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Original poster

Would you do this?

37 replies

muminlondon2020 · 12/09/2023 19:19

Take on a £100k mortgage at 50 yrs old, to knock down an old leaking conservatory on your house and rebuild with a new extension with a living room and utility? House is worth about £650k already (no mortgage). Earn about £50k, should go up in the next few years. No debt, about £10k savings.

OP posts:
caringcarer · 13/09/2023 01:19

I wouldn't because once DC is off to Uni you won't need as much space and mortgage rates are high ATM. I might save up and see if I could afford a large conservatory though. You could have home gym in there because that's what we did. Also got underfloor heating so can use in winter too.

Roselilly36 · 13/09/2023 02:59

I wouldn’t, I am over 50 and we paid off our mortgage in our early 30’s. It’s a lot of money to find each month, and projects always cost more than you originally expect. The maintenance payments won’t be forever, so don’t factor this in, assuming the term of the loan will extend past child leaving full-time ed. Interest rates are high. Unless it was essential to have the extension, why would you want the hassle and expense.

PickledPurplePickle · 13/09/2023 04:31

I would definitely do it

Wtfnowseptember · 13/09/2023 05:48

If you're limited with garden, does that mean you can't put one of those garden pods in? Great home office and separate space for guests. I'm sure you'd get a nice one for 10K.

Wtfnowseptember · 13/09/2023 05:51

OK, I definitely don't mean garden pod 😂

BarbaraofSeville · 13/09/2023 06:06

Sounds like it would be a good investment as it would make your house more attractive to a larger family.

If you're currently a bit spendy, you might be able to free up some of the money needed to pay/overpay the mortgage by being a bit more mindful about your spending and some fairly inconsequential downgrades to your life, eg SIM only mobile phone contracts, changing your car less often and driving a smaller one, shopping around for broadband etc etc.

Heatherbell1978 · 13/09/2023 06:28

She's 50, not 80

This made me chuckle. I agree, so many responses suggesting OP is at an age where debt is a huge no and she should pop her slippers on and enjoy her mortgage free status. I'm just 5 years younger, still have a pretty big mortgage, about to embark on years of school fees and will need to work until early 60s. I'd be laughing if I only had a £100k mortgage left in 5 years - and a lovely new extension to enjoy!

PosiePerkinPootleFlump · 13/09/2023 07:09

I'm 3 years younger than the OP and also somewhat taken aback at the posts suggesting this is mad because of her advancing years.
It sounds like you have uni costs sorted, it will add value to the house in any case, and are as well set up as you can be for critical illness cover etc.
I'd do it

stealthninjamum · 13/09/2023 07:16

I would do it, conservatories are off putting anyway and you need to spend money on this one anyway.

Anni1234 · 13/09/2023 07:19

100%!
it is a good investment

Original poster
muminlondon2020 · 13/09/2023 18:23

Thanks everyone, its a problem that needs sorting so to a degree I either need to do it, or move. And I don't want to move, that costs loads too, and you never know what hidden problems you are inheriting. Good point earlier about having to be more disciplined with money, that also needs doing.

OP posts:
Moodwill · 14/09/2023 10:04

I would definitely do it if it wouldn't affect your current quality of life.

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