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Original poster

Please talk me out of moving house right now

22 replies

ArtemisBean · 12/12/2020 19:56

DH and I had planned to upsize in 3 or 4 years' time when DS starts primary school and we're not paying such huge childcare fees. BUT we've found an amazing house which ticks almost all of our boxes on paper and is in budget...or rather, the budget we are expecting to have in 3 years time. We could just cover the mortgage with the current childcare as well but we would be right up to the wire for a couple of years. Are we insane to even be thinking about this, especially in the current uncertain climate? Advantage of moving now is that we could maybe get in before the stamp duty relief period finishes, and that we'll be in position ready for school applications and we wouldn't have to uproot DS mid-year. Not to mention that this house is perfect and we may not find something this good again. Disadvantages are the obvious financial risk, and the fact that I'm pregnant and about to be on maternity leave for a year! Yes, this is a bonkers idea, isn't it We haven't even viewed this house so there might be something in the flesh that puts us off it anyway. But I can't believe how close we are to seriously considering doing this...

OP posts:

Saz12 · 12/12/2020 20:02

Could you afford the mortgage whilst on mat leave?
Would you be prepared to go back to work early to help your finances?
How much could interest rates rise before you couldn’t afford it?
How secure are your jobs?
Is this house one of many? I.E. would something similar come up in a couple years?

It’s only a dream house if your life when you live there is happy.

Original poster

ArtemisBean · 12/12/2020 20:13

Exactly all the things running through my head! 😬 My head is telling me this is not a good idea, but my heart...! Has anyone had to say goodbye to a lovely house for similar reasons but then later found The One?

OP posts:

PowerslidePanda · 12/12/2020 21:44

Advantage of moving now is that we could maybe get in before the stamp duty relief period finishes

Are you assuming the stamp duty holiday will be extended? If it isn't, I think you've missed the boat for this - the huge demand has meant that conveyancing is taking a lot longer than normal.

Dongdingdong · 12/12/2020 22:20

Assuming your search area is fairly wide OP (and you’re not just looking in one village for example) then there will be another house when the timing is better. Also if you haven’t even seen it in the flesh, like you say, there’s a good chance it may not be “the one” anyway!

DianaT1969 · 12/12/2020 22:27

I wouldn't do it. If one of you is laid off, or you struggle to work full-time with 2 small DC, this "dream" house will keep you awake at night with financial worries.

LooseMooseHoose · 13/12/2020 00:08

Yeah, you've almost certainly missed the stamp duty deadline. There's even a box to tick now on the L&C AIP form that says you understand that your purchase won't complete in time and that you have the funds to cover stamp duty.

dhisreadingmypostsagain · 13/12/2020 00:31

I wouldn't ever put this much thought into a house I'd never stepped foot in!

Go and view it first, if it's perfect then have the dilemma, you sound so happy and excited about the potential if it's right I'd say go for it.

But then I'm in the camp of doing what feels right regardless of financial risk, as so far I've always been able to find, earn and make sacrifices for things I really wan.

ZaraCarmichaelshighheels · 13/12/2020 01:59

There are always other houses. Always.

Sunflowergirl1 · 13/12/2020 07:06

Living to the wire financially begins to grind after so long and in reality really tests your relationship. Also, do not under estimate costs of things breaking/ repairs needing doing

I would hang on until you have more financial leeway

Whymustyoubringinthebirds · 13/12/2020 07:12

Are you sure you could get a mortgage to cover the amount needed if it wi take you right to the wire? Applications are based on a stressed payment rate to account for interest fluctuations. Do you have savings to cover the mortgage whilst on mat leave as lenders would want to see them

QueenStromba · 13/12/2020 07:41

@PowerslidePanda

Advantage of moving now is that we could maybe get in before the stamp duty relief period finishes

Are you assuming the stamp duty holiday will be extended? If it isn't, I think you've missed the boat for this - the huge demand has meant that conveyancing is taking a lot longer than normal.

Yep. We had our offer accepted mid September, estate agent thinks we might just squeeze exchange in before Christmas with completion mid January.

chloechloe · 13/12/2020 08:12

Surely you need to factor in another set of childcare fees after maternity leave as well which will make it even tighter? Or if you’re going to be off for a while you could keep the eldest at home?

