Hello. Looking for some advice if possible please...
Myself and my partner (28 and 30) are looking to buy a property. I have equity in savings from a previous property I sold, and once he sells his flat (currently on the market) he should get a good amount of equity too.
We have seen a house we both really like in Surrey (where our families both live) and are wanting to do a second viewing. The house is offers around £500,000. We plan to put down a £100,000 deposit, which will also leave us both with £20,000-£30,000 in savings each. The house needs some modernisation and renovations, so this should give us some funds to do this (although we would need to pay people as we are not good at DIY!)
We have spoken to a mortgage advisor, who says that the monthly mortgage would be around £2,000 per month. I am a teacher who takes home £2,444 per month, and my partner takes home around £2,800 per month.
We have no children currently, but plan to within the next three years. I am also not very happy in my job and plan to go self employed (dog groomer) within the next few years.
My parents are giving me a bit of a hard time every time I bring up the house. They want us to buy closer to them, as they are saying that if we have children, it will make things easier for us (especially when I plan to go self employed) which I do understand. But they have told me that if we move over 20 minutes away, we are on our own with childcare and dog care (they currently look after my dog whilst I am working). However, they do not seem to understand that when we look closer to them, the house prices are so expensive (hence the £500,000 for this house). They showed us around a family friends house at the end of their road (which is for sale for £460,000) It was quite pokey and needed so much work - it wasn't right for us.
Our requirements are that we are looking for a forever home, with plenty of space for a family to grow and a decent sized garden for our dogs and also the groom room.
My parents view is that there is cheaper housing around. There is - but it just doesn't fit what we are after. And when it is cheaper, it is further away from my parents. They have said that if we go along with this house, things will go wrong and we will not be able to pay the mortgage. They are just being very negative in general (I do understand their points and know that they are only looking out for us, but they do not understand my arguments).
Myself and my partner currently have no credit (other than my car loan which is £222 per month).
I am feeling 50/50, as I always have valued my parent's opinion. And with children coming up and a change of job, I am worried about the bills being paid. My partner reassures me that all will be fine and that this is the perfect house for us, but I am feeling unsure due to my parents views.
Any advice? Is £2,000 per month too much? I used to pay £600 for a three bedroom house, but that was back in 2019. I just don't want us to struggle but I know something has to give. Thank you. :)