Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

Original poster

Should we buy this house?

34 replies

Whatname44 · 27/02/2024 13:08

Me and my DH are currently about to be mortgage free but in a bit of a roughish area. Not too bad but just not where we want to live.
We have viewed a house where would need a small mortgage to buy (40k max) lovely massive garden, closer to DC's school etc
I really want to go for it but DH doesn't, would rather be mortgage free even if it isn't where we want to end up.
I am early 40's DH is mid 50's.
Should we just do it not?? I just can't decide what to do.
Thanks everyone

OP posts:
Mazuslongtoenail · 27/02/2024 13:10

It depends on how long 40k would take to pay off / impacts your disposable income I guess.

It sounds like the obvious thing to do to me, unless you’re on a very low income.

mindutopia · 27/02/2024 13:10

I would do it. Being mortgage free wouldn't convince me to live in a home and an area that I didn't love. That said, we are early 40's and we have about £470K left on our mortgage - on a house and in an area that we absolutely love.

Original poster
Whatname44 · 27/02/2024 13:12

We would get a 9 or 10 year mortgage but could possibly make overpayments.
We would have around £900 a month after bills, food and petrol.
Which I think is fine, mortgage would only be 340 a month or something like that anyway.

OP posts:

Interested in this thread?

Then you might like threads about this subject:

General money
DanceMumTaxi · 27/02/2024 13:13

I’d move unless you’re on a really tight budget. 40K isn’t really much of a mortgage and you could be living in a place you really like for a long time.

DanceMumTaxi · 27/02/2024 13:13

In that case I’d definitely move.

yeahiknoww · 27/02/2024 13:15

Yes, definitely

ThreeRingCircus · 27/02/2024 13:22

Yes, I would move on the proviso that it was paid off before your DH retired.

£40k is a very, very small mortgage and absolutely worth it if it's a lovely house in a nicer area IMO.

Nousernamesleftatall · 27/02/2024 13:22

I would do it in a heartbeat.

IamRoyFuckingKent · 27/02/2024 13:23

Yes, do it!

HomeTheatreSystem · 27/02/2024 13:33

Yes, go for it! It will make all the difference to your quality of life.

Movinghouseatlast · 27/02/2024 13:36

I took on a £260k mortgage at age 52 in order to move area so I'm goiing to say yes, as long as it doesn't make too much difference to day to day living expenses.

As long as you have a plan to pay it off I think being mortgage free is overrated. I was mortgage free but trapped in a tiny house in an area I didn't want to be in any more.

DMCWelshcakes · 27/02/2024 13:38

Do it

Midnlghtrain · 27/02/2024 13:41

I'd do it! I'd rather be in a house in a nicer area with a lovely garden than be mortgage free - if where you are now isn't where you want to end up, why would you stay just to be mortgage free? You'll want to move at some point, best do it now and not when you're 10 years older and might have limited mortgage options.

SomersetTart · 27/02/2024 13:41

Could you move to a cheaper house in the area you like? Perhaps somewhere with slightly less garden (which might become a bit of a burden) but that you can afford without a mortgage?

Rosesanddaisies1 · 27/02/2024 13:42

Definitely do it. it will improve your life, worth it for such a tiny mortgage.

rainydaysaway · 27/02/2024 13:45

Yes, as long as that’s affordable to you I would move and take on the mortgage.

fruitbrewhaha · 27/02/2024 13:48

Yes do it. The housing market will recover and the £40k will be an investment. I’m 10/15 years it will be worth £80k.

Plus we spend a lot of time at home, we can’t all buy a house we love but if you can do so you should.

Perhaps think of some other ways you could reduce down the mortgage faster? Take in a lodger? Or bnb a room? Or are Airbnb the house while you go on holiday?

Will you save money on fuel getting the kids a to school?

fortifiedwithtea · 27/02/2024 13:57

There is a big difference between the mindset of early forties and someone mid fifties.

We are late fifties and almost mortgage free. My husband just wants to plough spare money in to the pension fund. He is hoping to retire in 5 - 7 years and have enough money to enjoy the years before serious health problems slow him down. And doesn’t want to be a skint pensioner.

In your situation one of you would have to compromise. If you were both early forties the house move makes more sense.

Original poster
Whatname44 · 27/02/2024 14:28

Thanks everyone. Great to hear others opinions.
@fortifiedwithtea this is the problem which is why I included our ages. I think he just wants to start slowing down in terms of work whereas that is much further away for me.

OP posts:
Cotswoldbee · 27/02/2024 14:42

Can see if from both sides of the coin.
He is at an age where he expected to be mortgage free while you are several years younger with (presumably) a lot more working years ahead of you.
If he is intending to keep working into his 60's then I would definitely do it, you don't want to stay somewhere unnecessarily and with such a small mortgage you will in all likelihood pay it off earlier anyway.

We retired early (55 & 57) so the thought of still having a mortgage in our 50's was not something we factored in. If we still had one then we probably would not have stopped working when we did.

Whereshallwelivee · 27/02/2024 14:44

Do it.

We live in a lovely house but it’s in a shit area. Really shit. Awful schools.

If we stayed here, we could be mortgage free in 5 years. But it would mean ten year old dd going to a terrible secondary school. Our almost 4 year old is being home educated for primary as I just can’t send her to the school dd is in now, or any of the others here. (Older dd is very academic, we use tutors to support learning and this wasn’t her first school, we lived across the country before so she’s had experience of a school where parents don’t beat seven shades of shit out of each other in the playground at home time).

We have just accepted an offer on our house. The place we want to move to means we will have a mortgage for 25 years more (I’m 44, dh is 39) for a house half the size.

But we can’t stay here for the sake of our younger two children.

We have had the same conversations about staying here and being mortgage free soon but we just can’t do it.

ChateauMargaux · 27/02/2024 14:48

Can you afford for DH to slow down jn terms of work and for you to cover the mortgage as well as spliting other living costs between you?

The reality of having a school age child and retiring before they finish university is only possible with a hefty pension or other wealth / assets.

If you both work for another 10 years.. what would your pension prospects look like?

Toomuch44 · 27/02/2024 14:48

I totally understand where both you and DH are coming from. Obviously you want a nice house in a nice area and it'll improve your life. However, I understand your DH doesn't want the pressure of having to work x number of years to pay the mortgage off. Also, you don't know what's around the corner. My DH became burnt out around 56, he's nearly 59 and taken early retirement - he just couldn't do it any more - so do bare this in mind - moving forward our income will pay the bills and treats we enjoy (although we'll be doing a cheaper version of some) - we wouldn't have any money left each month towards a mortgage.

Are you in a position to work more hours/get promotion in next few years? Is your DH likely to get a large lump sum on retirement? If the answer to either of these questions is yes, then you might be able to get DH onboard that way.

idontlikealdi · 27/02/2024 14:56

I'd take on the mortgage without hesitation.

Merrow · 27/02/2024 15:00

I'd move. But if you're not where you both want to be, what's his plan?

Swipe left for the next trending thread