30 and mortgage free - are we mad to move?

powerspowers

I’d say go for it- being mortgage free is well and good but it’d be difficult to buy this house in 10, 20 years time- assuming house prices outstrip the savings you’d put away in the meantime. 

The mortgage is serviceable on your incomes with a healthy buffer for overpayments or other spending. My only question is if you’re planning a family what impact does that have on affordability (don’t need to answer! But you mentioned 4-beds). Im sure you’ll be fine though, I’m slightly older but similar income - our mortgage was 120k over 19 years at £600pm- trying to get it slain in 8 years. You’ll be mortgage free by the time you’re 40 and eyeing up another better house 😂 

SugarDatesAndPistachios

Great to be mortgage free but not at the expense of the quality of your life. Move! 

[Deleted User]

Making your final mortgage payment after 25 years, being 55+, being retired.  That is the most profound iteration of being mortgage free. It is the goal of many people.

Being mortgage averse at 30 is without merit, when the alternative is a modest 2x mortgage and a clearly better location.

lookstraightahead

Aside from the mortgage question, I would do anything to not live on a road (I did). I would live in a tent in a field rather than a palace on a main road. The peace is worth anything to me.

You don't have to take on a mortgage debt (although it seems it's low risk). You could buy for the same price somewhere else. But your mortgage options seem well within reach.

pinkteapot

Absolutely do it. Sounds like you could comfortably have somewhere that suits you so much better. 

If it all goes wrong in the future financially, you can always downsize. No decision is irreversible. 

Bluebell1000

If you are mortgage free now, are you able to save each month? A larger house will have generally higher outgoings alongside the mortgage so make sure that you factor that alongside the mortgage payments. If it looks affordable then yes, for general quality of life I'd go for it since you aren't fully happy with your current place.

bbat

Wow, move! I got my first mortgage at 40 after years of saving. If I was you with combined income and 120 potential mortgage, I would not hesitate to move to somewhere that fits more of my requirements!

nicknameless

We're just mortgaging to 75 but have income to cover it (pensions, investments) without having to work from 55ish.

If part of a long term financial plan and you can afford it I would go for it, especially if a new place will give better quality of life.  That is exactly what we are doing with a paltry mortgage right now on our current property (less than £40k).

badger09

How secure are your jobs? 

Yes, I realise that needs a 🔮 

Could you still comfortably pay mortgage etc on one salary?

Depending on answers to the above, I’m with everyone else. Go for it. 

jenni_fer

We've got a few years on you but are in a similar position. Quality of life over being mortgage adverse every time. You're not talking crazy borrowing or a huge risk. Worst case you'd be able to sell and buy another property like you've got to becomes mortgage free again if your income dropped so dramatically it was an issue (highly unlikely but a good safety net)