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

+1 for the structural survey. Money well spent IMO. And have a full service on the boiler if it hasn't had one recently.

I have diagnosis of recurrent psychotic depression and get some psychosis when stressed. Horrible isn't it, and it is stressful thinking of it as well.

Take care and look after yourself.

Great. I'll definitely get the survey done then.
Yes Lovely, it's frightening. Do they increase your meds when stressed or do you just do things to reduce the stress (or both)?
I have an anniversary coming up, and feeling very off about it.

I also wondered if anyone managed to pay off the mortgage before term. Like paying more each month, or in chunks every so often. How did you manage that? Was it worth it?
To what extent would you be frugal and how did you balance overpaying with living?
Thanks again-may as well ask advice on things as they come up seeing as everyone's been so helpful x

Hi Just, yes they probably would (olanzapine and fluoxetine at present) but I don't like it and it makes me out on weight and like a zombie so I avoid that. I know things like sleep and swimming and staying calm and not being too stressed make a differennce for me. Have PIP reassessing me atm which is increasing the stress somewhat.

Im on quetiapine which makes me fat-sugar craving, and lithium-works but double fat.
Swimming gets me breathing deeply.
They say moving home is stressful.

Hope your pip goes well too xx

Do it! I’m a mental health nurse, have bipolar and a masters - it’s achievable

Have u looked into the 10k loan for masters that is now avaliable? It only gets payed back once you earn and doesn't affect tax credits etc. I used mine for tuition fees but u can have it for living expenses.
I started a masters and stopped due to anxiety but I did manage to get an exit certificate to show the modules I did do. My uni were supportive so it is doable.

Buy the house, get the right surveys and a slightly smaller deposit if you can so you have an emergency fund. Good luck with uni in September. I am on ADs too. We are all to easily able to look at the negatives/frightening things and in some ways sabotage ourselves before even starting. You have a career that you can restart, friends and support from uni. I wasted too much time living in fear. Your children might have bad days but will appreciate what you're doing in the long run. 40 is not too old. I wish I had taken the opportunities I'd had instead of being too scared and talked out of them. Emergencies will happen but you seem resourceful, and the degree might help in the future. Be kind to yourself. wishing you all the best.

I have one masters, this is a subject specific one my other was methods based (statistics). This is a scholarship with bursary and full fees paid. My prob was that bursaries are not considered redliable income for mortgages.
I had a traumatic birth 5 yrs ago with postpartum psychosis where i was sectioned after some shit stuff. Feeling wobbly and very separate from the world at the mo-prob whats making me doubt stuff. X

One step at a time. Buy the house. Decide on the masters in a few week if you can.

Ineed yes i have self sabotaged so often. Im not doing it anymore. I guess not buying the house would be a form of that. I have form for turning down or rejecting success/achievements including a national award and full phd funding with salary coverage
I could be brilliant if i let myself. I was a professional musician before this.

Moving house can be very stressful so be prepared for that.
Full structural survey will put your mind at rest ,better than finding problems when you're in.
Most mortgages let you overpay 10% but if you have extra money at the end of the month you are better off saving to give you a cushion initially.
Y

Kanye yes i am thanks for the support
So helpful people on here. Im so grateful get locked in my own head sometimes.

Thanks seventh. I had a house 20 yrs ago but with depression was an alcoholic andlet it go to ruin before selling it and renting a bedsit where id smoke weed all day
Was hospitalised after hearing voices and diagnosed then. Thats why im asking such basic questions-its like learning to live how other people do.
Where, do you miss being ill?

Also are there any costs i need to anticipate for in the first year? It seems well decorated etc.

Anyone?

There are always lots of hidden costs when you buy a house, always more than you think.
Decorating for instance, I have recently spend a good few hundred and that is just on paint. You have to factor in undercoat, which costs just under £20 for a small tin and you may need a few, gloss similar price, satin for doors and then litres of emulsion. Turps, sugar soap, brushes etc all add up.
Flooring, I had intended to keep all the flooring when I purchased but then on moving in discovered most of it needed replacing, this could add on another 2K.
I had the gutters cleaned, boiler serviced also. Discovered something wrong with the wiring so spent £500 on an electrician.
My wardrobes are too large to fit in the bedrooms so I will need to replace these also.
Unless the house is in tip top condition I would expect you could easily spend an extra 4K when you move in.
Lots of things could be done over time, tackle the most important first so do not panic.

This is good advice thanks very much

👍what Crimson said.Also if you have friends who can help, thats a bonus. I asked when I was painting my flat. A few turned up, I did some food and they even brought some. The cost of decorators would have been hundreds for each room. (It also makes you feel good when you realise people try and help when they can) Also think about stuff you might need straight away and what you can manage to live with without it driving you nuts (one of my rooms was red...🤣😂..not like Christian Greys red but Red) painted that first then did the rest when I could.
People often give away things on sites like freecycle I got some paint, brand new boxed kitchen light, fab new toddler bed for my son - gave away things I didn't love anymore too. fresh start.
My depression can be crippling. I also have people in my life who knock my confidence. I had some CBT earlier this year. Not enough, limited sessions but it helped. Small steps..

Ineed thats a great idea. Sorry re your depression. Im very lucky that through the psychosis team i got access to a time unlimited clinical psychologist who changed my life. Ive had some poor quality therapy over the years which made no difference. They were so unskilked it was scary-a short diploma in counselling for instance or a nurse doing cbt from a book. Those are only ok in very mild cases and are designed to cut costs.
I think having friends round should make it a home! I'm looking forward to it now.

Well I'm horrified at how much this is costing so far.
My mortgage has been approved.
The valuation report is 300. They have put a charge of 995 on top of the mortgage but that is added to the debt.
The solicitors will be 1350.
The brokers fee is 950+250.
A structural survey another 500.
Is it supposed to be this expensive? I'm thinking of pulling out and staying in rented.

Bumping for you @Justheonequestion

I'm not a house owner so I'd have no idea sorry, but I do know these types of costs do add up!

I do hope things work out for you whether you go for the house or not