Become mortgage free and then take on an even bigger mortgage?????

peterg1965

Good luck! These are stressful times for you I am sure!

magthemum

We did exactly the same a couple of years ago. Cleared our mortgage lived in a very nice house, but the neighbourhood was beginning to decline, 2 children both at home and working so no money worries to fret about.

out for a walk saw a new housing development, popped in for a look and before we knew it had signed up for a new build 5 bedroom 4 bathroom house, mega price. but we just thought what the hell. 2 years in one of the kids have left and set up home on their own, but you know what we love our new house, new garden, new neighbours and ok we could have gone on a few more holidays or bought a fancier bigger car, but we don't regret the move. I would say go for it.
I must be honest though I am trying to bring my mortgage down quicker and I would live to be a MFW.

Cheers:j

BFM

never a problem though if it all takes a few years and you are putting more and more away to get a lower LTV right off the bat

JonnyBravo

silvercar wrote: »

What did I decide to do???

Our current view is we are going for it. I just wanted to know if people thought we are as mad as I think we are for doing it.

Hi silvercar.
Didn't realise you'd posted on here as don't visit in here too often.
No, I don't think you're mad. Sounds like you were both keen enough, and no doubt you're both diligent enough to have worked out the finances and to realise the commitment.
Although we're MF we think we might have one more move up left in us (5-10yrs time?). We planning on saving to get the compound interest working for us though, and again it's different as we're in a house that we're both really happy with, in an area we're happy with.
It's now over a month since you last posted though. Have you moved? Perhaps I should ask on nice people III but thought I'd leave it here for now.

Iris_Blue

Silvercar has probably moved by now and has hopefully been eating into that mortgage since 2006

good luck Silvercar whatever you are up to

JonnyBravo

Iris_Blue wrote: »

Silvercar has probably moved by now and has hopefully been eating into that mortgage since 2006

D'oh!

Didn't look at the year!


:rotfl: