Mortgage Free or Get A New Mortgage?

siouxchief

Hi,

First of all I am in a good situation financially and I realise this but all the same it would be good to get peoples opinion. My situation:

- Age 37 and have permission to build a house on my property which when I sell my existing house next year and move into the new one will mean I am mortgage free and have £150K.
- This was our first mortgage and we have only had it 3 years
- My salary is £150k as a contractor (full year) so for example I was out of work 4 months last year but then again I could get lucky and be in contract for a few years. My wife is on £60K.
- We have a 2 year old and the house we build and move into will be a 3 bed semi

I can't decide when we live in the new build and are mortgage free should we just enjoy this or should we buy a bigger house as we are relatively young on good salaries. What would people's view on this be? If we were to get a better house it would also probably mean our distance to the train station would only be a few meters versus a mile walk that we currently do and we would be closer to village shops\shools etc.

Another reason for getting a new mortgage would be the fact the my previous house increased in value £125K in 3 years so a bigger house would increase by even more which is hard to beat.

Thanks

getmore4less

How long would the dream forever home take to get to mortgage free.

Coupled with retirement planning could you have enough saved to finish at 50,55. that would coincide with the little one hitting college.

getmore4less

With that level of income you are funding the build from cash and not borrowing?

siouxchief

Thanks for replies. To answer questions.

Exactly, I should save enough this year to pay the 130k build.

The dream forever home mortgage free I suspect aged 50.