Will the mortgage payments be too high ? Advice please

[Ozster]

I am going to try and keep this short.

We are family of 4 looking to buy in catchment area of a good primary and secondary school.

I am worried we will over-commit ourselves to a large mortage :(

Break down if cost :
Earnings per month=
Me £1600
Partner £1300
My side hustle £500

Costs (in new house)
Mortgage £1200
ALL other outgoings £1200

Which leaves us £500 from our salaries for eating out/kids sports clubs/treats etc
And £500 from my side hustle to save or over pay mortgages

Would this be cutting it too fine ? If I lose side hustle we will only have £500 left :(

Atm we lay £500 mortgage

A second option would be to move into a small, one reception room house instead of a nicer (still small ) 3 bed traditional semi .

I am so confused and stressed. Obvs we need to move for school but the large mortgage payments scare me.

Any advice please ? Or info on your situations that I can maybe relate to ?

Thank you

I’d wait till next Easter summer when prices are meant to be 14% lower

I would disregard the advice to buy a wreck and do it up; it will cost twice as much and take twice as long as you expect. And the stress/time factor is tough, especially if you’re at a stage in your career where you’re training and trying to progress, plus you’d probably lose the side hustle because you’d be spending that time doing DIY/contacting trades/crying into some gin.

I would stretch that far on those wages, especially not if you’re relying on them increasing but you don’t know for sure, when we’re on the cusp of a global recession. The finances are so tight; life might be more enjoyable in a big house but it’s also more enjoyable when you can breathe easily and pay for treats, emergencies, etc, without pressure or panic.