To ask if you own your home outright, how much is it worth?

[Ujjj]

I’m trying to work out whether we are being idiots by not just downsizing to be mortgage free. DH seems to think mortgage free means settling for less in most cases as you could just go on and on borrowing for bigger. I like having a reasonably big house but with that comes a hefty 250k mortgage. Are those mortgage free usually owning less than 500k homes? We are in our thirties for context.

Mortgage free for 7 years now (we’re mid to late 40s). £1.2M or thereabouts. London. Your DH has it all backwards, unless he’s aiming to be house rich and cash poor. Better to downsize and have the freedom of extra cash for investing, pensions, savings, etc…

House worth about £360k... 41 and hopefully will be mortgage-free in 8 years when our fixed-term ends.

Had no financial help, average salaries, we're in the SE and we've only been home-owners for 11 years so I think we're doing pretty well.

We have thought about moving (our house is a reasonable size, but townhouse so small downstairs and garden), but the thought of freeing up £1k/month when the DC are mid-teens is quite attractive.

That’s one of the best humblebrags I’ve ever seen!

You have just proved their point though.

We have been mortgage-free since our 40s, as we were able to buy a 4 bed family home over 25 years ago for less than a 1 bed flat now, on a relatively small mortgage, the house is now worth between £700-£900k, would need a similar one to go up for sale to be more accurate.
Over the years when our DC were teenagers we did consider going bigger, but even then the jump to get to what we would want locally would have been at least £300k, and possibly £500k, we couldn't see the point.
Now everyone has flown the next the house is a perfect size, easy to maintain and quite cheap to run and we have no plans to downsize.

About £450K. We're mid forties.

Feel quite fortunate to be mortgage free on three properties (by 50):

1. Main home in the country - c. £1.25m
2. Flat 1 (DH work location) - c. £400k
3. Flat 2 (DW work location) - c. £300k

In your 30's you still have a lot of working life ahead. I would say it's too early to be thinking of down-sizing - unless you have a good plan for why.

We could probably have made better investment decisions on the properties we have, but they all do what we need them to.

If we need to we can sell one or both of the flats for to help out with retirement.