DP and I are currently halfway through a two-year lease which will end next April. We have approximately £30k in savings for a deposit on a house. We are going to buy in Hertfordshire (currently live in London) and the kind of property we would want is likely to cost between 300 and 350k (350 absolute max, prefer around the 300-325 mark).
We will save more over the next year and then are likely to have a decent 10% deposit or a bit more depending on stamp duty etc etc but I keep reading articles saying 10% is not enough and you need 20 or 30% or you get screwed on interest rates.
My question to you is, would it be better for us to move to the area we eventually want to buy in and rent for a few years to save money (I've looked and it would cost us about 800-900 per month, so less than any mortgage) or just buy with a smaller deposit to get a foot on the ladder?
We don't have any DC yet but will be TTC our first in about six months or so. DP would commute to London but I would not - would be a SAHM in all probability but even if I decided not to would not return to work in London.
DP's salary is circa 80k with a good bonus, and will increase in all likelihood (though we will obviously not rely on that when planning financially)
V confused and lots of conflicting advice out there so grateful for any insight or experience from you wise ladies!