Properties we could have easily afforded a while ago are not at the very top end of our budget and would imply we need to compromise to very high monthly payments and cut on other lifestyle expenses (such as traveling and day outs, which for us are important).
I begin to wonder whether being an adult also means I should stop fantasising about the perfect property and instead settle for something more modest and keep our mortgage payments low in this time of high rates and instability. Would it be a mistake in the long run?
We are a family of 3 (1 DC pre school) in the London suburbs, we don’t want to move too far away from current are for a multitude of reasons.
Monthly repayments at top end of our budget would be around £2750ish whereas if we settled for something less “nice” or smaller, it would be more around £2200 (still a lot but feels low in the current rates climate).
We are FTBs in our 40s so not exactly expecting to climb the housing ladder much if ever.