In any event, go and look at the house - maybe it’s not a dream house after all. If it is then you need to crunch your numbers and see how it looks in black and white. Nobody on the internet can tell you if you can afford it.

We recently put an offer in on a plot of land to build on which would have involved a scary mortgage. But we worked out best case, worst case and base case scenarios of what it would cost and how much money we would have left at the end of the month. Including if one of us lost our job. You really need to crunch your numbers taking all the costs into account. We’ve spent hours over a spreadsheet!

shit2020 · 13/12/2020 09:49

But then I'm in the camp of doing what feels right regardless of financial risk, as so far I've always been able to find, earn and make sacrifices for things I really want.

I agree with this. But go and see the house first as like others have said, you may not even be that keen once you’ve done a viewing!

FurierTransform · 13/12/2020 10:16

Will you be left with any savings buffer at all that could be used to cover bare bones worst case living expenses for 12+ months?
I'd normally say the best time to move is now, but if you'd be living between paychecks I'd say it's too risky.

Sandsnake · 13/12/2020 10:29

Personally I think it would be a terrible idea (and that’s coming from someone who’s just moved). It’s highly unlikely you’ll meet the stamp duty deadline. That might not be a dealbreaker for you, but it may be for others who would form your hypothetical chain, which would make for an extremely stressful conveyancing process. Also, things are so uncertain at the moment with the economic effects of Covid and also the prospect of a No Deal Brexit. House prices may hold but I’d say there’s a very real possibility that they will fall. And then there’s the risk that either of you could be made redundant and struggle to afford your mortgage.

I’d definitely leave it a few years if you can. There will be other houses! All the best with the pregnancy

CeibaTree · 13/12/2020 13:59

I think it sounds like a terrible idea to be honest. Maybe if you weren't about to go on maternity leave, but would you even get the mortgage you need with another set of childcare to factor in? And I'm pretty sure you have missed the stamp duty saving window - unless it gets extended, but no-one will know that until the last minute I'm sure.

dhisreadingmypostsagain · 15/12/2020 00:49

@shit2020 thanks for adding the "t" on my want!! I posted too soon 😂

Tigerbalmtonic · 15/12/2020 08:34

Is your house even on the market?
You might as well up your budget by £500k and just play fantasy property porn.

DiesalFive · 15/12/2020 08:35

I wouldn't, in your position. There will be another house! :)

DiesalFive · 15/12/2020 08:36

@Tigerbalmtonic

Is your house even on the market? You might as well up your budget by £500k and just play fantasy property porn.

I love/hate playing Fantasy House on Rightmove....

Evecob · 15/12/2020 14:23

Just wanted to say we were almost exactly you a few months ago, and decided to go for it. Currently on mat leave and have a mortgage offer issued from nationwide with a broker (hopefully completing in January) just needed 3 latest wage slips and one from before mat leave began showing full wage. You may need a letter proving you will be returning but we didn't.

I didn't think we would be able to get the 4 bed property with extra storage space we wanted until our 2 DC's were in school but after sitting and number crunching we realised it was possible. It might be tighter financially but it's still very do-able. We know from the sale we will have a blanket to cover the last 3 months of mat leave if I chose to stay off the full year, even though we will have 2 lots of childcare for 3 days per week to pay for, we have a finance spreadsheet where we worked out all incomings and outgoings and can see it will work, even if there are some tighter months before I return and before the 3 year funding kicks in!

Interest rates are currently nice and low. We had just taken out a 5 year fixed rate with nationwide in august (renewing as our last 5 year fixed came to an end) which was nice and low at about 1.7% which we are able to port across, then had the extra we needed at about 2.9% so our new mortgage for our new house is only 200 more than what we pay now.

No regrets with our decision, but it really does depend how much you spend on non essentials and have a budget for those. We made sure we will have around 400 between us to spend on rubbish after all bills and childcare are accounted for.

Tyke2 · 18/12/2020 15:16

Did you know that the big house - builders are having a bumper time at present and predict this to continue into next year?

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