Doubling Mortgage at nearly 40 - is it worth it?

natman

Oozle I wish it was that simple - being mortgage free at 55 is my actual real goal.... I have been pondering this for the last couple of years... ha ha....

My head tells me to stay, overpay the mortgage and retire early and focus on my daughter when she then would be leaving school etc. Buying more expensive houses and working until I am 70 is really a shock to the system, but you only live once......

Though i cant make a decision on it!!! ha ha

LittleMax

D00gie72 wrote: »

Try not to think just about the investment side - at the end of the day its a home and you need to consider how the more expensive house will improve your families life.

Totally agree with this.

What's an extra 9 years of paying the mortgage if it's a better house for you and your family? If it was rent you would just be considering whether you could afford the extra payments not how long you would be making them for.

20 years is a long way off - things change, so even though you can make plans to retire early it may not happen. It is good to have an eye to further ahead too, but that shouldn't be the be all and end all.

You ask what's better or worse? For you - I don't know, but I always prioritise the next 5 - 10 years over the 10 - 20 years in my long term planning, as the 10 - 20 years are more likely to change before you get to them.

bouicca21

I di. Better house, better area. Never regretted it,

natman

LittleMax wrote: »

Totally agree with this.

What's an extra 9 years of paying the mortgage if it's a better house for you and your family? If it was rent you would just be considering whether you could afford the extra payments not how long you would be making them for.

.

I think you have been speaking to my wife with this:p - she highlights exactly the same.
Telling me if I rented and could afford it you would do it, so why do i look so far into the future. It just makes you stick with what I have got......

I guess there is no wrong decision here, it was purely I am getting older now, i know not quite over the hill but did i really want to be looking at increasing my mortgage by 100% and 10 years when I am nearly 40.. Or should I just see it as I am just increasing my monthly payments by £150...

Ithaca

We've just moved to a bigger place aged 37 with a much larger mortgage (from £750/month to £1200/month). It's mostly so our children (7yrs, 2yrs and another due in May) have more space, especially in future years when they are teenagers.

Mortgage is on a 30+yrs term but we're glad we made the decision and pushed to get the biggest place we could... we've accepted we'll probably be working until we're in our 60s but we both have jobs that will let us do that if we wanted, and the house is in a nice town which we're happy to stay in for the long-term.

I know if we'd have gone for a smaller place or moved to a less-desirable area I would be regretting it before too long but it's always a compromise.

DRP

You're 39, not 59.

Go for it.

Sincerely,
DRP (aged 39 and 10 months)

[Deleted User]

Try writing down all the pro's and con's of each option and evaluating what is most important to you, why you want this more expensive house so much and what positive changes it will bring to your life. There is no right or wrong.

Out of interest what does your wife think of the idea? Does she also not mind working till she's nearly 70?

LittleMax

Deleted_User wrote: »

Out of interest what does your wife think of the idea? Does she also not mind working till she's nearly 70?

His wife wants to move...

natman wrote: »

I think you have been speaking to my wife with this:p - she highlights exactly the same.
Telling me if I rented and could afford it you would do it, so why do i look so far into the future. It just makes you stick with what I have got......

I guess there is no wrong decision here, it was purely I am getting older now, i know not quite over the hill but did i really want to be looking at increasing my mortgage by 100% and 10 years when I am nearly 40.. Or should I just see it as I am just increasing my monthly payments by £150...

natman

Oozle - My wife just wants the house. Though a good point is, i may still retire at 60 and downsize, I think that saying ' that means i will be retiring at 70' actually stops me looking forward and making a decision.

I may get to 60, my daughter has left home and feel I want something smaller at that point so move and retire at 60........ But I would have enjoyed the 'better' house more throughout the journey.. instead of making do with what I have to still get to the same / similar point...

All interesting though....It is helping...weirdly

[Deleted User]

If you both want it go for it