Hi, We are on a process of buying an 1.2 m flat, no chain. We are renting at the moment, the flat we are buying will be our home for next 10 year at least. Our job is fairly secure, but won't expect much increasing in coming 2 years at least, maybe some decrease on bonus. So we will under some pressure to repay this large mortgage, but won't have much risk to fail to pay the mortgage. While, we won't be happy of course if our the price drop for 10-20% after we buy it. On the other side, we are also worried, if we pull out at last minute, we might not be able to find another one, and housing price went up. Both my husband and I are mid 30, with one 3y old boy, no planning to have more kids.
We are only waiting for some minor doc from sellers solicitor, then we could exchange. The seller is very keen to sell the property ASAP. So we will have to go back to seller later this month I guess.
So what should we do?