Currently trying to decide on our next strategy regarding our house purchase - got inspired by another earlier thread. Have to caveat this that we're both European and have no experience of buying property or anyone to ask really so would love to canvass MN to see if anyone has any advice on what's best to do. Background - we are a couple in our early 40s with one DC (due to our age very unlikely to have another).
Option 1 Currently live in a really nice part of London and have found a nice two-bed flat which would require approx 280k mortgage that we'd hope to pay off by 60. This feels fine and safe etc.
Option 2 We've also seen a couple of houses that would need us to borrow approx.400k and we'd probably never be able to repay (due to our age/salary levels) but are three/four bed and would obviously allow us to have more room, a home office etc. The plan I guess would be to downsize once DC left home - is that what people do?
Which one would you go for? Instinctively we'd go for the flat - because it's cheaper/good location etc.....but am also aware that property purchases in the UK is a very different thing to where we come from and so we're confused and would love some help.
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32 replies
Luna1980 · 23/02/2021 10:31
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