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Original poster

Wwyd house situation

74 replies

BusStop32 · 28/10/2018 08:39

We have the opportunity to buy a house mortgage free in the town we want but will be a 30 minute walk from the train station or rent for a year and get a mortgage for £75k and be a 10 minute walk from station.

Dh needs the train daily and driving to the station isn't an option. He thinks he can cycle or take a bus, but I think we should wait a year and buy closer.

The mortgage free house is big enough, good outdoor space and next to a park but needs some work. The mortgaged house would be in great condition. Both are in good school catchments.

Wwyd, wait for a perfect house or be mortgage free?

OP posts:
Reaa · 28/10/2018 08:41

Mortgage free gets my vote

PurpleWithRed · 28/10/2018 08:43

Depends how much of your income a £75k mortgage would represent, but I'd go with close to the station if it's affordable.

HumptyNumptyNooNoo · 28/10/2018 08:43

Mortgage free and a 30min walk twice a day are both good for you !!!

shapeshifter88 · 28/10/2018 08:44

closer to the station, my commute makes or breaks my mood for the rest of the day and when its raining the thought of a 30 min walk would be a nightmare

Seniorschoolmum · 28/10/2018 08:45

Mortgage free definitely. why waste 6 months rent when you don’t need to?

And the 10 min cycle will keep your husband fit. Win win.

GreenTulips · 28/10/2018 08:45

The closer house may not be available or sold to someone else it could burn down

So go with your best option today

Think about adding value to this property and you may make some money for a smaller mortgage closer property next year

GreenTulips · 28/10/2018 08:46

HAVE you worked out the rent v mortgage free v moving costs v solicitors fees etc? Might make buying look a better option plus you could save on the rent

PaigetheRepahite · 28/10/2018 08:46

Mortgage free every time! Especially with economic uncertainty following brexit on the horizon.

LIZS · 28/10/2018 08:47

Mortgage Free, he could afford the odd cab.

TiddleTaddleTat · 28/10/2018 08:48

In the mortgaged option you have to rent for a year first - those costs should be added to your calculation.
I can't see how the mortgaged option is any better really? £75k + mortgage interest + a year of rent for a difference of a 20 minute walk?!Mortgage free all the way

Gizlotsmum · 28/10/2018 08:49

I’d take mortgage free and walk. If the weather is dire there are buses and taxis. Walk can help clear your mind after a day at work and you can add value to the house.

sbplanet · 28/10/2018 08:49

If £75k isn't stretching you then the house near the station. It will make life easier both in terms of having more time work-wise and not needing to do diy. It's likely the house nearer the station will be more desirable in future too.

Plus having a mortgage proves you are credit worthy so is a plus financially both for now and the future (house-buying).

Aridane · 28/10/2018 08:50

Shorter journey + mortgage

mumto2babyboys · 28/10/2018 08:50

I would say the house close to the station. Factor in train delays and having to cycle after a long day at work

You might buy it and want to move again somewhere closer anyways

3luckystars · 28/10/2018 08:52

Mortgage free, that is good for your health!

Original poster
BusStop32 · 28/10/2018 08:54

Interesting it's not a unanimous mortgage free, I do think the shorter walk will be more beneficial in the long run for family time.

Sorry for drip feed! But it will be me doing the commute for the first 6 months, then dh thereafter. I won't ride so would either walk or take the bus in bad weather.

OP posts:
TiddleTaddleTat · 28/10/2018 08:55

Over a 25 year 75k mortgage you'd pay back approx £106,000 in total...

Singlenotsingle · 28/10/2018 08:58

In a year's time the house near the station is likely to have been sold! (Unless that's the house you'll be renting? ie rent-to-buy?)

Otherwise, mortgage free is the way to go

Whitney168 · 28/10/2018 09:01

Mortgaged house. £75k mortgage going to be considerably less than rent, so just overpay it and clear it as fast as possible.

Wetwashing00 · 28/10/2018 09:04

Mortgage free & a 30 min walk sounds brilliant to me.
Use the money you save being mortgage free to do up the house.
30 min walk is the daily exercise ✅

PurpleFlowersInMyHair · 28/10/2018 09:07

A 30 minute walk is a 8 minute cycle- that’s nothing! Go for mortgage free option and keep a pot for taxis on a very rainy day

greatbigwho · 28/10/2018 09:09

A 30m walk each way is an extra hour a day commuting - I'd hate that.

Original poster
BusStop32 · 28/10/2018 09:10

There's no house now near the station, we have to wait a year for a mortgage so not looked seriously at closer houses.

OP posts:
PurpleFlowersInMyHair · 28/10/2018 09:10

What’s the reason you can’t cycle OP? Where I live every one cycles - it’s the norm here. I know that’s not the case everywhere. Are you worried about road safety?

mumto2babyboys · 28/10/2018 09:13

Cycling home in winter rain and sleet after a long day at work though would not be fun

Good exercise but would be very miserable and what about work clothes they'd get soaked

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