House move - To move before or after?

[RainbowSunshine21]

First post so hope I'm posting in the right section!

Just wanted some general opinions as we keep changing our minds about our situation so it would be nice to get some perspective from others.

Without being too outing, we're both on good salaries and own a 2 bed house each. One is rented out. The other we live in.

We have been looking at 4 bed houses and thinking about going for it before TTC because of maternity pay and my plan to return part time rather than full time.

Does anyone have any advice on what they would do first. Current house is more than suitable for one but I'm just worried about qualifying for a mortgage for a larger house if we leave it. Also trying to factor in the cost of childcare etc when returning to work.

Thank you 🙂

Look at your maternity package, your partner's paternity package, and at childcare costs where you are. Work out you budget for your mortgage repayments based on that income rather than your current income.

Would you really want to get a mortgage based on your joint current earnings though if you know your income will be decreasing? You might struggle to afford it. Having said that I would say move now but for practical reasons, I'm upsizing with a toddler and really wish we'd moved before we had her! But bear in mind the hit your finances will take and don't stretch yourself to the max.

Thank you for your advice - I'll work that all out and go from there.

Good luck with your move!

Have you looked at affordability calculators to see if you can still get the mortgage you would need with your reduced income and childcare fees? I'd move before having a baby if there is a chance you might not have the affordability after.

I'd wait. You may need expensive fertility treatment etc as nothing is guaranteed in trying to get and then stay pregnant.

I would do it. Easier to do it now than when you have a baby and gave to take childcare, etc into consideration.

Well it would be a heck of a lot easier to be in the long term home before TTC, but would depend of course how affordable it would be to you with children. Bare in mind how long your income will dip, what is the long term projection if you cut your hours and how you will be impacted if/when interest rates rise. We did it all after children for several reasons, wasn't the easiest way although more financially comfortable and we ended up with a very nice long term home as our careers improved vastly in those years, but I didn't take my foot off the pedal, neither of us did.