I am purchasing a house, and have found two that I like- with a fairly significant price difference between them.
The cheaper one would be downsizing, so no additional borrowing and I would simply port my existing mortgage. Monthly repayments would not increase and I know I can afford the standard of living I currently have, and am happy with the level of disposable income. I like the house, could see myself living in it, but the bedrooms are small. Garden is huge and beautiful though, and aside from some repainting/aesthetic changes there is no big work to be done.
Bigger property is gorgeous- much bigger rooms, no compromise at all on space inside, all done out at a high spec to my taste. The garden is much smaller, so unlikely to be a forever home for this reason. The increased mortgage would work out at about an extra £500 a month- which I could afford, but it would mean much less disposable income.
No children, now or in future.
I am so torn as to whether to push to the limit for the "dream" house (garden aside) or live within my means in the smaller place- that quite frankly I'd have probably been thrilled about if I'd never seen the other one.
Current mortgage is fixed until start of 2025, at a rate of about 4.8%. Rates are clearly unlikely to go down then, but would they go up much? I'm worried the bigger mortgage wouldn't leave much wiggle room if so.
Advise me wise mumsnetters!