From almost non existent mortgage to big mortgage - hopefully the good life?

TomandBarbara

Hi
We've pretty much paid off our 60K mortgage which was taken out in 2000 as we made lots of over payments.  However we are living in a tiny 'starter' home which we outgrew many years ago and our quality of life is making us both unhappy.  We hate living on an estate and are desperate to escape!  We have recently viewed a house which we are hoping to put an offer in for.  However this will mean a jump of a current mortgage of £37.50 a  month to £987 a month for the next 19 years, although we intend to again overpay where possible.  The cottage is down a quiet lane with just the one immediate neighbour and a generous plot.  
We are frantically working out our finances as we don't want to be tied to the house and not be able to do anything, although we are savers as opposed to spenders so we think we should be absolutely fine, plus we do have a generous amount of savings that are either in premium bonds or savings accounts.
Has anyone else made such a move? 

dimbo61

Are you thinking a 5 year fix to give security ?
We know nothing about your income, ages, savings, jobs and job security so well done on paying off one mortgage early.

You have the deposit and if you can afford the mortgage Why Not go for it.
However life is more than the roof over your head so consider what your about to commit too.

blue_max_3

You say your quality of life is making you unhappy. So your home is the most important thing in your lives. Just be kinder to yourselves and forget the overpaying. Sure, if you have a little left, but you do want to live a little. Believe me, do it while you can - age has a nasty habit of catching up with you!

[Deleted User]

I bought my 5 bed detached as a single mum in Greater London in 2000. Absolutely eye watering mortgage but Id never have changed a thing !! I love my home - its the one most important thing to me ( as well as my car lol ) 
Having taken that gamble, I’ll always have a big mortgage as now Ive drawn money from the equity for both my sons house deposits. 

To me a mortgage is a way of life 
So for me Id say go for it. I could never have been happy in a starter home as I was getting older 

TomandBarbara

dimbo61 said:

Are you thinking a 5 year fix to give security ?
We know nothing about your income, ages, savings, jobs and job security so well done on paying off one mortgage early.

You have the deposit and if you can afford the mortgage Why Not go for it.
However life is more than the roof over your head so consider what your about to commit too.

10 year fixed.  
Thanks We were earning more back then as other half was full time with a well paid job but now works in the charity sector part time, so there is a potential for him to work full time in the future but I'd prefer him to stay in his current job.  
We're both mid 40's so not spring chickens! No dependants.
Still working out finances!  

TomandBarbara

Thanks for the replies everyone, I honestly think we would be so much happier in the property we are hoping to bid on, although it had lots of viewings and has scope to extend/build on so I can imagine people are going to be offering a lot more than the asking price  

Anamox

The asking price is set by the sellers so they're probably going to accept the first offer that will pay that price. I've had houses with loads of viewers but nearly all were chancers that probably couldn't afford it.

It sounds like your hearts are set and you're sensible with finances, live a little and do what you want to do! I live in the country and love the life, me and my three neighbours get on very well and the road outside sees little more than cowherds, tractors and lost explorers. Sadly I'm moving away as my job has moved but my current house is at the absolute maximum mortgage I could take out, and it is absolutely value for money as my quality of life is great.

TomandBarbara

Anamox said:

The asking price is set by the sellers so they're probably going to accept the first offer that will pay that price. I've had houses with loads of viewers but nearly all were chancers that probably couldn't afford it.

It sounds like your hearts are set and you're sensible with finances, live a little and do what you want to do! I live in the country and love the life, me and my three neighbours get on very well and the road outside sees little more than cowherds, tractors and lost explorers. Sadly I'm moving away as my job has moved but my current house is at the absolute maximum mortgage I could take out, and it is absolutely value for money as my quality of life is great.

Thanks for taking the time to reply   We have decided to put a bid in for the asking price.  I have worked out our finances down to the last penny and we can afford it.  I feel sick this morning as today is the day we take our bid to the estate agent.  I am trying not to get my hopes up as the cottage is in a desirable area, and has the potential for extending (maybe even building on) so we expect someone with a lot more money than us is going to put in an offer for over the asking amount, or is a cash buyer as there was someone viewing that already owned several properties