Moving house to be mortgage free in future

gadget88

So I’m moving house but I decided I hope if I ever move again I won’t need a mortgage. I aim to semi retire so not sure if this would affect a move if I did 16 hours but my partner was full time? So I reckon I could have cleared off my current 2 bed house if I stayed here but I am adding a larger mortgage. My current place has made £65 grand profit in 7 years so is it realistic that any next move i could be a cash buyer anyway? My next move would likely be down sizing again perhaps when I am older? I don’t see myself going for a 4 or 5 bed. I don’t want to be tied into long hours just incase I move again. Has anybody here went with another move and been mortgage free through equality? Even a worst case I could have a very small mortgage. 

I could buy a similar house or downsize for cheaper than the new one. If I moved today my maximum property budget to be mortgage free was around £150k. I would be maybe 20 grand short of a 2 bed house so yes I may not want to go to a flat so how realistic is it my place would make profit again?

Then again I may not move again but I may struggle to clear the mortgage before retirement. I could also factor in I may have more savings which could further allow me to be a cash buyer. 

Marcon

gadget88 said:

So I’m moving house but I decided I hope if I ever move again I won’t need a mortgage. I aim to semi retire so not sure if this would affect a move if I did 16 hours but my partner was full time? So I reckon I could have cleared off my current 2 bed house if I stayed here but I am adding a larger mortgage. My current place has made £65 grand profit in 7 years so is it realistic that any next move i could be a cash buyer anyway? My next move would likely be down sizing again perhaps when I am older? I don’t see myself going for a 4 or 5 bed. I don’t want to be tied into long hours just incase I move again. Has anybody here went with another move and been mortgage free through equality? Even a worst case I could have a very small mortgage. 

I could buy a similar house or downsize for cheaper than the new one. If I moved today my maximum property budget to be mortgage free was around £150k. I would be maybe 20 grand short of a 2 bed house so yes I may not want to go to a flat so how realistic is it my place would make profit again?

Then again I may not move again but I may struggle to clear the mortgage before retirement. I could also factor in I may have more savings which could further allow me to be a cash buyer. 

Depends where in the country you are, type of property, state of property/improvements made, timing of any sale or purchase, world events impacting mortgage rates and thus affordability for a potential purchaser...

In the absence of a crystal ball, impossible to give any sensible or informed answer. Other people's war stories won't give you any help at all, since circumstances are going to be so individual.