To get the biggest mortgage have been offered for the house of my dreams?!

[Givemeyouropinion]

Help. A house has come up in our area tjay is the house of our dreams. Almost! It ticks all of the boxes bar one, the third bedroom is small
Which ideally would be double the size. The issue is if we bought the house we wouldn’t be able to make the bedroom bigger or extend d Into the loft as we’d be maxing ourselves with the mortgage payments. Another thing I’m worried about is not having as much disposable incomes for the next couple of years for cars/holidays/treats is it worth tjay for an amazing home?! Both of our income is going to increase in the next couple of years we just don’t know by how much, I just don’t want to miss the opportunity to buy this gorgeous house but I’m scared I’m thinking with my heart rather than my head which I do tend to do 🙈

The bank dangled large morgage at us but dh and i told them what we wanted to pay per month (pretty much what we paid in rent) Vvvv happy we didnt over extend as moment we moved in boiler failed then one thing after another. I got pregnant after years of ttc (dh said this might happen so we worked on his wage only). Its a struggle now and without my wage we wouldnt eat.

Whys this house so special. What happens if one of you lose your job.

"Both of our income is going to increase in the next couple of years we just don’t know by how much"
Brexit means that either or both of these increases might be large and negative. Unless you both work in some part of the civil service whose job will be to cope with the mess.
And before the "Brexit will be wonderful" crowd jumps in, I repeat: might be. Hope for triumph, plan for disaster.

Worth factoring in what the cost of moving again will be. We stretched ourselves a bit and are now ok bar childcare costs that will drop eventually. If we’d done an interim home we’d be paying several thousands in stamp duty and other moving costs we’d never see again. If you can’t rewlly afford it buy something small you can do a big building job on in a few years time.

On that rationale, a single person should never get a mortgage...

Surely you work with what you’ve got though? If you’re single and want a mortgage you have no choice but to do it knowing if you become unable to work you’re screwed.

If you’re lucky enough to have a partner and have the option of a more affordable house why would you remove that safety net by overextending both of you to a house that’s at the very limit of what you can currently afford (justifying it by saying ah well we’re getting pay rises soon but not sure when or how much)?

It’s just stupid imo, but if OP knows the risks and does it anyway at least she’s doing it with her eyes wide open.

Myself and many of my friends are in the age range 45 to almost 60. So our financial decisions have come home to roost.

I have two lots of friends who did the must have dream house and have huge mortgages like you. At first it is great but eventually after years of only working and then being at home in aforementioned dream house it grates on them.

Sometimes depending on circumstances people have to live like this because it's the only way to get on the housing ladder but given a choice I would never advise over extending yourself.

We live in a modest house compared to income, we did almost move to dream house and it was an amazing house that had a garden the size of about four building plots. An appalling survey meant it fell though, now on reflection I'm really glad.

It’s just stupid imo

It’s not stupid IMO - it’s a risk. Like all risks, some pay off and some don’t. I don’t think we know enough about the OP’s circumstances to be able to judge.

For example, ‘maximum mortgage’ may mean maximum LTV or maximum monthly payments. Depending on the OP’s income and job situation, either of these may or may not be too risky.

The ‘losing a job’ bit may or may not be a disaster. It depends on type and length of employment. Sickness may also be a red herring. Some people get no sick pay, others (eg in the public sector) may get very generous sick leave. Critical illnesses and disability risk can be lessened somewhat by taking out the right life assurance policy.

For every person who regrets over extending themselves there is probably another one who is glad they made the sacrifices when they did. It can often be just good luck and good timing.

I suppose I come from a background where my parents and their peers all took out the maximum possible mortgage. Then again, that was a flat 3x husband’s salary and the wife’s wasn’t taken into account. Interest rates were significantly higher and the proportion of income going on repayments was probably the same as it is now. Then again, my parents and their peers never expected to be able to afford ‘treats and holidays’ when they were a youngish couple just starting out on the housing ladder.