Mortgage free or buy bigger

treezaa

Hello, 

Looking for some thoughts on my dilemma. My husband and I are being gifted some money. This money would pay off our mortgage on the house we currently live in. We had planned to move to a bigger house in the future - maybe 2 years time (house is a 3 person - 2 bed bungalow with 2 adults and 2 children (Girls)). Since being offered the money gift, we seen it as an opportunity to move sooner.

Current dilemma is do we pay off mortgage and stay put, saving along the way and move when we are ready OR do we just take the plunge and move now?

P.s We did out our house on the market one week ago!

mebu60

If you get an acceptable offer for your house then go for it. Perhaps set a time limit for how long you will have the house on the market, e.g. end of January, depending on what you've tied yourselves in to with the EA. Be very clear to them you will be staying put if they fail to find a suitable buyer in the timeframe. Hopefully you are 'no sale no fee'. Don't let it drag on. 

MFWannabe

Depends why you want to move
Is current property too small/ not in right area etc? 

Or do you actually like where you currently live? Do you really need to move? 

There’s a lot to be gained by being mortgage free 

badmemory

I suspect this may well depend on the ages of the daughters.  I had to share for a few months with my also teenage sister.  It was not a lot of fun.  We had shared when under ten & by the time I hit ten & eldest I was begging to move into the very tiny boxroom.  Then there is the whole school catchment area thing.  It really does all depend!