ZOMBIE THREAD ALERT: This thread hasn't been posted on for a while.

House that we can afford but outgrow or stretch ourselves?

(26 Posts)
gillyweed Sun 09-Mar-14 14:24:26

First time buyers. We have 1 kid, 1 on the way and 1 more in the future hopefully! Both have pretty decent jobs with progression opportunities (that are a little out of reach to me at the mo because of the babies!) but dp is pretty certain of a promotion soon. Bring in just under £50k between us. In the North West.

We are stuck before we even start looking; banks have said they would lend around £160K but when we look at repayments for that we would be really struggling.

Do we buy a terrace for around £100 that we will almost certainly outgrown in 5 yrs, or stretch ourselves and go with a higher mortgage for a bigger house - either way we want somewhere that needs work and we can add value to.

Just after peoples experiences really; did anyone stretch themselves and regret it or pumped for something they could afford a d wished they'd pushed themselves?!

TIA!

Artandco Mon 10-Mar-14 11:44:16

I would stretch. £800 seems like a very low mortgage anyway. That's less than £10k a year. Which leaves £40k just on bills, food and fun

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