to remortgage or not to remortgage........now or never

FTBNorth

I've found myself in the fortunate position of inheriting a mortgage free home last year.   Completely unexpected and unplanned I might add.   The short story is since then i've sold my own home, made very little profit due to very little equity held in it, and spent around £30k putting right the inherited home.  The 30k has been mostly from two loans my partner and I have taken out.  We have not hit the ceiling price for the area yet.  It needs probably £15-20k cosmetic work done still (new bathroom, driveway mainly).  

To do that I was looking to remortgage using the equity within the property, but everything I read says now is not a good time.  On the other hand, I also feel like everything is relative, and what we pay per month is what really matters.  A remortgage could sort the house and probably some sort of adventure too for almost the same as what the two loans are costing.  Albeit I'm comparing 5 years of loans to say 20 years  of a mortgage.  We are both a good 25 years off retirement so that's not on the horizon either.  

I've looked at the mortgage free wannabe thread and when i read that I almost think I sound insane for even getting a mortgage.

Thoughts from anyone?  

housebuyer143

Not insane. Get the mortgage and consolidate those loans and then enjoy yourself. 

I was mortgage free for years and took out a £150k mortgage this year and bought a bigger house. Don't regret it. Kept back £80k as well to do up the house, enjoy life and generally use for other investments. 

Everyone is so obsessed with being mortgage free, but it isn't needed when you are young.

MalMonroe

Hi,

Is the information in the following link of any use? It's by Martin and it's been updated today.

https://www.moneysavingexpert.com/mortgages/remortgage-guide/

It's worth a look at the very least if you are seriously considering remortgaging.

I understand that housebuyer143, above, feels it's a good thing but I have to say that it was the very worst thing I ever did and now I'm living in a council flat. I absolutely hate being a council tenant and so am considering buying the flat as I'm eligible now and the relative who lives with me is willing to help. I'm now 72! But the mortgage would be very short term and cheaper than the rent we currently pay.

I have to say that I wasn't old either, when I did the remortgage. (38 - that's not old, right?) but it turned out to be the worst thing I could have done at that time.

In my opinion, there's absolutely nothing wrong with being mortgage-free when you are young. Nothing in life is guaranteed either, just saying.

It sounds as if you are doing some good research and I'd advise to carry on doing that for a while, read what Martin's guide says and then, with your partner, make the decision that is right for you. 

General house price predictions for 2023 indicate a fall - various percentages depending on what you read, where - so you might want to also consider that. 

These are just my thoughts, as requested, with a bit of my personal experience thrown in for good measure. 

Whatever you and your partner finally decide to do, I wish you all the best.

FTBNorth

Thank you to both of you for your replies, it's so helpful just to hear someone elses perspective who has lived a similar experience. Really appreciate it, thank you.