Mortgage Rate Rises

[fez]

Not going to lie, the one thing I have never been concerned about is keeping up with the Jones'. My partner wants a bigger house (I would too but we have different priorities there) but she is happy to get furniture and everything second hand and is generally much better than myself with money.

Our problem is wanting to stay in the area we are in which is expensive. I'm sure in a few years when we revisit moving house, things will have changed massively.

 

[krooton]

Even if interest rates stay constant through the mortgage, in real terms (inflation adjusted) your mortgage payments will reduce over time.

Not only that, I just looked at the rental offerings in my area, and there is actually a house for rent that is the exact same as mine (it's a large, newbuild estate).

The rental price is bang on 50% higher than our current 4.4% mortgage.

 

[Chris344]

Not going to lie, the one thing I have never been concerned about is keeping up with the Jones'. My partner wants a bigger house (I would too but we have different priorities there) but she is happy to get furniture and everything second hand and is generally much better than myself with money.

Our problem is wanting to stay in the area we are in which is expensive. I'm sure in a few years when we revisit moving house, things will have changed massively.

We're currently looking around your neck of the woods, it certainly isn't cheap.

 

[fez]

We're currently looking around your neck of the woods, it certainly isn't cheap.

Not cheap and there is a rubbish price band where you get a £500k house for £750k because they have done a loft conversion. The other issue is gardens. So many nice houses with postage stamp gardens.

 

[Jae-So]

Something to consider in the renting vs mortgage debate is your future family needs. With buying it's easier to step up the bigger property ladder every ten or so years as hopefully you'll have some collateral behind you with the previous property. With renting you just have to ***** up a lot more cash and that's if the larger properties you are looking for or need are available.

Exactly this, traded up homes, now on my 3rd and hopefully final one.
Although my mortgage went up each time, the equity I pulled each time made it possible.

 

[Chris344]

Not cheap and there is a rubbish price band where you get a £500k house for £750k because they have done a loft conversion. The other issue is gardens. So many nice houses with postage stamp gardens.

Very true, it's shocking. It then pushes you to look further afield...

 

[Chihuahua7126]

Overpaying the highest interest rate part will save you the most money.

Given you are only talking about a few months between the expiration date of both mortgages, the ‘hit’ of moving the one expiring first to a tracker to a few months will be minimal. Once the second larger mortgage rate expires, you are free to leave without penalty.

Can't believe doing this hadn't occurred to me before. I was previously on a tracker with the smaller part First Direct paying a silly rate. Anyways what's done is done.

 

[413x]

Not going to lie, the one thing I have never been concerned about is keeping up with the Jones'. My partner wants a bigger house (I would too but we have different priorities there) but she is happy to get furniture and everything second hand and is generally much better than myself with money.

Our problem is wanting to stay in the area we are in which is expensive. I'm sure in a few years when we revisit moving house, things will have changed massively.

This isn't a dig at all. And tbh I've quoted this just because you've mentioned it.

Why do people seem to want bigger and bigger houses?
I totally get it if you have kids and need the space.

But really I'm just interested in the thought process.

Is it something tangible?
Or is it just "something to do?".. Ie you have money and it needs spending?


I don't really get the draw of big houses. They seem like more work, more cost etc. My parents and my partners dad live in huge houses and they just seem empty. Empty in a "lonely" sense. Both are full of tat. Especially my parents. So many ornaments.
They've admitted it's a bit of a burden as it makes moving even worse.


So yeah interested in the non tangible draw of wanting "a bigger house".

 

[manic111]

Both are full of tat. Especially my parents.

Seems harsh on your parents...

 

[IvanDobskey]

This isn't a dig at all. And tbh I've quoted this just because you've mentioned it.

Why do people seem to want bigger and bigger houses?
I totally get it if you have kids and need the space.

But really I'm just interested in the thought process.

Is it something tangible?
Or is it just "something to do?".. Ie you have money and it needs spending?


I don't really get the draw of big houses. They seem like more work, more cost etc. My parents and my partners dad live in huge houses and they just seem empty. Empty in a "lonely" sense. Both are full of tat. Especially my parents. So many ornaments.
They've admitted it's a bit of a burden as it makes moving even worse.


So yeah interested in the non tangible draw of wanting "a bigger house".

It's always nice to have more rooms and space. But there is a cutoff point. We have a reasonable 4 bed detached with only the two of us living there. But spare bedrooms make great work from home offices and the extra space downstairs is great for the cats

We really wouldn't want anything bigger though, the maintenance costs ramp up along with energy bills and council tax.

