Move and double mortgage or stay in 2 bed with 2 kids?

[emissionspectra]

Hi there,

Short version: is it worth staying squeezed in a small house with no parking in order to never worry financially and retire early, or should we submit to the rat race?

Long version:

NC to an old name for this as I’m about to spill my personal financial details and worried other posts are outing.

We currently live in a tiny 2 bed Victorian. We have a 12 year old child and another on the way. We are also meant to be in the process of buying a 3 bed detached but the chain keeps stalling, and now we’re getting cold feet.

Our take home (net) pay is £5600 per month. Current mortgage is only £560, new mortgage would be £1233 (+£100 insurance we would need)

Our current house is so cheap we aren’t worried about either of us losing our jobs, at all. I earn much less than my husband and could handle all our household expenses.

The new house will probably cost ~£900 more a month more (council tax, electric, mortgage etc) plus £22,000 up front on fees and stamp duty but it’s on an idyllic private, tree lined cul de sac, adjoining woods, backing onto allotments and still a short walk to the station to access the city.

Right now we can’t park outside our house, have a scummy landlord who owns adjoined rental next door (last neighbours were from hell but these ok) but other neighbours are lovely and it’s a really cute cottage and convenient location.

Any personal experiences or words of wisdom people can share? Feel terrified that whatever we choose will haunt us!

Definitely move - there’s 12 years between my 2 and no way could they have shared. They worship the ground each other walks on but I’m sure if they’d had to share they may well have been some resentment from the 12 year old.
Our mortgage is about the same as your new one would be but our income is less and we’re comfortable - off to Florida in a couple of weeks, new car recently. We’re just very mindful of how we spend money and try not to waste, or spend unnecessarily.
The new place sounds fabulous- go for it.

12 years between my DSS and my 4 year old, and they could not share. Would be so unfair on my DSS if he had too.

Friends over, playing xbox- chatting to his friends at night, girlfriend over.... generally being a teen would all be ruined by my youngest.
They’ve got an amazing relationship and get on really well... my DSS is ace and will play with him but not to the extent of sharing a room!!
They’ve had one sleepover recently due to an emergency so DSS babysat till we got in in the small hours and DS has fallen asleep in his bed.
There is no choice for me, unless you intend to have your youngest in with you?? Otherwise you have to move and it’s selfish thinking you wouldn’t.

You can't seriously expect a teenager and a toddler to share a room?

Move, property is still worth putting money into in any case.

We had the same dilemma 4 years back and we finally moved...never regretted it since, honestly. Two beds and 4 people (2 of them being children) will never work. Do it and you will be glad you did.

your 29?! my god woman move!!! so much time to pay off the mortgage!!

lifes too short to be comfortable from 29 onwards!

Thanks all, we are going to go for it as we really love this particular house (it’s on a wiiiiide plot and the only one not extended - its extended neighbour recently sold for nearly £200k more than our agreed price!) unless the chain breaks down, in which case we will put it on ice for 18 months.

Just to be clear we would never expect DD to share with a tot - we would sleep downstairs or share - but we’ve realised we’re probably being too risk averse. I’ve worked out we can still save just over 25% of our income on the new budget after nursery fees and healthy pension contributions, so we will use some of that initially to rebuild a 6 month buffer (house move will wipe us out) and then start aggressively overpaying the mortgage again.

Really, really appreciate the input. Thanks lovely MNers!

£5.6k net income puts you in more or less £100k gross household income! Yes, you can afford a £1223 pm mortgage.

We were on a similar income in the past and was paying £1800 pm rent and later on, a £2k pm mortgage and still managed a comfortable lifestyle.

You won’t be living hand to mouth - far from it.