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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To not have paying the mortgage off as a priority

141 replies

BarchesterTowers · 02/01/2020 08:51

We've bought a house which requires a mortgage which we can afford. Were in our early 50s and dont have a mortgage now, it was paid off by dh redundancy payment a couple of years ago.
There are raised eyebrows from people who think we should just sit tight with no mortgage.

OP posts:
Original poster
BarchesterTowers · 02/01/2020 08:51

I didn't. Ean to put a vote button!

OP posts:
Pinkyyy · 02/01/2020 08:52

What's your question?

Thehop · 02/01/2020 08:53

I’d kill to be mortgage free but not really anyone else’s business

NoSauce · 02/01/2020 08:55

Do you have a mortgage or not? Confused

Powerbunting · 02/01/2020 08:55

Are you both employed and in good health? Can you afford the mortgage if one of you is unable to work? You have 15-20 years of work ahead of you.

If so, then what's the difference between you and a couple in early 30s? I could be mortgage free now if I stayed in my first home. But I wanted to move (house and area reasons).

Being mortgage free is great in theory. But only if you are happy in your home.

dudsville · 02/01/2020 08:56

Does your retirement plan fund the mortgage?

Brimful · 02/01/2020 08:56

I don't have a mortgage now in my current house but want to move, we will need a mortgage for the next house.

There's no point living in a house you don't want to live in - mortgage or not.

twoheaped · 02/01/2020 08:56

I'm confused as to what you are asking Confused

NeverTwerkNaked · 02/01/2020 08:57

I don't understand your question? Do you have a mortgage now? how long for? Do you mean you paid your mortgage off and now you are moving house and will have a mortgage?

peachypetite · 02/01/2020 08:57

Huh?

twoheaped · 02/01/2020 08:59

We went from mortgage free to quite a hefty mortgage, dh was early 50's.
5 years on, no regrets. We live where we live and can't see ourselves ever moving on, whereas our last house I knew we wouldn't see our days out there.

twoheaped · 02/01/2020 08:59

Love where we live Grin

Brimful · 02/01/2020 09:00

The OP lives in a house owned outright.

They have chosen to move, and the new house is more expensive than the one they're in so they're getting a mortgage to cover the difference.

Their friends think they shouldn't do this; that they should stay put because they are mortgage free.

Wildorchidz · 02/01/2020 09:00

So you were mortgage free.
You have bought a house recently which means you are no longer mortgage free.
Presumably the lender looked at your income and decided that you can afford to pay back the mortgage.

BooksAreMyOnlyFriends · 02/01/2020 09:05

As I read it, you have paid off your mortgage and are now buying a house with a mortgage.

It depends on the % amount. What's your deposit? We did similar but were a few years younger and had an 80% percent deposit. Now nearly 50 and have 10 years to go but we've been overpaying and have done work to the house so could sell now and be mortgage free with a profit.

Dreamersandwishers · 02/01/2020 09:07

I wouldn’t care what anyone else thinks. People I know were very proud of being mortgage free at 50, and are now very proud of taking equity release 🤷🏻‍♀️ ( apparently they don’t see the irony)
Do what feels right for you and enjoy your home.

Fairylea · 02/01/2020 09:09

I think it depends on whether you can afford the mortgage if circumstances change and what kind of amount it actually is in relation to your income. We never overpaid on our mortgage, it was a small amount to us and we just paid the monthly amounts etc. Other people seem hell bent on overpaying as much as they possibly can.

Leafyhouse · 02/01/2020 09:12

A mortgage is just another expense. I think it's a delusion that people have that if they don't have to pay a mortgage, they've got no bills to worry about. If you want the bigger house - go for it.

CalmFizz · 02/01/2020 09:13

How long is the mortgage term? Are you planning to overpay or see it through?

I think when people enter their 50s they suddenly become aware of their health, mortality etc. The thought of having an illness/being unable to work in the same way they have done and possibly losing your home is pretty frightening for most people.

Original poster
BarchesterTowers · 02/01/2020 09:13

Paying off the mortgage seems to be such a priority with people.

So I’m getting comments like, but you could just retire now, or go part time...

I couldn’t though as I’d still have to work to live till pension kicks in. While I have a fantasy life where I bugger off round the world that isn’t in reality going to happen soon.

We just seem to be bucking the trend by getting a mortgage rather than getting rid of one....

OP posts:
AJPTaylor · 02/01/2020 09:14

As an adult I assume you are capable of this decision!

MinisterforCheekyFuckery · 02/01/2020 09:14

YANBU to do as you see fit with your own money. It's no one else's business.

bettybattenburg · 02/01/2020 09:14

I'd never get a mortgage if I didn't need one, nor equity release (surely one of the worst things you can do)

I'd rather have a less than perfect home that was all ours than a fancier house that was owned by the bank.

HandsOffMyRights · 02/01/2020 09:16

Well it depends on the amount, the term and your ability to pay...

FaFoutis · 02/01/2020 09:17

I don't care whether I have a mortgage or not. I have to work anyway, it makes little difference. I'd rather have the house I wanted than be mortgage free, so YANBU.