Getting the jitters

I just want someone to tell me if I'm mad...

I've got a great one-bed apartment in Dublin, now I'm planning to sell it and buy a brand new two-bed one. Both are in great locations, but the first one just has no storage space and after 10 years living there, I need some.

My mortgage on the one-bed is almost paid off, and assuming its sale goes well then the mortgage on the two-bed will be only 30% of its value, and well affordable for me.

Still, it's getting close to the time for committing to the move, and I'm really getting the jitters about it. I don't know why, I guess it's just the idea of putting a big mortgage over my head when I'm used to not having one. I can afford it but it's still about 3.5 times my gross annual salary.

Somebody tell me how lucky I am to be in this position, and that I should kop on and go for it

Forgive the personal question - but what age are you?

The only reason that I can think of to be nervous would be 'do you really want another 10 years of apartment living?' - If you're at the stage in your life where you might be thinking of 'settling down' with the partner, 2.4 kids and a Ford Focus, then you might need to move again to the little house/garden in the 'burbs within a few years. If such developments aren't on the cards for you, kop on & go for it!

RainyDay said:

If you're at the stage in your life where you might be thinking of 'settling down' with the partner, 2.4 kids and a Ford Focus, then you might need to move again to the little house/garden in the 'burbs within a few years.

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RD
If I didn't know any better I'd say you were a bachelor

Its a CMax actually in my case!!

To the original poster, well I had my mortgage almost paid off until we moved house about 4 months ago and back to Mr Bank Manager to ask for some more dosh. The wife is very much 'if I can get a mortgage then write that cheque' I am on the opposite side of the spectrum and will squirrel away whatever I can for a Rainyday and pay lumps off the mortgage. Ah sure your dead long enough, eh?

Go for it!

Nice on Stobear, I'd be the same as yourself, don't like big debts hanging over me, I'm a bit of a miser actually!
Don't know about RD, but I'm a bachelor and I love apartment living, so that's not an issue. I'm not that young but the wife, kids and Ford Focus don't look like happening anytime soon!.
I guess it's just the idea in the back of my mind that with such a debt, I need to be concerned about keeping my job, but that's the situation most people are in anyway so there's really no problem. Beginning to feel better about it already

After a spell on the dole I know how that works out, albeit with a fairly small mortgage at the time. My current employment ends in two days time and I start a new job next week. But, and I think it was said before, people have moved jobs for less money to get a better longer term outlook on their financial security or career. Security in my current situation (mortgage, toddler, wife wanting to further her education) is the primary factor for me. But at least we can leave a good nest egg for the boy, which is the way I am begining to look at it.