DH and me are both late 40s. Have a 2 and 3 year old. A boy and a girl.
We live in a tiny 2 bed and our mortgage is £900pcm. After tax we clear £5200.
We have bills and nursey fees .But at the end of the month we still have 1500 left. But this is used on savings, holidays and spending.
I want to move from Our tiny two bed soon , especially as we are getting older and don’t want a mortgage into late age. I want the children to have their own bedroom when older.
The house we are looking at , a 3 bed, would take our mortgage payment from 900pcm to £1900pcm. It would be for 20 years.
My obvious worry is that we would have £1000 less a month. Which scares me . Am I crazy to do this. But the alternative is a boy and girl sharing a room forever in our small 2 bed. There is no way we can extend .
Due to our ages , I feel pressure to act. If we do not move I will over pay the mortgage on our current home and we could be mortgage free in 10 years but the house would still be too small.
AIBU to push on with a move in this climate ?
DH as ever , happy so long as I’m happy.
We have no debts or loans for anything .