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Currently mortgage free but considering taking out a mortgage
BeardedMan
Posts: 39 Forumite
Hi All,
I have been mortgage free for several years. Both my wife and I have continued to work and during which time we have managed to save a considerable amount of money.
We live in a three bed house but as our children grow into their teenage years we are now considering buying a larger property (holding onto our current property) which will mean we will take on a £250k to £300k mortgage plus using our savings as a deposit.
Would any of you mortgage free wanabees do a similar thing in our position?
I have been mortgage free for several years. Both my wife and I have continued to work and during which time we have managed to save a considerable amount of money.
We live in a three bed house but as our children grow into their teenage years we are now considering buying a larger property (holding onto our current property) which will mean we will take on a £250k to £300k mortgage plus using our savings as a deposit.
Would any of you mortgage free wanabees do a similar thing in our position?
0
Comments
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Personally? No - I'd sell my current home and then buy a new one.
Much less stressful and I wouldn't have the bulk of my net worth tied up in properties/loss of liquidity.
If you both have good pension provision/other investments, it might be an idea.0 -
Hello, yes we've done exactly that! Mortgage free on property one. Renting that (soon) and new mortgage on larger property for 172k. Also two teenager kids. So ar so good!Starting balance £173,000 (Sept 2012) interest only so if we do nothing We will owe this at the end of the term😁😁
Balance as of Sept 2014 £165,803
Balance as of Feb 2015 £163,360
Balance end of July 2015 £159,050
Balance as of Jan 2017.... £138,033:j0
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