WWYD? Stick with original choice or look at different options?

[fridaseyebrows]

So situation is we reserved a new build house in a fabulous countryside location back in December, not yet exchanged as funds for our deposit were delayed, builder has been patient (one of the big names). Due to complete in July. This was after about 3 years of looking to move as we struggled to sell our current home (We have eventually decided to let to buy and use other funds for our deposit).

We absolutely love the location where we currently live, in the middle of the city, close to everything incl to work etc, but with 2 DC we have outgrown the space and our budget currently wouldn’t stretch to getting us more space in this location. This new house takes us further away, still commutable to work, but so much more space for our money and a big lifestyle change for us.

But - it really pushes our budget. Since we reserved interest rates have gone up twice (we have a tracker mortgage) and DH’s work have announced a restructuring and there is some uncertainty about his job. I am the main breadwinner, and we should be able to afford things on one salary for a period of time if necessary, but it could be a bit tight. I have recently had a big pay rise and role change with more guaranteed bonuses over the next 2 -3 years so if anything does happen likely more a short term cash flow challenge.

We recognise all the reasons why we loved the house and reserved it in the first place, but starting to get a bit cold feet.

So options we are looking at

1. Stick with original house - we loved it for a reason, budget is doable over the medium term, the lifestyle change is worth it, and we could look at switching our mortgage to a fixed rate again.

2. Stay where we are, put a bit of money into our current flat to make it more liveable for our needs, save a bit more and aim to buy in this area in 2 - 3 years time.

3. Look at compromising on new location (likely further away from work), and find another house where we can spend less money and get the space we need. We have seen a few but nothing that we love as much as the first.

DS is in Yr4 so if we’re going to move we really need to do it now to get settled before we need to start secondary applications etc.

We are so tired of looking for property but getting nervous about committing to a huge mortgage!! And also feeling like we will really miss our current location.

Interested in what others would do?

(Sorry - wasn’t expecting it to be so long!)

I do think it is a bad time to be overextended.

It is always a hard choice. I waited it out in a v small place for a long time, but preferred that to feeling worried. Other people would do the opposite!

One positive is you love your current area. If you think there's a risk your DH will need to look for work, is this going to be better from where you are now?

Thanks - either location would be the same for DH’s work - there are lots of wfh only roles in his line of work so that shouldn’t be a problem thankfully.

We absolutely love our area now. I just can’t imagine living in this flat when the kids are 11 and 9 - we only ever thought we’d be here for 3- 4 years but have been here 7 now!