Stick with huge mortgage or downsize

dimbo61

Moving house is expensive with selling and buying costs you are looking at £6/8000 and more if over the £250K stamp duty limit!
You have managed to keep your head above water for 5 years with your own hard work and careful budgeting.
You have a home and a mortgage ( EX not due a share when oldest get to 18/21?)
There are a good number of 5 year fixes and your existing lender may have a good deal for you NOW which gives you security for another 5 years.
At the same time life is for living not sitting in a grand house with no money for holidays,days out, FOOD
I would still check how much you can borrow before selling existing home

happydays_70

You have said exactly what I think..I am so torn. I read the threads on mortgage free wannabes and I think..yes I can do that....then I think yes but I want the freedom of a lower shorter mortgage term so we can have the luxuries that I work full time for. THEN I think I love it here...I don't want to move...THEN I think I can't do anything to the property cos I don't have that kind of disposable income. Is of the large mortgage payments.
And no...ex has nothing winging his way when kids older.

onlyroz

Have you considered taking in a lodger?

happydays_70

Not really something I want to do..I have two young kids. Dont think I like the idea of a stranger in my home!!
Thanks for your comment though

Thrugelmir

dimbo61 wrote: »

I would still check how much you can borrow before selling existing home

Future direction of interest rates is also a key factor. As a 2% or 3% rise would significantly raise repayments from their current exceptionally low levels.

happydays_70

Estate agent came today and took photos for the sales details..board up by Friday. If I don't have any interest then that makes my decision for me and I work hard at being a mfw.
Don't want to get my hopes up but the pics looked great.

chirpchirp

Will you be able to get a mortgage fully in your name? I'm guessing your original mortgage was taken when you were still married and as such it's possible that your exs salary has contributed to the mortgage multiple. What's the most you can borrow, plus your equity - estate agents fees, removal expenses and legal fees? Can you actually get something on that amount?

happydays_70

Yes..mortgage is in my name. I would be getting a much smaller mortgage if I moved otherwise it wouldn't be worth the upheaval. I am just looking at the possible mortgage payments if I moved. They would be halved and I could reduce the term too..it is a no brainer but I am also hesitant cos I do like it here and the kids are settled. We have little disposable income though and no room to over pay

Marie27lol

Daft Q, as I know you have said no to a lodger,

But what about a lodger that has joined the emergency services in a new area after training e.g. police or fire brigade. They will have gone through some very rigorous checks (CRB etc), and may only want to stay a short while to find they feet before moving on to somewhere else.

But it all depends on your kids...

M

CFC

happydays_70 wrote: »

Yes..mortgage is in my name. I would be getting a much smaller mortgage if I moved otherwise it wouldn't be worth the upheaval. I am just looking at the possible mortgage payments if I moved. They would be halved and I could reduce the term too..it is a no brainer but I am also hesitant cos I do like it here and the kids are settled. We have little disposable income though and no room to over pay

You will make far better memories with your kids once you have a bit more disposable. The kids will get over the move, especially if you can start doing nice things with them that you can't currently afford.