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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:

Plentyoffishnets · 28/10/2018 09:17

A £75k mortgage is very small. I would go with the closer to the station option so long as it is affordable. Also depending on how long you plan on living there and the age of your dcs. If it's a forever home then factor in being close to the station will make things much easier for your children to be independent when they are teens and when young adults could open up employment options for them too

CupMug · 28/10/2018 09:31

Get an electric bike if you go for the mortgage free option.

Personally I'd go for the closer house.

However it depends on your age/kids/jobs etc etc. If you are working short hours at an easier job then half an hour walk is nothing but if you have long days then it would be awful....

Original poster

BusStop32 · 28/10/2018 09:46

We want a sahp for our dc for a while which is why the mortgage free house is appealing but renting and £75k mortgage would be fine in this scenario too.

We are literally talking ourselves in and out of it and have been going in circles for a couple of months now!

OP posts:

GreenTulips · 28/10/2018 09:51

If you can buy mortgage free - so assuming you have a huge chunk of savings and would only need a £75k mortgage what's stopping you getting a mortgage?

Why do you need to wait a year?

Original poster

BusStop32 · 28/10/2018 09:56

We can't get a mortgage for a year due to our situation, have already spoken to a mortgage advisor.

OP posts:

AvoidingDM · 28/10/2018 10:24

How would the option of going for a slightly bigger mortgage now and a slightly longer term work?

So maybe an £85k mortgage over 28 years rather than 75k over 25years.
Saves you moving twice. Avoids rent, I think the hours walking a day will become a pita and result in taxis and eventually buying a car.

Original poster

BusStop32 · 28/10/2018 10:30

We can't get a mortgage @AvoidingDM for 12 months.

OP posts:

AvoidingDM · 28/10/2018 10:52

Bummer!

I think I'd wait the year. 10mins walk to train is worth it.
Esp if this is likely to be a long term move. When you have kids a 30mins adult walk becomes 45mins. As you edge towards old age again that 30mins after a long day at work could feel like a marathon.

A third option would be go for the 30mins mortgage free making it a short term move but actually i think I'd rule that out on the cost of moving, house price rises (ones near station will rise quicker than further out) etc

PurpleFlowersInMyHair · 28/10/2018 11:07

an electric bike to cycle 8 minutes? Are you having a laugh?

No wonder we are facing an obesity crisis in this country when lots of people here are advising against a short walk or cycle. It’s good for you and easy to incorporate exercise in your life if it’s part of your commute

Fishforclues · 28/10/2018 11:35

I would be tempted to wait. The quality of life difference doing it year in, year out over years really adds up. It's not the walk/cycle itself, it's that plus train journey plus station to office the other end, twice a day everyday. There's a chance house prices will go down instead of up too.

Talia99 · 28/10/2018 11:43

I had exactly this choice and went for the mortgage nearer to the station and I haven’t regretted it. Of course in my case it also means I can walk to the shops in an area where town centre parking is notoriously expensive so I have a double benefit.

OVienna · 28/10/2018 12:07

How can you be sure in a year's time you can buy a house with only £75k mortgage? Have I missed something?

AvoidingDM · 28/10/2018 12:17

30mins is a reasonable walk / commute if that's the only commute.

But 30mins plus say a 35 min train ride and maybe 15min walk at the other end plus 10mins waiting for shift to start / waiting for train home, takes your commute to 1hr 30mins. Twice a day that becomes a fairly lenghtly commute.

AvoidingDM · 28/10/2018 12:19

Even doing 10mins to station, 10mins from station same at home time will clock up a reasonable number of steps daily.

Bike for a 2 mile cycle is more faf than its worth.

SputnikBear · 28/10/2018 12:22

For me that extra 20 mins sleep in the morning would be worth its weight in gold. I wouldn’t even consider buying a house that added an hour of walking to my commute every day. It’s a very long walk!

TiddleTaddleTat · 28/10/2018 12:25

What proportion of the total property price is the £75k?

Whwhywhy · 28/10/2018 12:25

How much is 12 months rent.

Is it near the fees of selling, buying and stamp duty if you buy a cheaper house now and decide to upgrade in a few years?

lll77 · 28/10/2018 15:17

a 30 minute walk is nothing really. For someone who is really not very fit it might feel like a bit of slog for the first few weeks, but after that you'll barely notice it.

I walk to work and back (50 minutes each way) and it is great for waking up and being properly ready for work in the morning, and for head clearing on the way home. Sometimes it rains, sometimes it is cold, but as long you dress appropriately it's not a problem.

I'd take a brisk stroll over mortgage debt any day of the week!

SpoonBlender · 28/10/2018 15:45

Definitely mortgage free and longer walk. The reduction in stress from both will do you both good!

SwedishEdith · 28/10/2018 17:08

Which (theoretical) house do you actually like more and which would be better long-term? I'd assume a house near the station would be more desirable? I'd go £75k mortgage and nearer station. I long walking commute every day can be relentlessly grinding especially if walking at other end.

Original poster

BusStop32 · 28/10/2018 19:57

£75k mortgage is just an estimate. Houses closer to the station now are around £350k and we have £300k.

I've just had a look and there aren't any houses at the moment close to the train for sale. This is also probably another factor l hadnt thought of, there might not actually be a house for sale in the area we want when we want.

OP posts:

SushiMonster · 28/10/2018 21:05

Wait and be closer to the station.

An additional 40 mins into your commute every day is a massive amount.

HellenaHandbasket · 28/10/2018 21:08

Buy mortgage, without a shadow of a doubt. Every time. Then ride if you need to.

AvoidingDM · 29/10/2018 00:41

With that sort of deposit getting a mortgage for £75k should be viable now never mind waiting, wasting money on rent, for a year.

I'd get chatting to lenders and get an agreement in principle so you are ready to jump at the first available house in the area you want to live.

Given you want a low mortgage so you can live off one salary, I'd probably over pay it while you are both still working ie before kids.

CupMug · 29/10/2018 00:41

PurpleFlowersInMyHair
an electric bike to cycle 8 minutes? Are you having a laugh?

I only suggested it because the OP said she wouldn’t ride. I thought it might be because of a physical reason.

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