Another added bonus is we can always downsize when we retire and bank some money.

 

[Deleted User 298457]

This isn't a dig at all. And tbh I've quoted this just because you've mentioned it.

Why do people seem to want bigger and bigger houses?
I totally get it if you have kids and need the space.

But really I'm just interested in the thought process.

Is it something tangible?
Or is it just "something to do?".. Ie you have money and it needs spending?


I don't really get the draw of big houses. They seem like more work, more cost etc. My parents and my partners dad live in huge houses and they just seem empty. Empty in a "lonely" sense. Both are full of tat. Especially my parents. So many ornaments.
They've admitted it's a bit of a burden as it makes moving even worse.


So yeah interested in the non tangible draw of wanting "a bigger house".

Lol pot kettle black. You are a couple living in a 3 bed detached

 

[413x]

Lol pot kettle black. You are a couple living in a 3 bed detached

Just because it's detached doesn't mean it's big.
75sqm

Looks like that's average size house.

 

[413x]

It's always nice to have more rooms and space. But there is a cutoff point. We have a reasonable 4 bed detached with only the two of us living there. But spare bedrooms make great work from home offices and the extra space downstairs is great for the cats

We really wouldn't want anything bigger though, the maintenance costs ramp up along with energy bills and council tax.

Another added bonus is we can always downsize when we retire and bank some money.

Yeah I get that. We would struggle in a 2 bed with both of us WFH. So my Gf works from the spare/guest room and I have the half size room for my dedicated office.


Is just the right size. If love a proper orangery for my plants but that's it.

My parents house is so so much bigger. Probably 3x bigger. It even felt big growing up (3 kids). But with it being just 2 of them.. It seems cavernous!

 

[Nutty667]

This isn't a dig at all. And tbh I've quoted this just because you've mentioned it.

Why do people seem to want bigger and bigger houses?
I totally get it if you have kids and need the space.

But really I'm just interested in the thought process.

Is it something tangible?
Or is it just "something to do?".. Ie you have money and it needs spending?


I don't really get the draw of big houses. They seem like more work, more cost etc. My parents and my partners dad live in huge houses and they just seem empty. Empty in a "lonely" sense. Both are full of tat. Especially my parents. So many ornaments.
They've admitted it's a bit of a burden as it makes moving even worse.


So yeah interested in the non tangible draw of wanting "a bigger house".

We were looking to move at start of Pandemic.
Mostly for us it was an extra bedroom for friends/family visiting. Also potentially an extra office since we both work from home most of the time. A bigger garden too, since the wife is a keen gardener.
The problem is, our current 3 bed has very nice features we don't want to lose. End of Cul-de-sac, quiet, south-west garden, corner plot extra space. Trying to find those features in a 4-bed was crazy money, so never happened.

Probably was a blessing-in-disguise tbh, as since rates have gone up a lot the extra 250K we would have taken on would be crucifying now.

 

[413x]

We were looking to move at start of Pandemic.
Mostly for us it was an extra bedroom for friends/family visiting. Also potentially an extra office since we both work from home most of the time.
The problem is, our current 3 bed has very nice features we don't want to lose. End of Cul-de-sac, quiet, south-west garden, corner plot extra space. Trying to find those features in a 4-bed was crazy money, so never happened.

Probably was a blessing-in-disguise tbh, as since rates have gone up a lot the extra 250K we would have taken on would be crucifying now.

I'm same.
Both WFH full time.
Small 3 bed detached (2.5 really)
West garden
Quiet street.

Turns out the extra bedroom as a guest room is a bit of a waste as we've had people to stay about 5 times in 4 years. My Gfs dad and my step dad have never visited!

 

[Nutty667]

I'm same.
Both WFH full time.
Small 3 bed detached (2.5 really)
West garden
Quiet street.

Turns out the extra bedroom as a guest room is a bit of a waste as we've had people to stay about 5 times in 4 years. My Gfs dad and my step dad have never visited!

Yeah it is a waste to be just a guest bedroom. It was going to be wife's office, kids weekend playroom, and guest bedroom all in one, so would be well used.
We still think we might move again at some point, but will likely only happen after any inheritance happens. Unless there is some serious re-adjustment of house prices.

 

[slinxy]

Turns out the extra bedroom as a guest room is a bit of a waste as we've had people to stay about 5 times in 4 years. My Gfs dad and my step dad have never visited!

I'm just in a 2 up 2 down, the downstairs has all been knocked though so it's open plan. I've always had two "sleeping" rooms, even when I was living as a couple.
The spare room like most people's got filled with rubblish..

