To buy or not??

[Theoldwillo]

I really need some financial advise so here goes.

I broke up with my ex last July, we have two children, we are currently living in rented accommodation.
I have been fortunate to secure a mortgage on a property which is likely to complete within the next few weeks, however I'm having second thoughts for a few reasons;

I will be pouring the only funds I have into the house completely;

My job is at risk although I will probably be able to find further work easily;

My children have now become friends with children in the street where we currently live;

The house I am buying needs extensive decorating, new carpets, windows etc.

My main reason for continuing with the house purchase is that my monthly outgoings will reduce dramatically, it will be secure housing for my children and I and also I have secured the mortgage and I feel that it may never happen again as at some point I will move over to UC.

Just looking for some advice please! Help!

If your outgoing s will go down then its good thing. You can see the difference to do the property up.

Rents only ever increase, shopping around and paying more when you have it will mean your mortgage decreases.

You won't be paying rent in retirement.

Your children will adapt.

Apart from UC paying rent but not mortgage, I can't see of any reason why you would choose to rent and not get a mortgages house.

I hear you. Rented is very insecure in the UK, you can be given notice very quickly and that made me very nervous all the time. It's lovely to be able to decorate your own home.

Do you have to buy a house with so much to do? Or is that what your budget will allow?

Are parts of the house ok or does it need all windows replacing before you move in?

I would want my own home. I don't think it's a disaster to stay in rental but rents are increasing in my area so much at the moment. Fixing a mortgage would be better.

Thank you both for replying. Yes this is all my budget will allow however I am hoping to decorate before we move in and then deal with the other issues whilst there. The windows don't need replacing straight away.

I guess owning is always the better option, and yes you're right, the children will adapt, think I just needed someone to say this to me, so thank you [flowers}