Our attempt at being MF!!

CathT

Thanks, something in the air maybe? She does have a bit of a cough and that is waking her. I'm not going to bath her tonight to see if it helps and just hope her routine doesn't fall apart.

I checked my email Michelle and it said for me not to distribute or send on. I had a quick look on the nectar site but couldn't find anything.

Have cancelled experian credit check thing i took out for the cashback. Tbh, i didn't check it completely so when I cancelled it today the very helpful person told me what my outstanding credit limits are. I am going to cancel an unused CC and also reduce the limit on my NEXT account - my limit is £2000 on there and I hadn't thought of it as potential deb even though I pay the balance in full each month.

Onepoll been very good today, my account up to about 32 and DH about 12 so I should hit 40 in the next couple of weeks fingers crossed.

pammyj74

My two are being argumentative lately, want to bang their heads together!!

Should reach £40 on onepoll soon hopefully, was impressed that mine came through in two days. not good being back down at the bottom again tho lol

CathT

My brain is frazzled in trying to decide whether or not to move - or rather do i want a mortgage of £140,000 when we only have 40k a year coming in? :eek:

I have worked out what repayments would be if rates were to rise, am toying with idea of putting it all on fixed and paying the redemption fees simply for peace of mind.

I have considered putting mortgage back over 25 years and then overpaying but DH is 34 and I'm 28 and we first bought a house 8 years ago but keep losing the years! :mad:

DH really wants to go for it. If we stay here we desperately need a new boiler which would be 3k.

I really am so torn, don't know what to do for the best.

Any other questions i should be asking myself to make the decision?

cha97michelle

You are hardly geriatric at those ages, and in some respects you are better off than some as you already have a foot on the ladder and 8 years equity, plus an awareness of overpaying. It would be a larger mortgage, but it wouldn't really be another 25 years. More like 15?

Remember some people still live with their parents at those ages.

CathT

Thanks Michelle, at first it seemed like a no-brainer and we can make savings on DD when move, cancel Homecare, reduce sky to basic package etc. Heating bills should be less too.

Based on current interest rates and keeping mortgage over same years would only cost an extra £100 a month if we were to move. Could probably make a few more cutbacks here and there too.

Thanks Michelle, 15 years would be a perfect target and obviously OP in this house would take a hit when home improvements necessary.

Perhaps if we get an offer on ours (if and when on market it is meant to be) the decision is easier. If no offer the decision is made for us.

The house really is very beautiful!

cha97michelle

Do what your heart tells you is best. If it is just a case of house lust, then it might fade, but it sounds like you definitely want to go for it. 15 years is pretty much nothing. Would fit in well with your little one getting to Uni sort of age too. Just make sure you cover what if the interest rates go up. I checked with ours, and i would be comfortable up to about 10% but it would remove our ability to overpay. Then again, overpaying is just part of it for us to maintain our lifestyle.

Wish i had a crystal ball. It would make decisions so much easier.

museumworker

I think the fact you've been paying a mortgage for 8 years at your age is amazing - I only bought this house - my first owned place at aged 29!

I think you should try what I do with any difficult decision - grab a piece of paper, draw a line down the middle and put Pluses of buying the house on one side and Negatives on the other. One negative is it will increase your mortgage, one plus is that you will not have to get a new boiler for around 10 years. Write down everything, no matter how big or small, whether you agree with it or not. Ask OH to contribute. Then really interrogate each point - are there other ways of thinking about it, could you live with or without this aspect, etc etc. And where does your heart lie?

I think the main thing is to check your budget - can you afford the mortgage, what if rates rise -can you still afford it? What if you were out of work? In general, during an economic downturn is a good time to trade up the property ladder - if that is what you are doing. If you wait until your house value increases, it is more than likely anywhere better you want to buy will have gone up by more.

Factor in the cost of buying and selling. OH sold a share of a flat, and we bought this house. I estimate all the stamp duty, solicitors, mortgage and estate agent fees cost us around £20k to buy and sell, albeit for a higher value house. You will need this money available outside your mortgage.

LilacPixie

TBH Cath I think i would move. My reasoning is this, if you have 1 person earning 40k a year you will have a monthly salary of around 2400, a 140k repayment mortgage at 10% is £1300. that would leave 1100 a month to live on for utilities etc which is more than benefits. I personally think thats doable for a family of 3 or 4. There will always be times of job uncertainty so all you can do is make sure you are well insured just in case

pammyj74

I would move too. That wage is a great wage to have coming in and its not that big a mortgage really compared to some. And your age is where a lot of people are just starting. I'm 36 and hoping to have my mortgage paid by the time I am 45. If you can pay the mortgage off in 15 years then you will both be 43 and 49 which is still a fab age to have finished your mortgage and then enjoy life.
If you dont then you will always have that 'wanting' or 'what if' feeling and you will probably never be comfortable where you are knowing you could have had that house.
I do look from time to time but I am a single parent and the house I have is OK and me looking is just a dream really for better things, but dont we all? Would love a driveway and a bigger third room and a play room etc.
I know where you are coming from when you think you have worked hard to pay over the last 8 years and to think about starting again is daunting, I would feel the same but to have a better house in a better location I think personally would be well worth it.

LilacPixie

I would also say that getting the expensive forst few years of mortgage over when kids smaller and need less material things is a good move. By the time kids at school so 10 and 6/7ish then you can work more, have less childcare and with a bit of luck wage inflation will also make you a bit more comfortable, then you can pile on the OP's.

I am naturally quite risk adverse but a 3.5 x mortgage is not a huge deal. Its a bit like having kids, if you wait until you are 100% sure you can afford them at every eventuality you will never ever have them.