Mortgage free...or?

Oog

I've been on the mortgage free path every since I first bought a house but now my circumstances have changed a little so it's decision time!

I have 8 years left but if I overpay £200 a month it get's closer to 5 years. :j I'm 34. £48K ish left.

But, I am now considering...
Having kids?! (I feel the battle with the three dogs is now won and nothing can stop me!:rotfl:)

A bigger house?!

And using part of my £20k savings to do one of the these three things...
I can't do all of them, and some are mutually exclusive, and my fear is that waiting 5 years just to be mortgage free before starting a family might be risking it a bit!

Any advice or experiences appreciated!

Engeroosi

If you want kids go for it, Kids are a big commitment but also part of enjoying life. Life isnt all about paying mortgages and having big houses!

whitewing

I would overpay the mortgage and use some of the savings too for that. Get mortgage free quicker. Then have your baby. Then start looking for bigger houses when the baby is on its way or young.

I had the baby last year and completely fell off the mortgage overpayments. I am older than you. I would have had more flexibility for the future if I'd've even overpaid for a year more. (Harder to get DH to stick to a tighter budget when we're tired with the baby. We spent a lot more than planned but it wasn't on the baby herself, things like weekend breaks with the children as it felt that life was over!, treats at the supermarket, all sorts of stuff I would normally have been rational about).

Sepa74

I wouldn't leave it too much longer to have kids, may be a year or two, but no longer than that. Kids are incredibly unpredictable from go to yay, including getting pregnant in the first place. You might find it takes a year or even longer to get pregnant, and what if either of you have fertility problems? The longer you leave it the shorter time you are you allowing yourself for treatment if you do find it's harder than you expect.

Compromise - maybe start trying in a year or two years time when you've paid that little bit more off the mortgage.

stedwell

I think the issue shouldn't be money but whether you feel ready to start a family. I had my first child at 31 and I know I wasn't ready before then. However I do sometimes wish I had had them a few years earlier so that I was younger now. You can still be in control of your finances when they are young. It is when they are teenagers and you have to take them out prom shopping and buy tons of toiletries that finances suddenly seem to go out of the window. 48k is not a huge mortgage - I bet you could manage it all! Good luck.

sarahevie

I'd go for the kids - you never know until you start trying how long it may take.

I got pregnant with my first at 23, it has delayed my career, meant we can't have a bigger house right now but I've never regretted it. I've got two currently but would love another.

Kids don't take up that much space and they don't have to be that expensive either. It's emotionally tough at times, but so so worth it

Lois_E

If you want kids, then have them now. You can always pay off the mortgage later, but you don't know how your fertility is going to decline or when. In years to come, you're unlikely to look back and regret having kids even if it meant you took longer to pay off your mortgage than you wanted. You could well end up regretting prioritising the mortgage until you were 39 if you turn out to be one of the unlucky ones who can't conceive when they start trying around 40ish.

Keep the savings - although offset them if you can. Kids have a way of causing unexpected changes in circumstances, so it's good to have a decent safety net.

Of course, you can carry on OPing the mortgage while you are trying to conceive, and you can carry on OPing once you've got the kids, even if not as quickly as before.

Good luck.

GeorgieFTB

Oog

You need to work out your priorities... we can't tell you what they should be!

One thing you need to think about though, why did you start over paying your mortgage in the first place? Most people take out a mortgage and expect to pay it over 25 years, if not longer, what was your motivation for going against the grain? If it is financial security, then I think you might be there...

You need to remember that we are all in different positions, I'm a 28 year old single mother who has just brought her first home...

Good luck with your decision

Gx

Oog

Thanks for the replies!

I know I'm in a very lucky position but I have worked hard and had some bad/good luck in the past. My parents never had a mortgage (in those days they would not lend on my mum's income!) so I have always seen it as a debt to get rid of as soon as possible.

My OH has only been living with me for 11 months, which is not long for decisions about new homes, babies and the like. I also need to take on financial responsibility as he works from home and is setting up a business which is slooooow. If a baby happens I will probably have to go back to work full time :-( but if a miracle occurs and working part time is allowed that is one step further away from moving...Obviously there are also issues about working in the same 3bed house as a new arrival, which is why I'm wondering if I should move sooner rather than later. The funny thing is I had put all moving ideas on hold until last week when my OH mentioned the sort of house he'd like to live in across the city, near my parents!!! He has said yes to TTC next year BTW.

If no baby happens I will be content with the two cats and three dogs and the OH, but it will be fun trying for a few years!!!

I suppose as long as I can sell my house I should have £50-60k deposit for the next one...Is that what most people do to move up the ladder?

Oog

Mini update.
A house I have been 'following' has been reduced by £30k which, although still slightly over my budget, brings it closer to a negotiable status. OH has started to get keen and is itching for a project (he may not earn much but has skills!!!).
It is a massive old house, £188k, 5 beds, garden, garage but needs work. EA says it is owned by a 'company'. I think I can stretch to £155k but not sure I feel happy about getting close to the offer price, if there is so much work to do. I have £20k deposit assuming I don't sell my place immediately; if I do I should have £50-75k deposit.
There is nothing wrong with my current place, it is just starting to get a bit cramped if everything isn't organised and when the three dogs move about!!
I am a little mad to consider moving I think.
I also have a little fear of moving away from being MF and starting with a brand new whopping mortgage...

Does anyone have any pearls of wisdom about feeling the fear and doing it anyway?!
(it may not be this house but I'll have to move up at some point if the family expands...)

hillcats

Before our eldest daughter arrived, I wondered if we could afford kids - the answer is ...... you learn to adapt.
we now have two girls nearly 11 & 7 who argue, bicker and winge etc but its worth it...
The best part is the holidays together, we are returning to Orlando in 2012 as we all love it out there.

We upsized to our forever home about seven years ago just before the youngest arrived and we are now working at overpaying the mortgage every month / saving for the holiday all whilst still living etc.

It is possible to have all and enjoy!