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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

What is a manageable mortgage?

28 replies

SherryToes · 25/11/2018 21:55

DH and I are moving. I am naturally a worrier and overthinker. DH is not a risk-taker, but more fatalistic.
We are moving house and have our eye on a house that would mean a mortgage of around £170k (house value around double that). Another house has come on the market that ticks more of our boxes, but would increase our mortgage by around £90k to £260k.
I want to stick with the house we liked originally, but DH wants to go for the new house.
We have sold but not offered on the first property yet.
I’m worried the mortgage would give me sleepless nights. DH says it’s fine.
WWYD?

OP posts:
SherryToes · 26/11/2018 06:01

Thanks Barbara. We won’t be buying the more expensive house, the one we originally wanted is fine for our needs. I think DH was blindsided by a newer, slightly bigger, blingier house.
Yes, we can afford both now, but as others have said, our circumstances may change and I’m too risk averse to take a big risk on this.
£260k IS a lot to borrow in my mind, when £170k would give us all we need in terms of space. Security is really important to me, because of my childhood. So yes, we could ‘afford’ more, but it doesn’t change my anxiety around taking out a large mortgage.
I know that we’re in lucky to be in this position, but £260k seems like a massive debt to me.

OP posts:
Dongdingdong · 26/11/2018 08:44

Personally I think you should go for the nicer house if it’s only £300 per month more - especially if you’d be more likely to stay there for a long time because it suits more of your needs.

SherryToes · 26/11/2018 09:41

It would be around £500 a month more than we pay at the moment.
We’ve talked this morning and agreed to go for the original option.
Thank you all for your help.

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