To buy or not to buy house

[Mum3202]

We have around £65k in overall savings that we’ve been saving for the last 10 years. Our budget is £400k (houses are all in this price range on the location we need to be for work so sadly we won’t be able to go any lower than this).
10% deposit £40k, stamp duty £5k, mortgage fees, etc £5k, house extras, etc. £5k. Around 55k total, worst case scenario.
We have a DC now and the idea of being left with just around 10k for emergencies scares me. For context, family wouldn’t be able to help financially if we need and we won’t be getting any inheritances in the future. So it’s just really us to look after ourselves and DC.
DH is 40 and I’m 35. We would like to pay a mortgage in 30 years if possible.
We are renting atm and we’ll need to move next year anyway as DC will need his own room. So the question is rent a bigger place or buy a house.

AIBU - to buy a house now. Wait a few years and save some more.

AINBU - buy the house now.

Thank you.

Those figures would give you a price-to-rent ratio of roughly 17 annual rents in order to buy, which makes buying a reasonable investment. (If purchase prices are much higher, generally you'd be better off ploughing your savings into the stock market.)

www.investopedia.com/terms/p/price-to-rent-ratio.asp

Definitely buy now.

Your husband being 40 means you'll struggle to get a 30 year deal from many lenders if you don't buy this year or next...

Buy. So many reasons why.

You'll still have £10k in savings based on your estimates. More than millions have.

You may as well pay mortgage not rent and own a little bit more of the house as time passes

You'll probably have to get insurances that cover you in case of sickness etc as part of the mortgage deal (that was listed as one of your worries)

Houses seem to get more expensive. Sometimes hugely, sometimes slowly.

You aren't losing the £55k you are changing it to a different sort of asset. Just no longer liquid.

You need to do it sooner rather than later to allow time to pay off before retirement as renting in retirement is something to try and avoid

Mortgage rates are not likely to come down. And if they do it will not be significant. Dont rely on that.