So we're about to buy our first house at the ripe old ages of 38. No children, very unlikely to have them, but we do need space due to running our own business from home and we have pets. We can only do a 5% deposit for now, which is fine - we have had a mortgage approved. Just after some advice really. Given that we're now not entirely in our first flush of youth, would you go for a house which has lower repayments each month leaving you with more money to spend on other stuff, but maybe a house in a less naice location, with likely parking issues and traffic noise. And, let's be brutally honest, near lots of people who you might not have a lot in common with (please don't think badly of me for that comment - I have already lived in rough areas with noise and drink and drugs in my 20s). Or would you go for a house in a village which you already know you like, which costs a reasonable amount more, which would be a reasonable stretch. I say reasonable, because of course all things are relative. We could afford it now, but I hate to think what would happen if interest rate go berserk - I can just about remember my parents' white, sick faces every time the bank contacted them when rates went up to 15% back in 1990! I have asked lots of people about the likelihood of this happening, and the general consensus seems to be, it's not likely but not impossible. Basically this lovely house would be in the region of £820 pm. Our combined income is roughly fifty thousand.
I'm inclining to think it's worth it to have somewhere you look forward to coming home to at the end of the day.
As I said, I'm new to all this stuff.