When I became single, the spare room always ended up being a games room that hardly got used and a part time office from when I used to work from home from time to time or study for cert.

Currently the spare room of house is a full time office, I have a futon for guests that want to stay over from the last place but with the layout, the ubteen monitors I have for work, wall length wardrobe and all the other stuff, there's no room to make the futon into bed mode unless I rearrange the whole room.

Someone suggested that I should get an actual bed in the spare room and I was like; there's a hotel down the road... I don't want to make them too comfortable as they will never leave. lol

 

[BigT]

It's always nice to have more rooms and space. But there is a cutoff point.

Once upon a time I don't think I would have agreed you but now I do. These days I would really value my office being in a large room and very separate from the rest of the house, given in the last few years it is clear my home is very much doubling up as my workplace. Right now it is its own room but in the heart of the house and not that big. One of the most compelling reasons for the house we just bought was that the office will be the entire third floor and my wife can live in the more "homely" part on the other two floors like I wasn't even there. However we have fewer rooms as bedrooms because.... how many do you need when it's just two of you? Net result of slightly less square footage but more usable space to our needs today (and less en-suites to keep clean!). Basically I've reached that cut off you mention.

 

[fez]

This isn't a dig at all. And tbh I've quoted this just because you've mentioned it.

Why do people seem to want bigger and bigger houses?
I totally get it if you have kids and need the space.

But really I'm just interested in the thought process.

Is it something tangible?
Or is it just "something to do?".. Ie you have money and it needs spending?


I don't really get the draw of big houses. They seem like more work, more cost etc. My parents and my partners dad live in huge houses and they just seem empty. Empty in a "lonely" sense. Both are full of tat. Especially my parents. So many ornaments.
They've admitted it's a bit of a burden as it makes moving even worse.


So yeah interested in the non tangible draw of wanting "a bigger house".

Don't worry, I don't tend to take offence at questions

So there are a number of reasons we want a bigger house and it comes down to what a larger house gives you. Space.

We probably want a 4 bedroom house as our forever home. The issue with 2 or 3 bedroom houses is that you generally don't get large living areas. I work from home so there goes one room. Its nice to have a spare bedroom for guests or when we need to get a better nights sleep and want to sleep separately and we have 2 kids currently so there goes 3 rooms if we have one each. We want a large living room so that we can have groups of friends over and its not like sardines.

Our current house is absolutely fine and honestly if we never moved it wouldn't be an issue however the living room is quite small and the parking around here is crap. The house is 107sq. m I believe but quite a large part of downstairs is the kitchen which is lovely as I enjoy cooking but I would like a larger living area.

This is my "wants" for my dream home:

Feature	Current house has
Large garden for kids	Not really. Its not small but its awkwardly sloped
Large living room	No
Separate "snug" when you don't want to be in the living room with everyone else	No
Garage for workshop/bikes etc	No
Off street parking	No
4 Bedrooms	No
Office room	Yes
Utility room	No

To get all those things (obv. 4 bedrooms one) you are generally looking at 4 bedroom + houses which is what we will be after. I am acutely aware that when we are 60 and our kids have left home I don't want to have somewhere that I feel I am rattling around in.

If we could magically double the size of the living room in our current house that would remove quite a lot of the desire to move as we could just do a loft conversion to get another bedroom. That is unfortunately not possible.

 

[NotAGolf]

This isn't a dig at all. And tbh I've quoted this just because you've mentioned it.

Why do people seem to want bigger and bigger houses?
I totally get it if you have kids and need the space.

But really I'm just interested in the thought process.

Is it something tangible?
Or is it just "something to do?".. Ie you have money and it needs spending?


I don't really get the draw of big houses. They seem like more work, more cost etc. My parents and my partners dad live in huge houses and they just seem empty. Empty in a "lonely" sense. Both are full of tat. Especially my parents. So many ornaments.
They've admitted it's a bit of a burden as it makes moving even worse.


So yeah interested in the non tangible draw of wanting "a bigger house".

We've got 2 kids in a 3 bed semi. We're fortunate in that we don't need to move, but we would like to move. Reasons for wanting to move:

- Larger room for my daughter (she has the box room)
- Dedicated office (I currently use the bedroom)
- Somewhere for home gym/turbo trainer
- Garage to store more bikes/outdoor gear

It would also be nice to have a slightly larger kitchen/living area that typically comes with a bigger house and a spare room/2nd study would be handy.

None of these things are essential though, so it is hard to justify dropping ~200k on the next step up the ladder.