Hi everyone, we have a house that we currently rent out to long term tenants (at a reduced rate, we wanted to sell but they couldn't get a council house for the size of their family) and have a very small mortgage on it now. We live in accommodation for Husband's work but have been looking for our own home for a few years. We've finally found a lovely home in a perfect location, righr next to the kids school and where I will be working and can buy the house and keep the property that we rent out but I'm having second thoughts about the mortgages. We have a very low mortgage, very low rent and the thought of buying with the economy as it is is a bit daunting. We are planning to stay in the house for at least 10 years so can ride out any price drops but not sure if prices go down, we'd kick ourselves for paying so much and taking on so much of a mortgage when we were nearly mortgage free.
I appreciate there are some controversial considerations within this post but the question I'm wanting to ask advice on is AIBU to take on so much financial commitment for the right house now?
Thanks in advance everyone