Pay off mortgage, or go up the ladder?

[Wilmslow]

With the way prices are just now, part of me is thinking about paying off my £70K mortgage - as I have £25K savings this will be achievable in the next 5 years, or, at least get it down to £30K, chicken feed payments.

On the other hand, for £40K more I can move to an area not to sought after, but, upgrade from a small semi to a large detached. Would normally be £70K more to move to this house, but, it needs time and paint tlc to make it presentable, and the peeps have taken a very low offer, provided I can sell mine. (The £40K is total including fees and stamp duty).

Tough call in this climate!

[El_Diablo]

Wilm-Sloooooooooooooooooooooooooooooow are you at it again?

[miffy]

[Spacecadet]

On the other hand, for £40K more I can move to an area not to sought after, but, upgrade from a small semi to a large detached. Would normally be £70K more to move to this house, but, it needs time and paint tlc to make it presentable, and the peeps have taken a very low offer, provided I can sell mine. (The £40K is total including fees and stamp duty).

Watch out for those not so sought out area's, sometimes the neighbours can be less than reasonable, especially with buiders vans and the rest fouling up the street every night