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Original poster

Moving dilemma

37 replies

Shellsuitnheels · 16/11/2021 20:56

I live in a small terraced ex-council house and have a reasonably small mortgage, which I can pay off in 8 years (i'll be 47) if I overpay each month.

We can afford to move to a bigger house, in a nicer area, but will more than double our mortgage and we will still be paying till we're 60.

Would you live in a house that is just ok and be mortgage free much sooner?

  • Or - Live in a nice big house that you are proud of and pay it off till you retire?

I don't know what to do 🤷‍♀️

OP posts:
BruceAndNosh · 16/11/2021 20:58

Is there no middle option?

Embracelife · 16/11/2021 20:59

Who is we? What does the other person think?

2pinkginsplease · 16/11/2021 21:00

We have stayed in a house that we can afford and mortgage will be paid off in 4 years. We could do with the bigger space however our children are late teens and think we will be moving to a big house for a few years and then they decide to leave home and we would downsize anyway, so have decided to stay.

Summersdreaming · 16/11/2021 21:01

Which option makes you happiest when you picture it?

Original poster
Shellsuitnheels · 16/11/2021 21:06

@BruceAndNosh

Is there no middle option?
Not really, the mid-range houses are in nicer areas but aren't any bigger than what we have and will still mean taking out a bigger mortgage.
OP posts:
Original poster
Shellsuitnheels · 16/11/2021 21:07

@Embracelife

Who is we? What does the other person think?
Me, OH and 2 primary school kids. OH doesn't know what to do either, so we're thinking it through.
OP posts:
Original poster
Shellsuitnheels · 16/11/2021 21:10

@Summersdreaming

Which option makes you happiest when you picture it?
Having more space in a bigger house tbh 🙂
OP posts:
Embracelife · 16/11/2021 21:14

A bigger space may be better for growing teens
More room more bathrooms
It s not unusual to pay mortgage into your 60s

Original poster
Shellsuitnheels · 16/11/2021 21:15

@2pinkginsplease

We have stayed in a house that we can afford and mortgage will be paid off in 4 years. We could do with the bigger space however our children are late teens and think we will be moving to a big house for a few years and then they decide to leave home and we would downsize anyway, so have decided to stay.
Sounds like the best option if you won't the extra space for long.
OP posts:
WhatsWrongWithMyUsername · 16/11/2021 21:15

What’s the work situation? Both secure jobs and enjoy working? Or a manual job where you might be too worn out by 50?

Livelifeinthebuslane · 16/11/2021 21:17

I moved to a more expensive house just because I couldn't find a suitable cheaper one. Sometimes I regret the loss of disposable income, but then in a larger house I am building up more capital and when I retire can downsize and have a load of cash to play with as my pension's not great - you could move again before you're 60 if you didn't want to pay the bigger mortgage any more.

Original poster
Shellsuitnheels · 16/11/2021 21:19

@Embracelife

A bigger space may be better for growing teens More room more bathrooms It s not unusual to pay mortgage into your 60s
Yes, our 1 bathroom is absolutely tiny. A 2nd bathroom would be amazing.

My OH wants to retire from his stressful job early, so the idea of being mortgage free a lot sooner is very attractive!

OP posts:
PissedOffNeighbour22 · 16/11/2021 21:21

Do you like the area? The neighbours? Etc.

We only moved because we hated the neighbours. Otherwise we'd have stayed in the smaller house and been mortgage free.

Original poster
Shellsuitnheels · 16/11/2021 21:22

@WhatsWrongWithMyUsername

What’s the work situation? Both secure jobs and enjoy working? Or a manual job where you might be too worn out by 50?
Both secure jobs but stressful and if we were mortgage free we could go for jobs that we actually enjoy but pay less 😄
OP posts:
Justcannotbearsed · 16/11/2021 21:27

We went from mortgage free at 48 to getting a mortgage that we’ll pay off when we are 60. We have a bigger house, off road parking, semi not terrace, a garden (which was the man reason for the move). Lovely outlook.

Mortgages are cheap at the moment. We are both earning well and will earn more. We can always downsize if necessary.

Original poster
Shellsuitnheels · 16/11/2021 21:28

@Livelifeinthebuslane

I moved to a more expensive house just because I couldn't find a suitable cheaper one. Sometimes I regret the loss of disposable income, but then in a larger house I am building up more capital and when I retire can downsize and have a load of cash to play with as my pension's not great - you could move again before you're 60 if you didn't want to pay the bigger mortgage any more.
That's definitely something to consider. I would really miss that disposable income too!
OP posts:
Jenjenn · 16/11/2021 21:28

We are in the same position. Tiny house and a reasonable mortgage that we can pay off in our 40s. We can afford to trade up but just can't decide if its worth it. Our house has enough bedrooms and is in a great location for us. I have lurked on property sites for 6 years now and have seen nothing that makes me want to go through the hassle of selling. I think we will stay until our circumstances change significantly.

WhatsWrongWithMyUsername · 16/11/2021 21:31

How are the pensions looking? (As early retirement could be off the cards anyway).
And childcare costs? Now our massive childcare costs have recently stopped we’re overpaying on the mortgage.

Original poster
Shellsuitnheels · 16/11/2021 21:31

@PissedOffNeighbour22

Do you like the area? The neighbours? Etc.

We only moved because we hated the neighbours. Otherwise we'd have stayed in the smaller house and been mortgage free.

Name checks out 😆

I'm lucky to have amazing neighbours, all the schools are a 5 min walk, no crime, decent sized garden. So much to like about this place.

OP posts:
Sandrine1982 · 16/11/2021 21:35

Gosh... difficult to decide. Good neighbours are so hard to come by... also if it's a lovely area with good schools I would be tempted to stay! Can't you extend somehow? Redesign your current house?

Disfordarkchocolate · 16/11/2021 21:37

Paying off by 60 still sounds pretty good. I'd be looking for some middle ground though.

Original poster
Shellsuitnheels · 16/11/2021 21:38

@Justcannotbearsed

We went from mortgage free at 48 to getting a mortgage that we’ll pay off when we are 60. We have a bigger house, off road parking, semi not terrace, a garden (which was the man reason for the move). Lovely outlook.

Mortgages are cheap at the moment. We are both earning well and will earn more. We can always downsize if necessary.

That's really interesting, glad you got somewhere you're more comfortable in. Day to day comfort was more important than being mortgage free and I feel the same.
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Original poster
Shellsuitnheels · 16/11/2021 21:43

@Jenjenn

We are in the same position. Tiny house and a reasonable mortgage that we can pay off in our 40s. We can afford to trade up but just can't decide if its worth it. Our house has enough bedrooms and is in a great location for us. I have lurked on property sites for 6 years now and have seen nothing that makes me want to go through the hassle of selling. I think we will stay until our circumstances change significantly.
Yes the hassle of selling really puts me off too and every house I look at seems to be as tiny as mine, just nicer looking!
OP posts:
Original poster
Shellsuitnheels · 16/11/2021 21:45

@WhatsWrongWithMyUsername

How are the pensions looking? (As early retirement could be off the cards anyway). And childcare costs? Now our massive childcare costs have recently stopped we’re overpaying on the mortgage.
We have good pensions and no childcare costs. It's amazing when those stop isn't it? We struggled so much when the kids were younger.
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Original poster
Shellsuitnheels · 16/11/2021 21:49

It's a bit of an ugly area but the perfect estate to bring up kids in. I just see these nice homes, in smart areas with drives and extra bathrooms and feel like it would be stepping up in life 🙂

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