Pay off mortgage and start having fun!

CathT

Maybe it's not to be then, what a shame.

cha97michelle

I thought 2.5X loan was pretty standard. Any more than that and i would be worried if we could afford it long term.

Is it wise persuing it? Maybe if your heart is set on moving, which it sounds like it is as you keep popping it in, then you need to save a lump up to use on top of your loan from a mortgage provider to top it up. That would mean instead of overpaying though.

I would personally be reluctant to take on more as we all know which way rates are going to go long term. No point in having a dream house if you then lose it when you can't meet the payments.

Lots to think about for you. (Sorry - i feel like i was just really mean to you, i hope what i say isn't taken wrong. I just don't want you to regret not thinking about something. )

newgirly

I know you are right Michelle, but its a case of heart over head sometimes.

This house would be great if not on a double decker route and too small.
We could wait until until we had paid a lot more off, but then (you will think I'm mad) it would'nt be the family home they grew up in, I don't want a big house and garden when the kids have left , I want it to be full of memories of them growing up in it.
Too sentimental, I know, and when I read this back it looks so petty, I'm so lucky to have a hubby and three healthy kids.

Thn plan to re-think in a year still stands, plus I bought a lottery ticket for the first time in a very long time today, you never know!


PS. you are not being mean, its being honest and it rings true, hence why I keep thinking but not doing anything about it.;)

katsu

2.5 might be north standard but daarn saarf it would only buy me a shed We got a mortgage of around 3-3.5 times when we bought our house.

CathT

FWIW i have just worked out that our outstanding balance is more than 3x our income and the building society was willing to lend us £175,000 but those repayments would have terrifiied me although on our current mortgage we do manage significant OP's with a bit of sacrifice! I just prefer it that we have more control over our outgoings by having the 'smaller' mortgage. If I knew rates would stay at 0.5% I think we may have taken the plunge and bought our dream home (which is still on the market) but no one is going to promise us that!

I just hope that by making OP's we can then save money to create our dream home here without paying ridiculous amount of interest and sleepless nights!

Not sure if I've helped or rambled.

cha97michelle

I'm glad you didn't take what i said wrong hon. I felt the need to say something, but you could just tell me to mind my own business. It is a strange relationship we all have here isn't it. A bit like a sisterhood. Lots of tough love, but so much support at the same time.

I can understand you wanting your memories in that place. I'd love to be able to have a place where there is room for them both to come back and bring their families when they are big, but i know that would mean sacrificing being at home now, but i am not willing to do it.

We had similar pangs yesterday. We went out and one couple had 3 kids. 2 boys similar ages to ours, and then a baby girl. They made me think again about whether we are finished or not, and i had little pangs, but overall i think we are. I am going to have to let my head rule my heart. I think it is easier for me to do though as i saw the way my mum and dad really struggled. They lived in a house very similar to ours until after they had my 2nd sister, and then we were overcrowded and they moved another twice after that and had my brother too. My dad always had to work though, and my mum ended up having to work too just to keep their head above water.

I want my boys to have my time and my energy, and remember i had time for them.

newgirly

Its a tricky one, it's lovely when they are little, sharing rooms is fun and probably better for them , it's when they get close to hitting those teenage years if found its getting more frought having a larger family.

You still have time on your side, even when you are all paid off you will be young still, see how you feel later on down the line. Dh has had the snip, but even with 3 kids we waited for years and years as I was so worried I would change my mind and want one more, but to be honest i never did. Now all my school friends are having them and mine are all older, i would not want to go back to those nappies again!

Thanks for the input with the house, dh is not one to say no to things sometimes when he should ( hence all the old debts in the past!), we will re- visit the possibility next year, depending how things are going financially, and with my sanity.;)

DH was supposed to be finishing the bar in the log cabin today, but has instead been sat on the ps3 all day so far. I have spent the morning at the local poly clinic with dd, sickness and a purple rash:eek:, she's ok though could be tonsilitis. So instead of going to a village fete we will probably stay in on the nicest day of the year.

Hope everyone is having a good day.

cha97michelle

That must be scary with a rash. Two of us stuck in with sick kids then on the best day of summer so far. Oh dear.

DS1 is beginning to get very addicted to sitting and playing computer games. It is good in certain situations, like he was sat lovely when we were out yesterday, but he doesn't want to go out today, and then i bet he will when it is next tipping it down. Kids.

You are right, i could still have another one later, but i will probably feel well past it by then.

CathT

Hope all the children are better soon, not nice when they're poorly.

We are definitely stopping at 2 children and although we have time on our side - space, money and time we do not! I know I will have pangs of broodiness in the future but I will overrule them the same way I overrule house moves!

newgirly

I've given dd the day off to recover, so we have been sat watching tv this morning. It's too hot to do anything :cool:

I am now up to £39.90 on onepoll! and have also just op'd £200 from the holiday money we did'nt need. Now back to being really broke.
The sewing box I really wanted has just gone down in the cath kidston sale today, but it's still £25 that I can't really justify, so have been quite mse today and resisted.

Ds2 has a whole day at his new secondary school tomorrow, I am so nervous for him, he is way to little to go with those huge teenagers.

Update: onepoll payout reached, i never thought I'd get there!