Am I mad thinking this or...

red_imps_2003

Hoploz wrote: »

There are other things in the pipeline, sounds mercenary but my mum is 81 so inevitably one day I will inherit half her house which will pay a chunk off the mortgage etc.

We are so glad we moved, we have definitely made the right decision

Are you certain you can rely on this? Many elderly have to sell their homes to pay for care home fees.

Hoploz

Nothing in life is certain. I might win the lottery instead! Worst comes to the worst we will, as I said before, just pay it down every month till we are 60 or so.

In our case we are lucky to have other assets and options so hopefully we will have it paid off much quicker.

Alternatively we will be able to sell and downsize to a property worth a fraction of the cost, which will be perfectly adequate when we are older, and have cash to spare.

No point going into the ins and outs of my case, when it probably isn't relevant to the OP - I just outlined the bits that might be helpful to him/her making their decision.

20vt-rs

Thanks for all your comments - got me deliberating again slightly, but still not 100% so my theory is if in doubt don't!

I'm no big risk taker, so that's making the decision hard. And our current home is perfectly adequate for us, we'd just like a little more space sometimes, especially in the garden for little'un.

Will see what I think over the course of the next few weeks.

makeitstop

20vt-rs wrote: »

Thanks for all your comments - got me deliberating again slightly, but still not 100% so my theory is if in doubt don't!

I'm no big risk taker, so that's making the decision hard. And our current home is perfectly adequate for us, we'd just like a little more space sometimes, especially in the garden for little'un.

Will see what I think over the course of the next few weeks.

What is the house type 20vt-rs.?

Are they selling well in the area, is the one you're interested in complete and ready to go.?

If you're not happy to discuss that openly, send me a PM if you prefer..

20vt-rs

makeitstop wrote: »

What is the house type 20vt-rs.?

Are they selling well in the area, is the one you're interested in complete and ready to go.?

If you're not happy to discuss that openly, send me a PM if you prefer..

The new house type is a 4-bed detached. It's a brand new development and only has around 15 homes there finished at the moment, most are sold and people are in. So presume they are selling well.

The one we like we have not seen, would be buying off plan and it is due to be built very soon, footings are in, pipework and base, that's it. So not complete by any means! This is actually another reason for not being sure, once this home and others are up it'll look different there.

Teacher2

20vt-rs wrote: »

Ok guys, after much deliberation we have decided to stay put! Much as we like the idea of moving and having a fantastic home that we looked at, we really would be maxed out in terms of mortgage length and amount. Certainly help to buy might be an idea, and make things affordable, but my gut feeling is that it is storing up an issue for 5-years down the line to deal with...

Maybe in a few years perhaps, but for now I am back on planet earth and will continue to overpay my existing mortgage

Thanks for your comments though. :beer:

This sounds entirely sensible. Once you have paid off your mortgage you can bank the cash. You will be free and the feeling will be priceless.