Age: 45 Spouse’s/Partner's age: 42 Annual gross income from employment or profession: 100K (potential bonus up to 15%) Annual gross income of spouse: 40K Monthly take-home pay : Around 6500 per month combined Type of employment: Myself private, wife is part time public sector In general are you: (a) spending more than you earn, or (b) saving? Saving Rough estimate of value of home: 515K (based on most recent sales in the area) Amount outstanding on your mortgage: 75K What interest rate are you paying? tracker, ECB+ 0.9% (5 years left on term) Other borrowings – car loans/personal loans etc: 320 Childcare: around 1K a month Do you pay off your full credit card balance each month? Yes If not, what is the balance on your credit card? Savings and investments: 20K cash Do you have a pension scheme? Yes - my current fund is around 100K. Contributing 12% per month (7% from employer) , wife has 20 years service (split evenly between part time and full time) but I've no idea what that would be worth (probably should check!) Do you own any investment or other property? No Ages of children: 3, 8, 12 Life insurance: Yes We have 3 kids and our current house is going to be a squeeze as the kids get older due to bedroom sizes. The 2 eldest are currently sharing but I can see a situation where they will be looking for separate bedrooms in the next year or so which will mean the youngest will be left with the box room which is tiny. So we've been contemplating moving to a larger house within the area and given that there are practically zero new houses being built means buying an older house and having to spend money on renovations. I think that we'd be looking at a spend of 700-750K on a house ( incl renovations) to make a meaningful move. The question is, are we mad to consider taking on 300K+ of debt at our ages ( given we are about 5 years from being mortgage free) ? My head says we should stay where we are but the heart says move! I'd be interested in some unbiased opinions.