What would you do – mortgage free or upgrade?

Home Forum Chat Forum What would you do – mortgage free or upgrade?

Viewing 8 posts - 41 through 48 (of 48 total)
  • What would you do – mortgage free or upgrade?
  • Premier Icon footflaps
    Subscriber

    Given the current financial turmoil we’re going through, knowing losing your job won’t put your home at risk is quite a bonus!

    johndoh
    Member

    The extra cash you’ll have from not paying a mortgage can be used to do lots of cool stuff at weeknds with your kids to make up for not having a big garden etc..

    The thing is, it is only £201 a month at the moment anyway – hardly a massive amount that we will have to enjoy when it is paid off.

    Premier Icon tonyg2003
    Subscriber

    I think that the comments are not saying that it will make much difference to your current situation but to overpay more than the £201 per month (interest payments may never be as low as this again in our lifetimes), shorten the term vastly from 11yrs and give yourself financial freedom once it’s pain off?

    johndoh
    Member

    I get you.

    DickBarton
    Member

    mortgage free would be my choice…

    sharkbait
    Member

    We upgraded when in the same situation.
    House we bought was probably too big for our requirements at the time but things change and now have a house I can safely say is a keeper until we eventually downsize.
    BUT this was 11 years ago and things were quite different then.

    Cletus
    Member

    I would move to somewhere larger now. As kids get older they might have less bulky toys but they need a bit more space – particularly once they hit their teens.

    With the way things are going they could potentially be with you well into their 20’s so having room is essential.

    We did this a couple of years ago and it has worked really well. We did move into a small rented house for six months after selling our old house as that allowed us to be chain free buyers which was instrumental in buying our new place. The cash we had in the bank paid most of the rent (wife does not work so interest was tax free) so not that expensive to do.

    BillMC
    Member

    I bought a bigger house in the 90s with a nice garden with thoughts of the kids. However they went out with their friends or down the lane to the river and fields. I was stuck with spending an hour and a half each time with a mower and a bigger house requiring more maintenance and money. I now live in a modest house right on a park (no road), loads of grass for someone else to cut, no mortgage (and a new wife). Result! Plan 1.

Viewing 8 posts - 41 through 48 (of 48 total)

The topic ‘What would you do – mortgage free or upgrade?’ is closed to new replies.