Am I Stupid or What

irvine

Hi guys. I "think" i am only looking for some reassurance (or otherwise). My mortgage will be paid of next month but i'm not really happy with where i live (although not desperate to get out). Thinking of moving on but would need to take out approximately another mortage of around £35/£40k. I'm almost 50 now. Would i be better saving what were my mortgage payments for a couple of years and see how that housing market pans out. Possibly then I won't need to take on another mortgage. Or am i being completely selfish - my OH is quite happy with where we live but says if i want to move then we will.

mkbean

Given the current falls in house prices, that 40k difference is getting smaller.

notisis

Firstly, well done on being mortgage free next month. I think I'd be inclined to hold off moving for a bit and maybe saving at least part of the cost for a possible move. You could then see how you feel and if you do think you need to move start looking next year. It should be a little more obvious what's happening with prices in 2009; whether they are still dropping or stabilising which might help you make a final decision.

Good luck with whatever you decide.

irvine

mkbean wrote: »

Given the current falls in house prices, that 40k difference is getting smaller.

You are so right. In real terms, come this time next year it won't seem (hopefully) such a big amount.

irvine

Thanks notisis. What you say makes sense. Would probably be better holding off - especially as the market is only just starting to show a slow down up in our neck of the woods (Scotland). House prices up here have been kept high but i've noticed that there are a lot of "fixed" prices coming on the market and also houses are getting hard to shift. I suppose that's something else i would have to think about - might not be able to get my own house sold :-(

setmefree2

If it were me I wouldn't move at the moment. House prices are going to fall alot (IMHO) and the economy looks like it's about to tank. I'd stay put and hang on to your seat.........:o:eek:

getmore4less

irvine wrote: »

Hi guys. I "think" i am only looking for some reassurance (or otherwise). My mortgage will be paid of next month but i'm not really happy with where i live (although not desperate to get out). Thinking of moving on but would need to take out approximately another mortage of around £35/£40k. I'm almost 50 now. Would i be better saving what were my mortgage payments for a couple of years and see how that housing market pans out. Possibly then I won't need to take on another mortgage. Or am i being completely selfish - my OH is quite happy with where we live but says if i want to move then we will.

50, are you likly to make this the last move or are you going to want to move again when you give up work and retire?

Moving is expensive so doing this once and not twice is an important factor.

If you can move such that ther costs go down say travel then that could swing it in favour of two moves.

LilacPixie

I would be tempted to stay put for 1-2 years, save and see how things pan out.

My own personal plan is get debt free asap and then save like made until summer 2010 at the earliest then look at options availible.

Starz_Ceilings

Again, congratulations on paying your mortgage off ! Well done you.

I would echo everyone else's posts and say you are definitely better off staying put for the time being until you know what is happening with the housing market.

Prices are certainly going to decline, it is just a question of by how much.

You will be able to borrow less for the next house if you are prepared to wait.