Currently mortgage free but considering taking out a mortgage

BeardedMan

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?

edinburgher

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.

Cariad71

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!