Pay off mortgage and start having fun!

gallygirl

Am sure my opinion can be taken as given :cool:.

newgirly

Don't do it

newgirly

I have been on the phone to the building society for over two hours, going through an application to see how much we can borrow, with various breaks being put on hold.

I seem to be being interviewed by Peter Kay too :rotfl: it's really "touchy-feely" nowadays, what are my thoughts and feelings on the rates?

The only issue so far is one out of the three years we need dh only got paid via normal pay with no dividends, even though it I still overall the same income, apparently any year with a nil dividend cancels out all dividends, they are referring it to the underwriters tomorrow, but it looks like with the problem we can borrow £207 , without £235 which would probably be plenty.

The did a credit search which I know is premature but I want to know either way before viewing it.

AlexLK

Something to consider: do you want to take on another mortgage when you are so close to being mortgage free which I think means a lot to you?

newgirly

Trust me that's the big consideration, I want a mini and a lot of holidays :rotfl:

Our current plan is to clear he mortgage next year, spend a little bit on a holiday etc. then start saving to get the house done up, after that save to give e kids a lump sum each for their own places in the future.

The main issue is how long will it be before they can move out? My little brother is getting his first place currently and he is nearly 35, offer just accepted on a 1 bed maisonette in a town near where our work is - cheaper than here for £230k which was an ordeal as most are selling before you can get a viewing booked, this one he was the first viewer.

The point is, at those prices we are such a long way off from our three moving out. I think staying here to help them is the best descision financially, however having a bigger house would make life so much easier if we are going to have them as adults living with us for a long time.
Ds1's room can fit a single bed and a small desk at the end which he has to sit on the bed to use as there is no room for a chair, we can't extend as we have already taken a bit of the room next door as much as we can because when we moved in the room was too small to take a single bed :eek:

Our house could fit a ground floor 3m extension across the back to make the kitchen bigger but that's as far as we can go, this house is approx. Double the size and totally finished, offsetting the costs of doing ours up I would say it's less than £100k extra incl, the costs of moving.

newgirly

Oops posted before I'd finished!

So going at the rate we are with current targets we would pay it off in 5-7 years depending on the price we pay and sell for. We currently my have a year and a half on this one left, plus I wouldn't want to keep going at the same rate we are now, it too restricted for a longer term view.

It sounds crazy to go through all this without even viewing but I know this market inside out and its such a bargain, one of the men that own the factory next door actually mentioned the property after we saw it , he is looking for another 3 bed bil for his portfolio and mentioned this amazing house that has just been reduced, it turned out to be the same one., too big for his btl's (and too small for him I guess judging by his car collection) so I just have a feeling it will be good, plus although most would not llike being in a main road , it suits us fine, it's next door to a library (Dd could basically live there!) and right opposite a theatre.

try_harder

Sounds lovely ,what exciting times ,so many people all moving to new homes gives me itchy feet i wish i could afford to move i have seen a beautiful place that i would love to buy hopefully it will keep me motivated to save and overpay .Good luck with the viewing .

newgirly

Hi try harder, without mse and the mfw'ers we probably wouldn't not have been able to keep the house we have let alone move, it's amazing the differnce it has made.

I hope you get your dream home one day

try_harder

Yes that is so true i was in the same position but have turned most things around and took control over the last year or so since starting my diary on here and with everyones support .Thank you ,i hope so and you too .

Moneyfordreams

i'm doing the opposite NG, I'm looking at cheaper houses for DD1 and thinking mmmm if only I can be mortgage free, I can save holidays, retirement, fun... My house won't sell easily, so I can't be bothered with the viewings only to be let down again..

As ever your diary makes me smile and is a roller coaster, I'm excited to find out which way you choose