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AIBU?

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Original poster

Timing of purchasing a home

7 replies

zophi · 10/10/2023 18:47

We have a deposit but trying to play the fools game of timing the market. A mortgage on the smallest of properties nearby us would be £500-600 a month more than we pay in rent now , at best.

AIBU to continue renting on purpose for now and give up looking on rightmove? We will never have housing as cheap as this again and I don’t want to underestimate the value of that, given how low SMP is. Buying our first home now rather than after maternity leave would mean we would have an extra £600 a month to find while my income is temporarily reduced. I don’t know how we’d find that £600 in the unpaid part of maternity leave!

Unlikely to have another DC in the short term or at all so to me, buying after mat leave and fixing for 5 years when we know we can meet the high repayments makes more sense. Our childcare bill will be no more than £300 a month as lucky to have family support and work at different times to DH. I know childcare is factored into affordability but have I missed any other glaringly obvious issues?

OP posts:
kiddosbedtimealready · 10/10/2023 18:53

Speak to a mortgage advisor and weigh your options. Cash flow wise, it sounds like renting will be easier for a time, but buying is better in the long run as you will build equity. Be a CF and put some silly offers in on houses, as someone might accept. It's as close to a buyer's market as you can get at the moment. You can always pull out before it gets serious or costs you anything. Head over heart, though - see it as a first home/investment. Not somewhere you want to live foreover or invest vast sums on improving. Having your own place is Breyer with a baby. What if landlord evicts you at a difficult time?

Original poster
zophi · 10/10/2023 18:57

kiddosbedtimealready · 10/10/2023 18:53

Speak to a mortgage advisor and weigh your options. Cash flow wise, it sounds like renting will be easier for a time, but buying is better in the long run as you will build equity. Be a CF and put some silly offers in on houses, as someone might accept. It's as close to a buyer's market as you can get at the moment. You can always pull out before it gets serious or costs you anything. Head over heart, though - see it as a first home/investment. Not somewhere you want to live foreover or invest vast sums on improving. Having your own place is Breyer with a baby. What if landlord evicts you at a difficult time?

Thank you. We have seen one we like so might offer hugely under and just see what they say. We’re housing association so no real risk of eviction plus have family nearby we could stay with in worst case scenarios

OP posts:
Original poster
zophi · 10/10/2023 19:12

On paper they would lend us it but that’s as we are now… not sure how we’d make it work when I’m on leave

OP posts:
sleepyscientist · 10/10/2023 19:21

zophi · 10/10/2023 19:12

On paper they would lend us it but that’s as we are now… not sure how we’d make it work when I’m on leave

If you have family childcare think about the benefits of buying vs having longer off ie could you go back before the unpaid but

Original poster
zophi · 10/10/2023 19:22

sleepyscientist · 10/10/2023 19:21

If you have family childcare think about the benefits of buying vs having longer off ie could you go back before the unpaid but

Show quote history

I could, but I guess you can’t buy time.

OP posts:
Original poster
zophi · 10/10/2023 19:45

It’s so hard to know what to do isn’t it

OP posts:
Sumtimesiamgreen · 10/10/2023 20:17

Why not save until your earnings increase when you return to work. Buy a better home with no stamp duty. You’ll only be a first time buyer once.

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