Mortgage Free in Three Yrs

minimoocow

ailuro2 wrote: »

Minimoocow - do you have room for kids where you are?

Is the new house or your current house in the best area for the best school in the area (this is how far you have to think ahead)

Is it commutable from your Dh's workplace?

Could you rent out the granny annexe to earn a bit extra towards the mortgage if you were stuck for cash?

If you did fall PG in the first years when you were 'having' to work, would you be OK with leaving any babies with a childminder/nanny/nursery?

Think with your head, not your heart or your wallet on this one.

Good Luck!

Thanks ailuro - answers to your questions are:

Yes we do have room for kids here but not ideal - 2 up 2 down terrace - very steep stairs and we've kind of filled the space with the two of us. But in the back of my mind I have my sensible (boring) self saying we could make do, families used to have 10 kids in these houses :rotfl:On the other hand I think why make so if you don't have to - I think I'm so used to being thrifty and going without I've forgotten how to spend cash!!!

The other house is only about a mile away so still commutable, ok transport but a bit more out of town so not as many amenities or transport as here (but then only a mile or so back to where we are and we both drive)

No annexe as yet (just possible to convert to make one) so couldn't rent anything out but I don't think we'd need to unless one of us lost our jobs and couldn't find another in which case the house itself would be big enough to take a lodger - I hadn't considered that so thanks for the thought

Not sure on the last one - think that is the problem which I probably need to work through in my own head.

In the grand scheme of things the mortgage wouldn't be huge - actually about the same as one of my friends took out for a 2 bed flat last year so people will probably be wondering what I am worried about. When I called the bank and asked what multiples they could lend they said it was based on affordability now - they the proceeded to tell me what they'd lend and I told them that was stupid as I couldn't afford it!!!

MMC

setmefree2

minimoocow wrote: »

When I called the bank and asked what multiples they could lend they said it was based on affordability now - they the proceeded to tell me what they'd lend and I told them that was stupid as I couldn't afford it!!!

MMC

LOL which is why are having a credit crunch:rolleyes: Banks!:D

ailuro2

minimoocow wrote: »

2 up 2 down terrace - very steep stairs and we've kind of filled the space with the two of us.

Well, have a clear out like you'd do if you were moving house and selling up!
sell it on e-bay, do a car boot, or give it to charity.

Decorate the spare room as you would if you were to sell it, then when it's ready, who knows, you might want to stay where you are, but if you don't want to stay put, then your home will be more inviting to buyers, you'll have less [STRIKE]junk[/STRIKE] 'memorabilia' to take with you, so less moving vans to hire. etc.....

In short, get ready to move, but do it once you're ready not when you've had a notion about a house already there. There will be more houses like it. Death, divorce and debt keep the market moving, even in a recession.:D

minimoocow

OMG! We've gone and done it! After much soul searching, tidying etc etc (Yes we did have that tidy up ailuro!) we decided to go for it and see what happens - I think we'd always regret it if we didn't and whilst I agree another house will come along they don't come up in that location very often (first sale in 5 years according to nethouseprices!).

So looks like we might be joining the MFiT take 2 challenge

setmefree2

minimoocow wrote: »

OMG! We've gone and done it! After much soul searching, tidying etc etc (Yes we did have that tidy up ailuro!) we decided to go for it and see what happens - I think we'd always regret it if we didn't and whilst I agree another house will come along they don't come up in that location very often (first sale in 5 years according to nethouseprices!).

So looks like we might be joining the MFiT take 2 challenge

How exciting -

ailuro2

Minimoocow - that was quick, did you have your heart set on it already?:D

Even if it doesn't work out the way you're hoping, no harm has been done by having a good tidy up and orgasnisation of mortgages etc, means you'd be quicker to react next time something you fancy came up.

Fingers crossed it goes your way, though:D

ailuro2

p.s. Updated my signature - we are now 'notionally' mortgage free - we have more money in the higher interest savings account than we owe on the mortgage.

Not quite as exciting as phoning up and paying it off, but that will happen once the 12 month deal comes to an end on the savings in November this year.
(biggest lump was at 5.65% net, the rest was 6.25% fixed ISA)

so all we're doing now is paying into the mortgage to have money left over at the end of this year.:D

Trying_to_be_good

What a brilliant feeling, ailuro2 - well done!

Now what are the exciting plans from the end of the year?

ailuro2

Trying_to_be_good wrote: »

Now what are the exciting plans from the end of the year?

We're already booked for Orlando this Christmas - all the flight/villa/Disney tickets costs are already paid for or set aside, just the spending money to save up now.:j

We just bought another car so we don't have another winter of dragging DD out of bed at 6am to drop Dad at work. Not eco friendly I know, but maybe with some of the old mortgage payment we'll install a wind turbine or some roof water heating pipe things (can't remember what they're called:o)

minimoocow

Congrats ailuro - feels good doesn't it?! :beer:

We have had a whirlwind week - put our house on the market on Monday, got an offer Fri, put an offer in on the one we liked and then were outbid on Sat!!!! Looks like it round 2 today . . .