We are running out of space with two preschoolers in a house with smallish rooms. Since the summer, we have been starting to think about buying a larger house but only have one income.
Looking at finances, we would be increasing our mortgage to net income percentage from 22% to around 33-37% depending on how much we borrow and the price of house we end up buying. We'd still be able to save a few hundred after bills/higher council tax+ estimated increase on utilities/food/having a few days out but that seems tight. We seem to get a run of quite months when we have to drop money on unexpected things (things which cost several hundred) and then nothing for months after. Children get more expensive as they get older too.
It seems like the right time to make our next and final move but not sure if we are cutting it too close to the wrong side of manageable. If we don't do it now, we'd never do it.
Or, being naturally quite frugal, we continue to save to add to the rear of our house but due to space constraints, it wouldn't be a huge extension or just start overpaying our mortgage.
Any experience of this situation?
Thank you.
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Moving up the property ladder on one income?
80 replies
fluffygreentail · 14/01/2015 21:50
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