Mortgage migration

By Laura Carpenter

I know getting on the housing ladder right about now is shaping up to be more than a chore for the younger generation, but the thought of my kids moving to a different part of the country just to get a cheaper mortgage rate fills me with dread.

As much as I want my youngsters to get on the housing ladder and start their own families, I'm not too sure how much I enjoy the concept of them moving hundreds of miles away. I know this is purely selfish thinking, but the thought of growing old several hours drive away from the kids is a bit too much.

Savvy financial suggestions of moving to another region in order to bag a cheaper mortgage and, in most circumstances, a larger house makes perfect sense. I can see a hundred per cent where the two of them are coming from. I'm pretty sure that if I had the choice, I'd upsticks and buy a dilapidated farmhouse or a palatial Victorian terrace in some quiet, family suburb, grabbing a mortgage at something like minus two per cent while I'm at it.

Waving them off to university, just a short while apart, was enough for the maternal instincts to go into overdrive. And now as they get older and plan new lives with wives, husbands, dogs and matching leather luggage kits, I'm left here rattling around the family home.

Feelings aside, I should let them get on with their lives. I've done all I can to teach them about money and suggest the best ways of managing their finances, so I'm sure they will reach the right decisions.

Indeed, research from Abbey suggests that 25 per cent of first-time buyers would move to a cheaper area of the country just to cut mortgage repayment costs and get on the housing ladder. As well as moving to different parts of the country, some buyers are moving abroad to make the most of their money. I suppose I should be grateful that my two kids are sticking with British soil and not yet considering property abroad.

On the plus side, perhaps seeing the youngsters move on could tempt me to downsize. I've got more space than I need for me and mum, and could probably get a good price to put towards somewhere smaller. I could even use the equity to take a holiday, even after paying off the outstanding mortgage.

However, it's probably more likely that I'll use any left over equity to do my parental duty and help the kids onto the property ladder. Perhaps this way, I could convince them to stay near home.