Debate Between Husband And Wife Your Opinion

DAVIDR3117

I Currently Have A £65,000 Mortgage ,i Also Have £50000 Endowment
Due To Pay Out In Four Years ,i Think I Could Be Mortgage Free In Five Years But My Wife Now Wants To Borrow £30000 To Build An Extension This Will Mean I Would Not Be Mortgage Free For Another 12 Years Or Longer ,my Wife Thinks Having A Bigger House With More Room For The Family Is More Important Opinions Please.

Lady_E

Simple - if you got kids you need space now so extend .

Twelve years time, kids may be on their way to going so you can downsize and make a fair bit as you have more floor space to offer.

I am with your wife .

System

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absolutebounder

Obey your wife unless you want to be dressed in creased clothes, be very thin and celibate.

MortgageMamma

I tend to agree with your wife. you have to do what is right for your family now, if you are really struggling for space then make some more. Its not impoortant to be mortgage free. you cannot take any of this money with you when you die, so its mroe important to enjoy your life and make life as nice as possible for your family while you are here. sorry for the morbidity but I speak to people obsessed with money and property day in, day out, so I have a different perspective.

Mr_helpful

Id pay off the mortgage You dont want all that stress and debt for an extra 7 yrs. Who pays the mortgage anyway. Otherwise you end up with all that space and what happens? The kids leave home. Besides you can be a nice close Knit family in a small house

Guy_Montag

kingkano

For me it would depend alot on age, the family's age, etc. If I had a youngish family with still 8yrs or so till they are leaving for uni, Id do it and get the space for them. If they are older teenagers and going soon then let them brave it out and pay off the mortgage

littlesos

Hmmm,

When you are mortgage free what are your plans??? ie is your house really big enough for you or will you end up extending/moving anyway?

If you're going to extend/move anyway, why put it off? If your house is big enough then pay off your mortgage. Personally unless my house was on a huge plot of land I wouldn't extend, you'll never really get that money back. I'd always move.

As someone who is mortgage-free, about to take on a mortgage for a bigger house (and female!) I'd go with your wife's idea.

Rach

Gorgeous_George

Design the extension as granny flat.

When the kids grow up, you can live in the annex.



GG

MUSTBEFUNNY_2

Hmmmm! Rock & a Hard Place. Good luck!;)