Late first time buyers - buy now or when kids move out?

[IlluminatiConfirmed]

For the first time we're now in a position to buy a house. Kids are 12 and 14, I am 40, hubby 50. We just moved a couple of months ago to another rental and I'm so torn between buying a house or staying put for another 5 years or so and moving to a smaller house later, after the older child starts university and moves out.

If we buy now, we'll buy something similar to where we are now but there's likely to be some compromises (location slightly off, no second bathroom, the need to decorate everything etc). Nothing traumatic but definitely requiring some effort to sort out and adjust to.

If we wait and continue to rent, we will spend the kids teenage years comfortably in a house that we all like, and we won't have to readjust all over again (unless the landlord decides otherwise out of the blue which is possible but unlikely). However we are not getting younger and our chances of getting a mortgage much later will not be the same as today.

Mumsnet wisdom please? Particularly from families with adult children who already experienced the teenage years and beyond. I'm not just interested in the financial comparison of these 2 options (that bit I can do) but all the upheaval that buying and moving houses entails and how it affects children.

WWYD?

I would buy now your kids might move out or they might be living with you in their twenties!
Renting is a waste of money
Redecorating doesn't have to be expensive

Buy now. Your child going to uni doesn't mean they won't come back. It's not nice to think once you leave the family home you're no longer welcome. I reckon prices have and will continue to stagnate for the next 5 years post Brexit

Plus the longer you leave it the shorter the length of the mortgage term you'll be allowed. You'll be 45 in 5 years and I believe you'll only be able to borrow up to 68 years. Meaning you have to pay off the mortgage in 25 years. You may have to work beyond 68.

If you leave it much longer, you won’t have long for a mortgage term. For dh is 50 now, so realistically he has 17 years for a mortgage, you have 27. But people’s earnings normally peak at about 50 and then start to decline. So if you are intending to buy with a mortgage, I suggest you do it now.
Good luck.

I would also advise getting on the ladder sooner rather than later but then again, prices will probably drop post Brexit. There are several high street lenders that will lend up to 75 years of age (of the oldest). It is harder to move energy wise when you're older and will there be a 'right time' if you wait ie; exam/moving clashes etc?

Buy now and pay your own mortgage instead of the landlord's. Things won't remain the same 5 or 10 years from now - it's much harder and more expensive when both you and your DH add on those extra years to your present ages. On the contrary, you'd be thanking your lucky stars if you have acted earlier i.e. now!

i would buy now as take your monthly rent times that by 12 for a year and then times it by 5 for your years and think that is money that you are putting into the owner of your houses pocket and not into something you own yourself and generally speaking there isnt much difference each month paying a mortgage or rent on private, say your rent is £1000 a month thats £60000 of your money gone with nothing to show for it in 5 years

If you genuinely need to ask whether to rent or buy, you should stick at renting.

You obviously don't want to buy, would prefer a more 'comfortable' home now, and hope for the best later?

Personally I'd buy. I'm now mortgage free at 42 because I bought a less comfy house when we had the chance too and paid it down, now I'm in a great house I actually own.

Buy now for definite. When the kids move out you could always downsize and reduce your mortgage

Buy now. Your DC will not leave the family home immediately and forever at 18. Our kids are a bit younger than yours but we're closer to your DHs age than yours. We bought a large family home last year (not FTBs) but our assumption is that we'll be here until retirement age and that our kids will be wanting to come back regularly throughout their 20s. Then when we are 70ish we'll downsize, our youngest will be late 20s by that point.

Yes, definitely buy now. Both my children went to Uni and both came home again afterwards. My daughter left home at 25 and my son left home at 28, 6 six years after graduating.

Lenders will only take the "oldest" person into account when offering a mortgage. Your DH realistically can obtain a 20 year mortgage now, but potentially only 15 years if you delay for another 5 years. A 15 year mortgage will mean higher monthly payments.

I'd buy too. More renting = more money down the drain. And it's a lot of money over 5 years. Not to mention that students tend to go home in the holidays + young people often live at home after uni to save up for a deposit.