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reached stage in my life (52) still got 9 yrs left on mortgage but being self employed am finding it all tougher than ever. Have worked out we could sell house, buy something a bit smaller a bit further away still have 4 bedrooms , pay off mortgage and have a bit od change.
my 2 kids (18 and 15) are making a bit of a fuss and say itl ruin their social lives, but im fed up stressing about paying the mortgage every month and feel the need to change.
anyone in or been in similar situation,just wanna hear your thoughts.
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lol, Raymond have done exactly that. have had nice apologies from the eldest (she made the big fuss) they will have to do what they're told anyway , I was interested if other peeps were in the same or similar position.
my original plan was to bring up the kid, complete the mortgage then me and mrs would downsize and retire to a small house , but plans don't always work.
just bringing it forward a bit quicker, maybe even be mortgage free before im dead
I feel genuinely sorry for many who will never get on the housing ladder
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As for your kids, they'll adjust. They're still young and will understand why you did it when they start paying for their own homes.
The wife, I understand where she's coming from with regards to her Mum. She may want to think of how much easier things would be for your family. The savings you'll make could help with affording fuel/transport to visit her Mum.
thanks everyone for your input. my mind is made up, first thing next week my house is on the market. my wife agrees so that's one major hurdle overcome. trying not to be too optimistic, may not get as much as we d ike for house, then other coats, stamp duty, legal costs, estate agent(if we use one,) moving costs and paying back other costs, probably wont come out with as much as anticipated, but still better off doing it. for instance if interest rates do eventually go up, even a little , we'd be screwed, so I wanna get rid of mortgage.
downside is that we have detached house and can play guitar as loud as I like, gonna miss that maybe