Baby thrown me into a housing panic, what to do?

[Bransflake]

I’m feeling really lost and panicked. I’ve worked hard for my career and although only on 65k, it was due to go up a lot more in next couple of years. I’m unexpectedly pregnant and own a two bed terrace with 100k mortgage left. I was planning on moving somewhere bigger before I found out about the pregnancy, got the mortgage in principle and sold my house, buyer wanting to move ASAP.

now I’m pregnant me and DP have talked and he can’t cut his hours though has said he could work more flexibly, being able to take little one for a full day a week. I’ve been thinking about it all and realistically I probably should go down to four days. I will still get a pay rise soon hopefully but by the time I’m back off maternity, I will on 20% less pay and therefore won’t be able to borrow as much and will have to factor in childcare costs.

I just don’t know what to do as I can’t find anywhere to buy. I don’t want to buy for the sake of it and I do like my current house it’s just small. I also feel frustrated that I’ve worked so hard and because I’ve not found anywhere before maternity, I won’t be able to borrow as much anymore, whereas if I’d already moved then the house would be sorted.

can anyone help advise? DP and I have only been together a couple of years and he has property abroad so isn’t in a position to buy together and I want to keep my finance separate for now. Thanks in advance for any help.

Why can’t you borrow as much? Can you afford the mortgage in principal that you may have been quoted

@OnlyFoolsnMothers sorry should have said because I’m thinking of leaving a house move for a couple of years to just focus on the baby and avoid other expense like stamp duty etc. But if I leave it my ability to borrow will reduce. I suddenly feel trapped.

I’d stay where you are for now until things settle down. 2 beds is fine! We were in a 2 bed house with 3 kids and managed ok. In some ways it’s nice to keep things simple and as everything is so volatile at the moment, I would be cautious.

Babies don't take much room

I also work really hard and I earn way less than you OP. I am a single parent to 2 children, and haven't had an issue getting a mortgage. So don't worry - you are not trapped in the slightest.

Is the actual issue less about mortgages and more about whether you want this surprise pregnancy? You do have options and it might be worth talking it all through with someone.

Good luck.

You can get a mortgage while you are pregnant or on maternity leave but it is harder and may be for a lot less and on less advantageous terms than you would like. I suggest you speak to an independent mortgage adviser and find out

what you could borrow. The answer may be to move to an even smaller property that has potential for extending once you get over the first few years.

You are on a very good wage and you already own a 2 bed property which only has a 100k mortgage left. Add onto that, your partner is also well off and owns property abroad.

You are in an extremely fortunate position, you and your baby will be fine. I think its quite untasteful for someone like you to post about housing worries, when there a living crises going on and people with much less income/assets are struggling with housing costs.

You could find your perfect house tomorrow OP

Have a look at your finances altogether and also have a look at nurseries in your area they will usually give a rough idea of costings for a full day. Remember you will also be entitled to tax free childcare which will save you about 20%.

You can then work out how much you are looking to pay for nursery a month.

Then calculate worst case scenario what your incomes will be when you return to work and and work out if you can afford a bigger house/bigger mortgage

Just remember a bigger house = more council tax, higher water bill, potentially higher energy costs (which are rising anyway)

We moved to a bigger house when my LB was 6 months old. We increased our mortgage to £1000pm, it was previously £700pm. We took our equity and paid off our car loan and credit cards which meant our monthly outgoings are actually less now in our new bigger house than they were in our smaller house.

Rent for a while?

Anyone should be able to look for support, they don't have to be on the breadline to worry about your situation.

Tbh you lost me a bit at "only on 65k", but that aside, you have 2 options if you don't want to buy with your DP:

Go through with your house sale and move into rented housing
Pull out of the sale and stay put

I don't think I'd want to go from ownership to renting with a new baby. It's not very secure. Plus if house prices go up faster than your deposit/income (which it sounds like they might) you will be priced out of getting back on the housing ladder. So in your position I'd stay put.

I don't think you can apply for a mortgage without disclosing that you are having a child, they will ask about known upcoming changes to your circumstances as part of the affordability checks.

I apologise I did not mean to offend anyone.

I was saying that once the baby is here and childcare costs come into things and I’ve also got reduced pay, I won’t be able to borrow as much. So I feel very concerned that I should be taking action now. If I leave it and stay put for a couple of years then I won’t have this opportunity again.

I didn’t meant to suggest I was on the breadline, or that my current house is too small because it’s not. I’m just finding it hard to know what to do, it’s like I may never be able to live anywhere bigger if I don’t move now.

Of course people can post about their concerns if they are worried irrespective of others lives...if its of jo interest to you or you can't support someone whose worried don't read/comment click off..

Op, take a deep breath you've got a few big things going on so understandably stressed.. all big life decisions to make with different degrees of urgency ..but nothing insurmountable

A list /spreadsheet helps calm me so i suggest

1. Are you sure you want this baby now/in xmonths....
2. Have you sold your house where are you in the process .. if you haven't completed there's always ways to stop the process

If you decide to have the baby do you have a local support network?friends/family...

1. If moving where were you thinking of moving too?

Babies are relatively portable and don't take up a lot of space ...

You don't have to stop working/,lose income...but will have childcare costs to consider
Maybe calculate your earnings/may pay/childcare cost and govt help towards them and then could uou afford a mortgage
Contribution from the father....you do not have to get into any living situation you donn't think is right for you.....and
It may make sense for you to stay where you are until back at work after maternity leave so your back on full pay..many people only take 6months as that works for them..
What's the fathers paternity leave?
Loads of stuff to think/sort but you don't have to do it all at once

So maybe wait to move until your baby qualifies for free hours- or just find somewhere now- or don’t cut your hours. The family finances as a whole have to be looked at- my advice wait until the babies here you have no real idea what path you will want to take.

I would stay in the two bed for now. I'd wait until the baby is here and then you can decide what to do in regards to cutting hours down/ moving in the future. Some people I know have stayed full time as that's what they'd prefer, others have preferred to go to 3 or 4 days but it's really hard to know until the baby has arrived (and your baby's personality too!)

I would wait until your child is older and hopefully you and your partner will be in a position to buy somewhere together (and if it doesn't work out you'll know for sure).

Although you don't want to share finances which is fine please make sure he pays for 50% of childcare and supports you through maternity leave as it is his baby too so you shouldn't shoulder 100% of the costs.