We've accepted an offer on our house for a fair price and a house we really want will not budge on asking price meaning we will need a mortgage of £315k (possibly £325k) to go for it. Combined income of £60k at the moment but I work part time and my only DC goes to nursery part time costing £450 a month until Sept which will reduce to maybe £80 for wrap around.
This would be the final move, house needs a bit of work but mostly cosmetic. I have enough equity for the best mortgage rates too. However this is going to be 15 or 25k above what I thought was my max budget. I also will have saving so can stay afloat for maybe a year if we both lost jobs and lived very frugally.
What are peoples thoughts, is it bananas borrowing so much at our age on our wage. (Although intend to get a job with more hours soon so could potentially earn £80k combined, plus my husband is pushing for a promotion so could get some extra there too) is anyone else in my situation? How are you finding it.
I really don't want to miss this house, its the best I've seen for a long time. (Been on the market over a year 2 chains fallen through at the bottom hopefully 3rd time lucky) I am so tired and stressed and don't know if I'm even thinking straight anymore. 😅
Thankyou!