Throwaway account. Hoping you financially savvy Redditors can offer some advice - I (28F) am considering buying a house with my fiancé (28M). I make £39k (due to rise to mid 40’s this year). Fiancé makes £29k & we get ~ £300 per month Disability Living Allowance for our autistic son.
We live in the North of England, so this money stretches & we’re comfortable financially.
Our rent is also incredibly low despite being a lovely semi-detached house with garden in a fab area (our landlord is an angel & hasn’t raised it since 2019). It’s £610 a month.
We’ve lived here for 4 years, so are intending to stay in the area to buy, with a budget of £250k-£290k.
Here’s our issue: we’ve looked online, and monthly mortgage repayments would be almost double our current rent (more in some cases).
Whilst we can afford this, it almost seems counterintuitive to opt to pay so much more.
I know it comes with security & equity, but I’m torn.
Should we:
a) Stop being tight and just buy a bloody house as we can afford it. Finally leaving the generation rent cycle.
b) Stay where we are currently, continuing to save the difference to bolster our deposit in the hopes of driving mortgage repayments down when we do eventually buy.
c) Something else
I’m torn because I don’t want to jump on the ladder at the wrong time!
Thanks in advance x
We live in the North of England, so this money stretches & we’re comfortable financially.
Our rent is also incredibly low despite being a lovely semi-detached house with garden in a fab area (our landlord is an angel & hasn’t raised it since 2019). It’s £610 a month.
We’ve lived here for 4 years, so are intending to stay in the area to buy, with a budget of £250k-£290k.
Here’s our issue: we’ve looked online, and monthly mortgage repayments would be almost double our current rent (more in some cases).
Whilst we can afford this, it almost seems counterintuitive to opt to pay so much more.
I know it comes with security & equity, but I’m torn.
Should we:
a) Stop being tight and just buy a bloody house as we can afford it. Finally leaving the generation rent cycle.
b) Stay where we are currently, continuing to save the difference to bolster our deposit in the hopes of driving mortgage repayments down when we do eventually buy.
c) Something else
I’m torn because I don’t want to jump on the ladder at the wrong time!
Thanks in advance x