Hi all.
Realise this is 1st world problem but any input would be much appreciated. We are in the process of selling and buying in London. Main push factor is secondary schools but also our current small house and we don't like the area anymore. The new area ticks most fo the boxes.
We would be taking on a large mortgage of £415,000, 5 year fixed with a low rate, with LTV 50 and 25 year term. Mortgage payments will be ca 27% of take home. It's a long term 10+ years house. We are early & mid 40s. Career wise, fairly secure jobs and expecting slight salary increases in the coming years but highly pressurised roles and you never know what might happen with regards to Brexit. Savings/emergency pot of £60k but we might have to use some of it for urgent repairs in the new house (new boiler, re-wiring). Our 12 year old car is also in need of replacement soon and we will try to get a second hand car.
My main worry is that we are over stretching and the fear of a no deal Brexit and its impact on house prices and jobs. I am risk averse so getting cold feet but at the same time realise that living in the right house and location would make a massive difference to our wellbeing. That said, I don't want to have sleepless nights over money worries and want us to enjoy life. Childcare costs should decrease in 5 years time as the kids get older. But we wouldn't manage the mortgage payments on one income.
We could of course try to find a cheaper house in the new area but it feels that for what you get, it wouldn't be worth all the costs and hassle of moving and too much of a compromise.
Any views?
TIA