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Original poster

Mortgage free vs bigger house debate

34 replies

Housedebate · 15/06/2025 10:39

Fictitious figures for exaggerating the point.

would you be happy with an 800k mortgage if house was worth 1.6m, as you got to live in an amazing house. I say yes as if working situation changed, we have equity to downsize.

dh says would rather be mortgage free. We live in London so 800k won’t get as amazing a house as you may think,

we are comfortable paying a repayment mortgage on the bigger one.

thoughts?

OP posts:
beachsandseaicecream · 15/06/2025 17:34

We’ve decided to stick with a smaller mortgage/house with the hope to be mortgage free in 5 years and thus having a much better chance of retiring early. This also enables us to enjoy life now with more disposable income.

Coconutter24 · 15/06/2025 17:52

MrsEdithOrme · 15/06/2025 12:09

You need to be specific with figures. I couldn't afford a mortgage that size.

It’s not about what you can afford though, op has given fictitious figures but says they can afford the mortgage payments on a bigger house so the figures don’t actually matter. They can afford it so the question is would you have a mortgage or smaller house and mortgage free?

I’d go mortgage free

ICantPretend · 15/06/2025 18:00

Mortgage free is pointless if you're in a house you don't actually love. Yes you'll have more disposable income, but if you love being at home and it's really comfortable, you won't feel the same urge to be out spending.

I was mortgage free, and am very glad to have a mortgage now on a bigger and better house.

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ICantPretend · 15/06/2025 18:01

MrsEdithOrme · 15/06/2025 12:09

You need to be specific with figures. I couldn't afford a mortgage that size.

Yes, OP, don't get a mortgage unless every Mumsnetter could afford it ...

CuarloDeFonza · 15/06/2025 18:04

boredwithfoodprob · 15/06/2025 12:14

We are mortgage free - we have a nice, but not fancy detached house with a relatively big garden. It’s definitely big enough for us and is in a very nice area in the SE. With a mortgage we could have got a bigger/more impressive house BUT the many benefits of being mortgage free are totally worth it and makes life less stressful.

This 😎

ViciousCurrentBun · 15/06/2025 18:05

Retired at 54 and DH at 56.

You get one life and can only sit in one room at a time.

Bigoldtable · 15/06/2025 18:22

Depends on you and what you want? We are about to take on a mortgage that would make most of MN think we were mad! And no, we don’t “need” it and yes, we could be mortgage free. But it’s how we want to spend our money. It’s a big project and it’s not a financial mistake, there is money to be made and we’ve done it before. It will be paid off in 10 years and it won’t affect our standard of living. And I’ll still retire before I’m 50.

Givemethesun · 15/06/2025 19:12

Where in London are you getting 800k for a family
home?! Can you not go somewhere in the middl 1.6m seems extreme even for London albeit I am east and just get a small mortgage. Or are your figures example only

MrsEdithOrme · 15/06/2025 19:49

Yes, OP, don't get a mortgage unless every Mumsnetter could afford it ...

Don't be a tit. Figures would be helpful to put things in context. Anyway, OP has disappeared ...

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