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Mortgage free: Couple reveal retirement plans as they strive to repay mortgage in 10 years

Getting on the property ladder is no doubt a milestone for many. But, from a particular location of the UK to an abundance of extra space, there are countless reasons why a person may later look to buy a new home. For some, this prospect of purchasing again may see them faced with a choice of whether to buy their dream home, or become mortgage free.


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This is something which one Mumsnet user, who goes by the name of “cheeseismydownfall”, has experienced.

Beginning a thread back in November 2018, they explained that they all shorty be moving, having already sold their last house.

“We’ve realised we have enough cash to buy a perfectly decent albeit thoroughly unexciting and unimpressive house that’s big enough for us all in a perfectly okay area without needing a mortgage,” they explained.

“This seems hugely appealing! On the other hand, DH [darling husband] is a relatively high earner and we could take out a mortgage big enough to buy something close to a ‘dream home’ (although I hate that phrase).

It really depends if you will genuinely be happy with the mortgage free house

Mumsnet user

“Schools would be the same in either scenario.”

The homeowner went on to detail some aspects of the options which appealed to them, before asking what others would do.

Some said they would opt to be mortgage free, while others explained why they would suggest the larger property.

“It really depends if you will genuinely be happy with the mortgage free house,” ‘User212787555’ wrote.

“Or whether in two to five years you are still hankering after the dream house, buy it anyway, and end up paying stamp duty and moving costs twice.

“If in your heart you know this it’s probably better to buy the dream house now!”

Another person explained that they had decided to take on a “big mortgage” in a “bigger dream house” while they were in their late 40s.

The poster, “CountFosco”, penned: “Well unlike everyone else we (in our late 40s) have moved to a bigger dream house with the big mortgage (same as OPs [original poster]).


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“We didn’t have enough room where we were (three bed house, three primary age kids) and we are loving having a big garden (so fab this summer), spare room, big kitchen-diner (we can fit a 12 seater table), garage, utility room, multiple bedrooms and playroom.”

Having previously been pushed for space, the expansive property had certainly proved to be a thing thing to these homeowners, who said it had had a hugely positive effect on their everyday life.

“It has transformed our lives,” they said. “We are hosting 12 people for Christmas which we could never have done before.”

The Mumsnet went on to detail the couple’s retirement plans, explaining that they planned to continue living there until they reached the age of 70, before downsizing and using the spare cash to pay for their retirement.

While they have a 20 year mortgage to pay off, the couple hope to reduce the term to just 10 years, they said, by making mortgage overpayments.

“We plan to be here until we retire at ~70, downsize and free up cash for retirement,” they continued.

“In theory we have a 20 year mortgage but we’ll be overpaying and half the term.

“I have no desire to retire at 55, I’ll have a 14 year old at that point. It’s as much an investment as any other form of savings.”

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