Would you consider this?

[minimonkey11]

I have seen a house i love but it would mean increasing our mortgage to £300k. Husband thinks this is bonkers. We are late 40s and have £80k left on our mortgage which will be gone in 5-6 years. He thinks we would be setting ourselves back. Am i mad?

Surely it depends how much you earn?

Erm, it depends on what your income is!

I wouldn’t want to unless you’ve got loads spare. We are a similar age and had to greatly increase our mortgage due to a job relocation. Feels like a millstone round my neck - I’d much rather be able to retire early and know my house is paid off

Depends on earnings as others said.

We could ‘afford’ it i suppose - earnings of £150k. But @Pepperama this is exactly my husband’s point… why burden ourselves. I think that is the reality check i probably need.

We are early 40s and increased ours from £90K to £275K two months ago. Its affordable. But yes we also could have paid our mortgage off in a few years but where’s the fun in that 😉

How would the repayments compare to your current mortgage?

There are a lot of houses that I love that I could just about afford at a push, there are very few that are dream homes.

Do you love it, or is it your dream home?

When it comes to financially stability, I think that's what I would make myself consider.

The happiness being in my dream home would give will pay emotional dividends.

Moving to a house I love when I am not far off mortgage free probably wouldn't be quite enough to tip the balance for me.

220k over 15ish years on 150k plus pay rises is doable, but your priorities and your partner's need to align.

What does the future of your careers or earnings look like? Are they stable, are they growing? Or are you getting 2% payrises if you are lucky?

If good salary prospects + secure jobs + dream home - do it

If average salary prospects + jobs that might be at risk during a recession + house I love because it's got a bigger kitchen and the garden is less overlooked, personally, I wouldn't

I would say it was a dream home yes. Jobs stable i would say. We are risk averse people so we are more inclined to stay safe but this house gives me those feelings that you cant describe. I obviously need to do more research on affordability in the current climate and having to work til i’m older than planned etc but we would have more than 50% to put down on the house. Thanks all for your comments!

Do you need to move? If you're not in your 'forever home' then I'd move sooner rather than later. 300k is a lot to add on imo. Is there a compromise somewhere?