30 and mortgage free - are we mad to move?

engineer0101

Me and OH are both 30 and mortgage free with a combined income of £60k. We have a 2.5 bed semi with a huge garden and lovely high 1930's ceilings. The house however is on a very busy A-road and has thin party walls. The neighbours are loud (and they're 80+ so a younger couple in years to come may be louder!), I have to drive to a quieter area to walk my dog each night (due to A-road) and large lorries driving past at 3am wake me up. 

We are considering moving to a 4-bed detached (thinking for the future) in a small local village on a cul-de-sac but it would require a £120k mortgage. Are we mad to take on this debt being so financially independent at a young age? We can certainly afford it but that's not the point.

It feels the right thing to do. There are so many positives to moving but I am very aware how fortunate we are to be financially free!!

What would you do?

koalakoala

At your age I would go for it. I would certainly pay for peace

simon_or

Well, I'd do what you're contemplating doing. You're still young and earning a decent amount, you can probably pay off a 120k mortgage before you're 40!

Sistergold

No not mad at all. Why live on a busy road just to stay mortgage free at 30? You only live once. 

Schwarzwald

Would totally move. Mortgage of 2x income sounds v reasonable, even in an increasing interest rate environment

thegreenone

Hubby and I moved to our bungalow, at the end of a private road in a village, 27 years ago.  I was 28 and he was 38.  We had a very small mortgage previously and it was a jump but, oh boy, it still gives me great pleasure to pull up outside.  We have no intention of moving.

Go for it!  You have plenty of time to pay off the mortgage whilst enjoying your new house and quiet surrounds.

propertyhunter

Go Go GO! 

Life is for living and not making compromises when you don't need to!

TBagpuss

I would go for it. You could of course chose to move to a smaller detatched property if you wanted, with a smaller mortgage, but mortgage rates are still pretty low, it sounds as though you woukld have a big deposit andyou are only looking to borrow 2x your joint income so lots breathing space if iy turned out that your income fell or outgoings went up.

On those numbers you could nodount overpay / put asisde savings to be ableto pay off a lump sum so you could be mortgage free again relatively quickly, if you wanted to. 

If you were happy in your current home I would say don't move for the sake of moving, but it sounds as though there are several things you are not happy with, so why stay?

[Deleted User]

Move! Absolutely. Far better quality of life with that move (not ideal driving to walk dog etc) and as you say you risk having neighbour issues further down the line which I would want to nip in the bud.

2x salary mortgage is very low risk for a lot of gain from what I can see.

RelievedSheff

Definitely move. The situation where you are isn't going to improve.

You are not going to be taking on huge amounts of debt for the move. It should be easily affordable.

UnderOffer

Definitely do it, we took on similar in our 40’s. You could be mortgagee free again in 10 years.