Mortgage Free Wanabee - but also need to move at somepoint

mbbetter

Hello,

I'm inspired by many of the posts and diaries on this board. I'd love to clear the mortgage, but I know in 2-3 years we will move and get a bigger mortgage. How does that fit with the MFW?
Myself and my wife (married last month :beer:) bought a house 4 years ago, and have done pretty well on overpayments. But we now feel that it will be time to move in 2-3 years time when we have kids. 2-3 years is not enough time to clear the mortgage, I rekon at a
push we could do it in 8 years (not factoring costs for kids) - if we didn't move. However moving we'd be back to the start

Most of the diaries I see hear have a clear goal, of being mortgage free by X... Stupid question, but do you allow diaries here for people that wan't to be mortgage free, but also want to take out a bigger mortgage in the future?

Anyone else in the same situation - or are you all settled and paying off your mortgage?

Cheers!

liuhut

Congrats on the recent wedding!

I've only just started my diary and OP to my mortgage but I dont have a clear goal either. i kind of want to be MF by 2019 BUT if we stay in Oz that wont happen as we will buy here, the way I see it, the more I can pay off the larger pot of money I will have when I do decide what we are doing....

Good luck
L x

CathT

Hi and congrats,

There are others on here whose aim is to improve their equity or LTV to enable them to move. We're all overpaying so it's all kinda the same!

Welcome. I have just started a diary too and find this forum inspirational.

[Deleted User]

hi there!
nope you are definitely not the only one in this situation! My mortgage at the mo is on a flat which will certainly not be where I live forever, but by paying it down quicker I am hoping to be able to 1) cope better if interest rates shoot up and 2) have more equity when I come to sell/for a deposit when we eventually buy somewhere bigger - it all ends up at the same place at the end and there are some great suggestions on here for money saving ideas !!

wynnvegas

Hi MBB,

I'd advise not worrying too much about the future planning. It sounds like you've done a good few calculations on the current mortgage so stick with an achievable goal on that in the first instance. As and when you move to a bigger place, re-evaluate your new mortgage, your financial situation and then kick on with it!

Congratulations on the wedding btw!

Cheers,

Billy

dimbo61

Want to play at having kids ?
Then put the wife,s income into a pot each month and use half to overpay the mortgage and half to build up a savings pot in cash ISA,s
See if you can manage on just one income and make the normal mortgage payment plus all the other bills