Should i buy a house and do a masters considering I have bipolar?

[Justtheonequestion]

Posting for traffic.
Single mum with no ex contact or support. I am completing the mortgage stuff today, offer accepted. I have 40% deposit and can afford the repayments. Im currently renting.
The house is too small bedroom wise but there is scope for extension/loft etc in time. We could continue to rent somewhere bigger but it would never be ours. But i could get HB if i were ill.
I have bipolar and work part time plus get PIP. I'm scared this could be reduced in future etc and as the kids become teenagers i will struggle to provide for them. However I'm a problem solver and think i'd find a way somehow but not sure the potential stress is worth it if its easier to rent.
Scared of a big repair and the responsibility but doesnt everyone feel like this?
I have a profession so if my health improves I could return full time.
I also have the opportunity to do a funded Masters in septemver but this is temporary income (two years) and could mess up my income. Also this house is cheap and after this summer if i take the masters my mortgage offer will be revoked and i wont be able to buy for a good couple of years.
What would you do please? Bear in mind im on my own and if i died they would get the house, but not if i rent. Have friends close by, schools, clubs and some family.
Many thanks

Buy the house. You are sabotaging yourself by even thinking of pulling out - it’s the right choice for your family to have it.

Thank you. I think its hard as I will not be able to get bigger-first time buyer. If i rent big my savings will dwindle qnd i will lose my deposit. We would be eligible for social housing but that could take years. Its now or never and thats why im panicking as the kids are moaning they will have to share initially. Should have considered this before having them but thought being married wouls gove us 2 incomed. Their friends shop in waitrose and have large homes-i go to aldi and they will share. But the only way we can own.

Buy the house, can you defer the masters till next year?

Buy the house.

Are you sure the masters will have an effect on the mortgage?
Thanks nice I was approved the lenders couldn’t care less what I was doing

“Thanks nice” should read “once” 🤦🏻‍♀️

Buy the house - essential
Masters - optional

Thank you.
Would you think it would be bad to reduce the deposit, ie put in 35 % and save the rest, as i will be stretched until about xmas what with fees etc. Or just keep going as i can manage it will just be tight?
Many thanks to you all.
Re MA cannot defer. So if i buy house now can go straight into that come september. Though can reconsider once ive bought.
Its helping thank you.

If you will need some of the the money for the deposit to survive then give a lower percentage.

Also make sure the institution where you are doing the masters are aware of your mental health condition in case you need to take a break part way during the course because you become unwell. I know other people who have had to take breaks for various reasons.

Yes i think you are right. Thank you. God im 40, it shouldnt be so scary!

Good advice from BlueBug.
Get the mortgage sorted now. Too many uncertainties in the future. Good luck!

Buy the house. Property prices may continue to rise and you will never get the opportunity again. Renting doesn’t allow you to save and can be more expensive in a monthly basis.

Don’t worry about the future, plan for it.

I wonder of it might help you to look into what might happen in a fallback if the health becomes an issue and / or with PIP as I know what they can be like. Maybe check out tax credits / UC and mortgage interest support (loan?) and just check and see and it might reassure you as you wouldn't lose your home in that situation.

I have a mortgage on a house & have schizo affective disorder.

I'm determined that if I get ill I won't lose the house even if I have to rent out the bedrooms & live in the lounge!

Buy the house & try doing the Masters!
You'll never know if u could do it if you didn't try, good luck!

The uni know-no probs. Same with work.
Have asked to keep 2 grand back so im not totally broke.
Will continue to be eligible for support through tax credits and recieve this for 3 children so am lucky that way. It is more the potential stress rather than the potential situation as i would manage somehow i know it.

Yes an there is transitional protection as people move over to UC as well in the next few years. I think look after yourself. Take care you don't stress yourself out too much as can impact on MH and maybe do one thing at a time. and use support as much as you can, MH services etc. kind thoughts hope it all goes well.

Tierra I'm bipolar/schizoaffective. Have had bipolar 17 years but they are assessing for the latter as for the last 2 years I've had psychosis not related to mood, but that was during a nasty divorce so could be stress related. Psychologist doesn't think I meet the schizo profile but I was quite well recovered before seeing her. Good to know you are managing-that's my one fear. Had my driving licence removed last year and am on 1 yr licence-hopefully to reinstate for longer this year.
Would be acutely ill within 1 week of not taking medication-sectionable quite quickly. Medication is keeping me well but the side effects are why I only work part time-sedating, muscle fatigue and pain etc.
Lovely what's transactional protection?
I've pissed about with my MH for years as I love the highs, the depressions have got worse over time and my overall functioning has declined rapidly since being 30. So all together I've had high input from services for 2 years now and buying a house and managing health is all part of putting on big girl pants and growing up.
Would quite happily go manic tomorrow though!

Transitional protection means people moving from tax credits are meant to keep the same amount for example those with disabilities, whereas with new claims for UC they may not get those elements.

Oh ok that's lovely thank you.
I haven't told anyone in RL about the move yet-in case it fell through but also in case of negative comments which may scare me.
The fact everyone on here says to buy has been invaluable to me.

I don't drive as I have epilepsy too.

I get breakthrough symptoms of psychosis when stressed despite taking lots of meds.
So that is a bit worrying but I try not to think too much about it.

Luckily although I live alone I have family & close friends around, also the the cmht have been fairly supportive.
I'm seeing an OT from vocational services to help me stay in work (I work around 30 hours a week - any more & I get ill.

What does your OT do out of interest? I had SW involvement during my last relapse.
It does annoy me whenever people say 'yeah I think I'm bipolar, down one day and up the next'. It's utterly disabling and has ruined much of my life. However I think with discipline I will be able to live normally much of the time. Is it your stress psychosis which is the defining thing for SA? Glad you are managing.

Just to say I've requested that they drop the deposit slightly.
Feeling much better about the process now.
What I'm terrified of is something like subsidence, damp or a new roof. The mortgage people are happy to do a basic report. Is this enough to detect problems such as this or should I pay extra for a survey. If it helps it's an ex council property. The current owner has replaced the boiler, shower, bathroom, kitchen and it was rewired 5 years ago. The garden had 2 large (25 yr old) fir trees chopped down last year which is what's making me wonder about the foundations.
Thanks

And I can buy and do the MA. What I'm saying is that if I don't buy now, I won't get a mortgage on a bursary.
But I'm buying now so that's sorted.

Buy that house. It’s such a satisfying feeling knowing it’s all yours, please don’t let the possibility of future illnesses put you off.
Best of luck x

Thank you. I hope it feels nice. Still too scared something may go wrong, so don't want to jinx anything!

I would always have a structural survey. Particularly as you have a lot invested in this house.