Ј192,737 mortgage!

A question about : Ј192,737 mortgage!

Yes, the above amount is correct.
I am working full time and have two children 11 and 8.
At the minute I am on halifax variable of 3.99% for 27 years..which takes me to 68 yrs old...omg...sounds horrendous when I write it.
I have managed this situation for nearly 5 yrs. I had my house on the market for 2yrs but no interest. I have posted on another forum about should I try and move to a smaller, cheaper property or stick it out?
Having read comments on mfw I can do it but will it be worth it in the long run?
I am debating to go on halifax's fixed for two yrs at 3.14% and reduce the term to 24 yrs. Chipping away slowly.
If I put it up for sale again I have to stay variable at 3.99%
I don't really know what to do

Best answers:

• Any comments or thoughts greatly appreciated
• Okay, so if I'm reading this correctly, you are stuck over staying in the same place and fixing and trying to reduce term etc, or move to a new house?
  I think the key is looking at some houses, and figuring out how much your new house would be - including stamp duty/valuation fees/solicitors etc - any cost you can think of, and compare it to what you will be able to sell your house at, after fees etc. That would be a good starting point.
• Some thoughts, which may or may not help...
  My personal experience/opinion is that the first few years of a mortgage are a struggle, but it usually gets easier. House prices go up and down, but as long as you bought the house as a home trather than to make a quick profit, you should be ok in the long run. Paying of the mortage at 68 does sound scary, but as it gets easier you can overpay and reduce the term.
  If you have reasons to move home and a smaller mortgage would make you feel more secure it may give you peace of mind. I'd check the current property values and estimate the cost of moving to ensure you wont be left out of pocket. If negative equity is a possibility, moving may not even be an option.
• I know I can be good with money..I have been. I think I'm having a wobble. I just want to do the right thing..you are right..I need to calculate if the moving costs etc would outweigh the benefits of a cheaper property.
  Thanks calfuray and endoftherainbow
• Hi, your figures are similar to mine except we still have more to pay on our extension. If you can manage now I would stick with it - as long as you like the house of course. Moving is expensive in terms of fees and stamp duty so you would have to drop quite a bit in price to make an appreciable difference.
• If I tie myself into a fixed rate for 2yrs I will reduce the term by 3-4 yrs BUT can't move for 2yrs either without penalties.
• If it were me I'd concentrate on trying to pay the mortgage down. Moving will only cost you money that could have been put towards repaying the capital on your current mortgage. Also are you sure a smaller home will suit your needs? There's little point in buying a smaller house if you find you need to move again shortly afterwards when you find there's not enough space.
  Go for the fixed deal if it will save you money but make sure you take account of all the fees etc as these can add up. Also have you considered any other lenders to get the best deal overall?
  Just a final thought - a mortgage of Ј192K doesn't seem that extreme by todays standards.
• Thanks thescouselander...I love where we are but I just wish I had more disposable income. Moving would cost I know plus anything I buy cheaper would need to have money spent on it.
• you're in a very similar position to me hon....I have thought long and hard about what to do and I'm going to stick it out. My son and I are very settled, and by the time I've tried to sell the house, pay moving costs etc, I just feel that it makes more sense to stay here
  mortgage Ј152,572
• It is a challenge to stick it out. I read the threads and I do think k I can do that...then I think...do I really want to?? Getting on my own nerves.
• What's the term of your mortgage sleepygirl?
• Decided that even if I have put the house up for sale I can still make small attempts at reducing my large mortgage quicker.
  I have looked at all my outgoings and there is room to cut back.
  I have just swapped current accounts to the 123 one. This gives me cash back on a number of utilities.
  I am going to embrace the challenge!
• You have the same balance outstanding as i do. Are you in more house than you need, could you take a lodger?
• I suppose I am if I am honest. Couldn't have a lodger..wouldn't feel it was my home I don't think.
  How are you managing .. are you on your own or joint mortgage?
• It is a join mortgage with DH but the term is much shorter. See my siggy.
  If you had to choose moving or a lodger, which would be the lesser evil?
• Just a thought - do you intend to stay in the house forever? Will you want to be there when you are 60+? It may be then is the time to downsize instead of now. I know how important it is to have space when the children are younger and a spare room where they can disappear with their friends when they are teenagers. I have friends who have no intention on ever paying off their mortgage. They just pay their monthly payment and enjoy their lives with their children knowing that when they have left home then they will downsize and pay off what is left of the mortgage. Not the way for everyone but worth a thought.
• I am so undecided. My heart wants to stay but I don't have the disposable income I need to have little luxuries. I am a good money manager but not necessarily a good saver.
  I am just going to chip away as best I can. Who is to say the house will sell anyway?
• This over paying idea is going to be hard. Went to a**a for food for packed lunches and spent Ј63! Updated son's bedroom with new bedding and bits to brighten it up for potential viewers and cushions for living room. Going to attempt 3 NSDs this week.
  Tomorrow spending money on lunch out and hiring courtesy car for two days Ј25.