downsizing home

Philly_Q

thomasross20 said:

Mortgage-free, that's the goal. Then live like a king lol

I've been mortgage free for a month and I'm not feeling very regal yet.

No four and twenty blackbirds baked in a pie or anything.

Deijavoo

Do it mate!

I left home at 15, your kids will adapt no bother I'd say. Particularly if there's extra holiday money kicking about. :-) 

midlifecrisis

never mind living like a king, what I will save on my mortgage I could buy a new les paul every month.  better get somewhere with lots of storage

Deijavoo

Can I move in with you mate?! :-)

midlifecrisis

midlifecrisis said:

never mind living like a king, what I will save on my mortgage I could buy a new les paul every month.  better get somewhere with lots of storage

midlifecrisis

Deijavoo said:

Can I move in with you mate?! :-)

midlifecrisis

midlifecrisis;618283" said:

Deijavoo said:

Can I move in with you mate?! :-)

midlifecrisis

midlifecrisis said:

midlifecrisis;618283" said:

Deijavoo said:

Can I move in with you mate?! :-)

you wouldn't want to mate, but I can offer you a nice 4 bedroom detached house in south Hertfordshire going cheap where you can play guitar loud as you like.

underdog

midlifecrisis;617667" said:

we worked out we would probably end up with 80k, a slightly smaller house but 12-15 miles away (not a problem) but save paying a £1600 a month mortgage.  still have to work but not as much.   im very tempted

If those sums are even close to correct then I'd go for it, you're quality of life would be much better, less stress and money worries.

Deijavoo

With your saving per month you could buy my house three times over.

thomasross20

Philly_Q said:

thomasross20 said:

Mortgage-free, that's the goal. Then live like a king lol

I've been mortgage free for a month and I'm not feeling very regal yet.

No four and twenty blackbirds baked in a pie or anything.

I'm in girlfriend's flat which she's paid off. Before that I was at home. So I've always saved a fair bit. 

If I emigrated for work and to experience new places (which would be great all-round) I'd take the financial hit in terms of rent. 

If we got a house (as she wants, and me to a degree, but then we're rooted here) I'd take the mortgage hit. 

Right now it's great not to be shelling out. So I say to the OP, downsize and save all that money!!

TTony

midlifecrisis said:

paying a £1600 a month mortgage

£1600 a month

:O

Either that's a mahoosive mortgage, or you took it out with Wonga ...

Ouch!!!

Move, move, move.

thomasross20

@TTony, but for any youngster starting out... If they want a £250k house and had no deposit they'd be looking at £1500 a month if rates were 5% so I don't think it's that out of the ordinary. That's for a 30 year mortgage which two of my friends have and they pay ~£1500-1600 a month. FOR THIRTY YEARS. Never mind council tax, massive student loan, car cost and everything else.

And that's ONLY for a £250k place and it's way more expensive down south. 

Youngsters shafted again! Housing is the biggest cost full-stop and it needs to be reset else those who don't have family that made money out of it are just going to be dirt poor in comparison to those who are asset-rich. 

tone1

thomasross20;618347" said:

@TTony, but for any youngster starting out... If they want a £250k house and had no deposit they'd be looking at £1500 a month if rates were 5% so I don't think it's that out of the ordinary. That's for a 30 year mortgage which two of my friends have and they pay ~£1500-1600 a month. FOR THIRTY YEARS. Never mind council tax, massive student loan, car cost and everything else.And that's ONLY for a £250k place and it's way more expensive down south. Youngsters shafted again! Housing is the biggest cost full-stop and it needs to be reset else those who don't have family that made money out of it are just going to be dirt poor in comparison to those who are asset-rich. 

I agree! I bought my first house in 1991 for £45,000 and I feel I was the last generation to get affordable housing before it went skyward and be unobtainable for most .
I feel the same with my childhood and School and Work etc that I had the last of the Good times. Growing up in the 70's and 80's with no Facebook or Twitter was a great time, followed by great Job prospects and affordable housing etc.
Now I sit Mortgage free at 44 and David Cameron has the cheek to say 'we're all in it together'

midlifecrisis

TTony said:

midlifecrisis said:

paying a £1600 a month mortgage

£1600 a month

:O

Either that's a mahoosive mortgage, or you took it out with Wonga ...

Ouch!!!

Move, move, move.

repayment mortgage over 20 yrs ave 4.9%.

midlifecrisis

house bought for £340k  9yrs ago

RaymondLin

340k 9 years ago must be a mansion unless you live in city centres of major cities surely, or Richmond or something.

midlifecrisis

RaymondLin said:

340k 9 years ago must be a mansion unless you live in city centres of major cities surely, or Richmond or something.

4 bed detached potters bar

thomasross20

Glad you agree with me, many of my elders just refuse to see the problem

dchwhite

Just another pov, but when my parents decided to move away when I was about your eldest's age, I decided not to go along and stay in the local area instead. Not to try to say what you and yours should or shouldn't do of course