Advanced search

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?!


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

Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: