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Original poster

Pulling out a house near to exchange

157 replies

HappyKite2067 · 08/07/2024 16:42

We are near to exchange of our new build house and I’m now having huge doubts about going ahead with it. I’ve had a bad gut feeling throughout but as it gets closer it’s getting stronger!

Reasons:

  1. Estate management fees and people telling me to ‘run away’ as they are life ruining
  2. The cost of the mortgage is so much higher than our rent, and I’m genuinely worried we can’t afford it- I’ll only have £200 disposable income after all bills, petrol and food, and other half £500. At the moment, we have around £1500 left over between us.

Reasons why I’ve talked myself into going:

  1. I need to move for my new job
  2. We’ve been renting for 2 years and have secured an okay fixed deal
  3. There’s very little choice in the area we are moving to and new build is probably (even with mgt fees the most cost effective)
  4. We are TTC (although how we can afford one I don’t know)
  5. We are both going to have pay increases next year and the year after.

Am I being unreasonable to pull out and stay renting, and maybe choose to rent closer to work to have more disposable income and wait for an older new build which needs less work?

OP posts:
Arewealljustloosingtheplot · 08/07/2024 16:50

I don’t know why you’d continue to pay someone else’s mortgage and secure their future rather than your own?

how much are your management fees ? I think ours are about £700 Pa.

Original poster
HappyKite2067 · 08/07/2024 16:50

OooohAhhhh · 08/07/2024 16:48

Renting is dead money, everyone knows that, so it all depends on how much you want your own home. Bearing in mind you're more likely to buy before having kids, just because of the expense.

So once baby comes you might find yourself in a position where you will be stuck in a rental property.
Also bear in mind mortgage rates might drop over the next few years, what rate did you fix at for the mortgage and for how long?

5% for five years!

OP posts:
OooohAhhhh · 08/07/2024 16:48

Renting is dead money, everyone knows that, so it all depends on how much you want your own home. Bearing in mind you're more likely to buy before having kids, just because of the expense.

So once baby comes you might find yourself in a position where you will be stuck in a rental property.
Also bear in mind mortgage rates might drop over the next few years, what rate did you fix at for the mortgage and for how long?

BrigadierEtienneGerard · 08/07/2024 16:47

I don't think the numbers add up. I'd stay put if I were you.

Poolstream · 08/07/2024 16:47

LessOfMe99 · 08/07/2024 16:45

It's always going to be better to own your own home than face the insecurity and restrictions of renting. £700 disposable income is plenty!

Not with nursery fees.

LessOfMe99 · 08/07/2024 16:45

It's always going to be better to own your own home than face the insecurity and restrictions of renting. £700 disposable income is plenty!

ChefsKisser · 08/07/2024 16:45

You need to really drill into the numbers here- you’re unlikely to get a salary increase if on mat leave and even if you do your pay will be less. If you’re serious as a couple enough to have a baby id combine finances rather than £200 for you, £500 for him- ie £700 left in the family pot for spending. This doesn’t feel a lot for all costs and things would be tight! Is the house too big for your needs is there a smaller plot you could go for?