We have around £65k in overall savings that we’ve been saving for the last 10 years. Our budget is £400k (houses are all in this price range on the location we need to be for work so sadly we won’t be able to go any lower than this).
10% deposit £40k, stamp duty £5k, mortgage fees, etc £5k, house extras, etc. £5k. Around 55k total, worst case scenario.
We have a DC now and the idea of being left with just around 10k for emergencies scares me. For context, family wouldn’t be able to help financially if we need and we won’t be getting any inheritances in the future. So it’s just really us to look after ourselves and DC.
DH is 40 and I’m 35. We would like to pay a mortgage in 30 years if possible.
We are renting atm and we’ll need to move next year anyway as DC will need his own room. So the question is rent a bigger place or buy a house.
AIBU - to buy a house now. Wait a few years and save some more.
AINBU - buy the house now.
Thank you.