Decisions, decions

Hello fellow mortgage free wannabess

After reading your journeys for a number of years I have decided to,post as I have a first world problem, upon which I would greatly appreciate your thoughts, please 😀

To start off, a bit about me...full time employee aged 49, surviving (trying to thrive) the joys of the menopause. Fantastic husband of 25 years and our 2 young adults at home, the youngest of which is in their final year at Uni. Add a bonkers house cat to the mix and life at home is never dull!,

My husband and I, like countless others, have a strong work ethic and are financially very risk averse. We currently have a mortgage balance of 6K, on SVR which will be paid in full in 12 months time. Our first world dilemma is thus.....
4 adults (often 6 adults) in a 3 bed semi, downstairs can be crowded. We love our home and see ourselves here for the next 5 - 10 years whilst the kids move on into lives away from the nest. We have just received planning permission for a ground floor extension which will dramatically increase our living space and will include a snug.....this means that youngest can entertain mates in the snug as the box bedroom is very small. The downside to this is that quotes are coming in at the 60K in the South is pricey.
Being risk averse I would gain immense pleasure in paying off the mortgage from our saving, not having to do a job which is unfulfilling and the opportunity to make decisions about what I would actually like to do to earn an income. Taking out a mortgage for 60K when we are currently so close to being mortgage free seems wrong. This is not our forever home, the extension would however, increase our enjoyment of our current home.

First world problem, I know. I would really appreciate your thoughts on my dilemma. Happy to provide more information if necessary.

Cheers, MA


  • It seems to me that you would be a lot happier paying off your mortgage & planning for your future once you own your home outright.

    £60k is a lot to spend, especially as you don't see the house being your "forever" home, plus as you say your children will grow up & leave home eventually anyway.

    If I was in your situation, I would definitely pay off first, decide later :-)
    August 2018 - £121,500
    Goal: Pay off in 8 years
    Term: 25 year / 5 year fix

    GC November - £306.25/£300
  • NivNiv Forumite
    2.3K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    As it is not your forever home will the extension add 60k to the value of the house? If not, then I would not do it, if it would then there is no harm in doing it if you decide to move in 5 years time.

    Target: Mortgage free by 58.
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