To have cold feet over house purchase?

[Coldfeeeet]

I suppose I am just having a bit of a wobble.

We are buying our first house. It will cost £350 a month more than what we pay in rent at the moment. It will mean our essential outgoings are maybe £2500 out of a combined total of £4000. If I want to go back part time after maternity leave, this will mean we have about £3700 approximately instead. We will however have a lovely house, with plenty of space and a huge garden. I am just a bit anxious about being responsible for it whereas now we just contact the landlord and things get fixed if need be.

Is £1200-1500 enough for a family of 3? It will be for emergencies, clothes, fuel, anything our DC needs, savings, gifts for other, haircuts, days out, holidays… you get the drift.

DH will likely earn more over time as he progresses.

What do you think?

I don’t think that £350 a month sounds a lot more to pay to end up in a situation where you will eventually be mortgage & rent free.

Money is nearly always tight during the childcare years but a mortgage becomes more affordable as the childcare costs reduce.

I agree that a £350 increase isn’t a lot to have a mortgage and the benefits this will bring you long term. You’re not guaranteed that your rent wouldn’t go up if you stayed renting. You may not be able to afford to work part time but that will just be that or not have the holidays etc but everyone makes sacrifices when money is a bit tight.

1500 after the mortgage? Plenty!
I live quite comfortably off 400 a month including food, an expensive gym and a mild book addiction. Two holidays a year (albeit one is staying with family, and another at my own flat in Spain so they are cheap). I suppose, you'll have to account for childcare fees which is what will make or break the budget.

We spend your outgoings as a family of 5 :) Being smart with food shopping makes a hell of a difference.

Enjoy your new house!

That sounds like a lot of money to have spare after essentials. And hopefully you get pay rises whilst your mortgage will stay the same assuming you’ve fixed for a few years