Doubling Mortgage at nearly 40 - is it worth it?

goodwithsaving

Do it and don't look back. You sound sensible. If not now, then when? Still look to pay it off as soon as possible, overpay when funds are available and see the rewards of your hard work. If you were unsure whether you could afford it, I'd say no. But you are in a good position.

questionss

We're mid 30s & mid 40s and mortgage free... We've made the decision to take on a mortgage again & move house, bigger house, better area

firebird082

I wouldn't be thinkuing twice about it. We're in our thirties and have only recently bought our first place, and we're certainly intending to move somewhere bigger in due course. You've got plenty of time - mortgage free isn't the be all and end all! (do I get shot for saying that on here?) :rotfl:

lessonlearned

Do it with one proviso.

Make sure you have income protection insurance......just in case.

Also, there is nothing to stop you overpaying the mortgage.

Make hay while the sun shines.

natman

firebird082 wrote: »

I wouldn't be thinkuing twice about it. We're in our thirties and have only recently bought our first place, and we're certainly intending to move somewhere bigger in due course. You've got plenty of time - mortgage free isn't the be all and end all! (do I get shot for saying that on here?) :rotfl:

:eek:

Yes you will be shot.... I think that's why I end up stuck......

I was brought up not to have debts
I was brought up to save for what you want or you dont have it.
I was brought up to pay your mortgage off and dont waste money on moving / solicitors.

I like your saying its not the be all and end all - but its hard when everything says it should be!!!:cool:

lessonlearned

The be all and end all is living in a house that gives its inhabitants joy.

densol_2

I took a big risk at 35 buying my current house. My partner at the time never wanted to take the big risk ( mortgage of £240k) in 2001 but I insisted. It contributed to the end of our relationship as he never stopped moaning. I bought him out in 2006 ( another big risk ) and raised the mortgage to £340k on my own !

Ive never ever regretted it - it is and always will be my dream home worth almost £800k now and I intend to grow old in this house. I never plan to leave.

Of course this is in greater London where progressive price increases have made my mortgage ( now about £250k ) seem tiny in comparison. Im not sure I'd be as bold in other areas. I looked at price increases in the north or Wales etc to compare over the past 15 years and the house would have increased by a tiny percent ( 1%) or lost money.

zagubov

Yep I doubled our mortgage when I was 45. Not a problem. Finally got the house we want. Will have paid it off by retirement.

racing_blue

We decided to get the stretch-maison and enjoy & not to overthink the long term implications. Whatever life deals us, we will have lived this part of our lives in a good house in the right spot.

Marvel1

For me I'm 33 and want to be mortgage free by the time I'm 50 (quite scary that)! What was I paying on my mortgage, use that as savings for when I retire.

At moment I'm saving for a trip to USA - LA and then Vegas and for me personally this is more important than getting a bigger house (I would love to though, I have no personal attachment to this house at all).