Doubling Mortgage at nearly 40 - is it worth it?

POPPYOSCAR

You only live once- go for it!

silvercar

We tripled our mortgage at the age of 42. Our children were 11 and 15 at the time. Haven't regretted it.

In pure financial terms, our house has increased in value by say 50%. That 50% is a larger absolute value than 50% of our previous home.

LittleMax

natman wrote: »

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

There is much to be said for enjoying stuff while you can. Anyone who has had a life changing experience will tell you. It sound like you are being sensible and working everything out, but life doesn't always go totally to plan.

freeisgood

I would go for it, it is not a huge mortgage, enjoy the new space and in the end a larger investment/legacy for your kids.

natman

I have really appreciated your comments. Still tough as you never know what is round the corner..
I guess by staying put you have less to lose, but you also have less to experience but you stay safe.

By Jumping you have potential risks of struggling more financially and more to lose if things go wrong, but you would hopefully have a better experience....

As the saying goes maybe - Better to have lived one day like a lion rather than 100 years like a lamb.

Winter_Phoenix

Imagine yourself in Year 2026.

Would you prefer to be saying:
"I really wish we'd bought that nice house when we had the chance,"
or
"I really wish we'd stayed were we were, we'd be almost mortgage-free by now," ...?

Personally, I'd go for the house I liked, and plan to pay additional amounts off the mortgage when I could. That way I'd have the best of both worlds!

FBaby

we live financially 'ok' at the minute, but when our daughter goes to school this will free up some funds. we could just stay and go wild and pay off our mortgage like crazy and have it paid up in 12 years or so.

You are posting on the basis that you will only have your one daughter. Is this because that is an absolute and there is absolutely no chance of another baby?

My OH and I have favoured paying our mortgage early and now that we are almost there, I am so glad we did as nothing sounds more appealing year on year than early retirement.

It really is down to you, how much you enjoy your career and your worklife as a whole (as well as your OH), whether you have opportunities to increase your income (and therefore maybe pay more into your mortgage), and how much extra happiness the other home would bring compared to the weight of knowing you have so much longer to pay it off.

mrsmazza

We decided to move into a bigger house/garden, 100k more mortgage at the age of 45 . Have,not regretted it.

Hopefully in 10 years we will move again, smaller house , cheaper area and pay existing mortgage off .

natman

FBaby wrote: »

You are posting on the basis that you will only have your one daughter. Is this because that is an absolute and there is absolutely no chance of another baby?

My OH and I have favoured paying our mortgage early and now that we are almost there, I am so glad we did as nothing sounds more appealing year on year than early retirement.

It really is down to you, how much you enjoy your career and your worklife as a whole (as well as your OH), whether you have opportunities to increase your income (and therefore maybe pay more into your mortgage), and how much extra happiness the other home would bring compared to the weight of knowing you have so much longer to pay it off.

Hi, yes we are only having the one child for sure.
I like what you are saying... Happiness, but it is always a crossroads by staying you may stay happy, but if you would have moved it would have even been better.... or vice versa you obviously cant live both paths....

Sedge123

We did exactly this two months ago. Moved to a nicer house in a nicer area and went from having 7 years left on our mortgage back to a 25 year mortgage again. It was the best decision we ever made, I love our new house and we gave already started on the list of Jobs to make it our perfect home.