Mortgage Free or Home Improvements ? WWYD ?

Angela_D_3

Our house is rapidly becoming too small for us, we'd survive, heck there are worse off than us if we put up with it and just concentrated on paying off the mortgage.
I would like to go up into the loft and convert the garage though and have been quoted £20k for this which I reckon would take just over 2 years to save.
However that amount would take us under the 80% LTV which I believe maybe beneficial in securing a better rate.
We do have a CCJ which was business related and this is the only thing stopping me throwing all available cash at the mortgage, is it a waste of time because we'll be penalised for the CCJ anyway ?

originalmiscellany

How big is your outstanding mortgage?
Who is it with, and what type is it? Offset, interest only, repayment?
How much longer to go?
These qns will help us get a clear understanding on what your best options are.

katsu

My DH had a CCJ years ago (maybe 10+yrs) and we have to declare it on mortgage paperwork even though it was satisfied all those years ago. We are with a mainstream mortgage lender on what I think is an OK deal.

HTH.

Angela_D_3

Ok Outstanding mortgage is £207,000
It's interest only but we over pay by £500 per month
We have 20 years to go, he's 42 and I am 36 but working is not easy due to 4 children, I do work at the moment but that could change at any time if I'm honest.

newgirly

I am having the same dilema at the moment, I have 3 kids in a 3 bed mid terrace, and a mortgage of £149K ish. How many bedrooms do you have already? I have twin boys sharing which is not too bad, if I had more or different sexes having to share it would feel more urgent.
However, the family being financially secure with a roof over their heads is the number one consideration, without knowing your income/outgoings its difficult to comment. Sorry i can't be of more help!

Angela_D_3

I have two sharing which is fine at the moment and wouldn't kill them to continue but I'd rather they had their own space and with the way thngs are going I can see the children being at home longer than we were, hence i'm wondering if I should just bite the bullet and extend. Hmmm

stedwell

I have always put home improvements high on my agenda - more so than holidays. You are in your home nearly all year and it affects your quality of life if there is not enough space. As long as you think you can afford it then I would do it. We have recently moved to a bigger house and nearly started our mortgage all over again! However my daughters love their big bedrooms and I hope that more space means they will stiil want to come home when they are older and hopefully at uni!

newgirly

It's so hard! I have changed my mind more times than I can remember. I would love to do the loft, we could really use an extra bathroom as well, but, something has been stopping me take the plunge. When you have a big mortgage it almost seems like it won't make that much difference to borrow more or put the mortgage on hold for a while. I had my own bedroom as a child and do feel a bit guilty, but on the other hand part of me thinks my kids get everything they need, and we should'nt push ourselves over the edge . It really comes down to whether you can easily afford it or not, if not, its not the end of the world if they have to share, I like to think it might turn out to be character forming!

nmaria

Same problem here. We have 3 kids in a 3 bed semi. It is okay during the summer as we have a nice size garden but it gets to me in the winter sometimes.
It is a tricky one to decide on.