being disabled means it's even more important for you to be close to amenities.

snoozingbaby1476 · 31/05/2023 11:18

No. We are in the same position. Could live in a much bigger house mortgage free but we can afford our mortgage as it stands & the kids are happy, our whole network is here. If we couldn't afford the house we are in then that's a different matter.

mondaytosunday · 31/05/2023 12:09

No way. I mean i can compromise - I don't live in my ideal location of London, but it's still a very nice area. I certainly would not move out to be mortgage free or have a bigger house. Location is top priority.

converseandjeans · 31/05/2023 12:16

I would say downsize and stay in town. Ground floor flat? Get sofa bed in lounge & twin beds in second bedroom so they all have a bed?

If you are disabled are you not able to get some disability financial support?

I think it's important to be near facilities like shops and health centres as you get older. Rural living could be tricky.

mast0650 · 31/05/2023 12:17

Only if I really really needed/wanted the money for something else! Not just for the sake of it.

RueWasBrave · 31/05/2023 12:19

DH and I are considering this. Will wait a bit as the locations we like a too far from DC schools and they're too young to have such a trek each day even if we drove them. But I think financial freedom of no mortgage is a big consideration. We could do it now, still in our area because our house is in a sought after location and is worth ££ more than houses on estates nearby. But we don't want neighbours so close and the issues with parking etc that brings. I don't think a move out from where OP is currently necessarily means ending up with zero transport or community. She just says it's different. I think waiting til the kids are theoretically independent and then go for it - working til 70 is one hell of a burden. Side note, interested as to how a mortgage was offered on that basis?

Lcb123 · 31/05/2023 12:21

Not unless I really had to. Don’t really see the point in living somewhere you don’t like, and being able to walk/bike/bus everywhere is really important to us. Also means we don’t need a 2nd car.

SirChenjins · 31/05/2023 12:21

No, not if I was physically disabled. There’s a lot to be said for having easy access to all the amenities you’ll need as you grow older, and you’re part of an established community where you are so you’ll have support and friends on hand. Could you look to downsizing where you are?

LudicrouslyCapaciousBag · 31/05/2023 12:21

I was going to say no until I saw that you are talking about a distance of 20 miles. That’s nothing. It’s my daily commute!

Lcb123 · 31/05/2023 12:21

RueWasBrave · 31/05/2023 12:19

DH and I are considering this. Will wait a bit as the locations we like a too far from DC schools and they're too young to have such a trek each day even if we drove them. But I think financial freedom of no mortgage is a big consideration. We could do it now, still in our area because our house is in a sought after location and is worth ££ more than houses on estates nearby. But we don't want neighbours so close and the issues with parking etc that brings. I don't think a move out from where OP is currently necessarily means ending up with zero transport or community. She just says it's different. I think waiting til the kids are theoretically independent and then go for it - working til 70 is one hell of a burden. Side note, interested as to how a mortgage was offered on that basis?

We’ve just got a mortgage until DH is 70. We could have gone longer. It’s pretty standard

LudicrouslyCapaciousBag · 31/05/2023 12:28

RueWasBrave · 31/05/2023 12:19

DH and I are considering this. Will wait a bit as the locations we like a too far from DC schools and they're too young to have such a trek each day even if we drove them. But I think financial freedom of no mortgage is a big consideration. We could do it now, still in our area because our house is in a sought after location and is worth ££ more than houses on estates nearby. But we don't want neighbours so close and the issues with parking etc that brings. I don't think a move out from where OP is currently necessarily means ending up with zero transport or community. She just says it's different. I think waiting til the kids are theoretically independent and then go for it - working til 70 is one hell of a burden. Side note, interested as to how a mortgage was offered on that basis?

I hate to break this to you but if you were born after 1978 you won’t receive your state pension until you are 68. Most people my age (born early 80s) will work until they are 70 unless they have done some very savvy early financial planning.

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