DH unhappy with housebuying he initiated

[itsinthesandpit]

DH wanted to buy a house even though we are both on fixed term contracts. I thought we wouldn't get a mortgage but broker is confident we will, so we've been looking and offered on a few and just had an offer accepted on a lovely one, yippee!

Except DH is now in the doldrums because he is worried what happens if we lose our jobs/can't get new ones, we'd get next to no state support, have no additional savings and be stuck with a mortgage we can't pay. He is absolutely adamant he wants to proceed with the purchase but is moping around like he's already lost his job and we are facing destitution.

FWIW I worry about this too, but I try and stay positive that we will be able to get new jobs and between us even on lower waged jobs should be able to cover mortgage and basic bills with a bit of belt tightening. However his attitude is freaking me out. I am wondering whether we should withdraw our offer and hold off until we can secure permanent jobs. Wwyd?

Well, what would your plan to pay the mortgage be if you lost your jobs? I'd work that out and then see if it makes sense to still buy.

Your OH is a moron though, why didn't he think of this in the first place?

We'd have to either get permission to rent it out and move in with family or take any job we could and try and make it work. Is there anything else you can do? I imagine most first time buyers would be in the same position.

He has read an article today about the economy/house prices and has got cold feet, but still said we should go ahead with the offer that we then had accepted.

I think I might have to rescind our offer. He's freaked me out.

How big is the house would taking in lodgers be a possibility?

It's a 3 bed so yes could get a lodger. I used to freelance as well as work so could start trying to build that up again. We could cut back our outgoings to try and build up extra savings but he won't want to do that. He hates the idea of cutting back.

Before rescinding, sit down and have a long conversation.

1. Budget. Can you afford this on one income? (you would be unlucky to be both simultaneously let go on the same day). If not, what is the absolute minimum you would need to keep going? I recommend the money saving expert spreadsheet to view your income and expenditure, as well as potential savings.
2. What is your back up plan? The freelancing is one good option. Others may be a mortgage holiday, evening bar work to build up a cash reserve or a lodger. You could even rent out your driveway, in some cities!

Good luck.

Give him a slap round the back of the head. FFS he can't have it both ways - either he's happy to move or not. I've contracted for 20 years and his head is just not in the right space to proceed right now, he needs to have a bit more assurance in himself and ability to get new roles should the current one end.

We're buying a 'forever home' but we agreed to ensure the mortgage & basic bills is affordable on 1 salary, the recession about to hit will be huge and long.