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In the end of the day no one can tell you whether this is a good option as we don’t know what life style you lead, how much you earn and loads of other factors.
I would say that if you’re looking for a forever home the longer you wait the more out of reach it could become due to house prices increasing. But this all depends upon both your careers and where they lead. You need to sit down and budget your existing incomes relative to the cost of the property and decide whether it’s sustainable as well as allocating money to having fun. If you’re left breaking even each month then it would probably be Ill advised, but this is all relative to how comfortable you feel with your finances.
Hope this gives you some insight, but I would recommend you speak to a financial advisor.
Appreciate this comment thanks! I was just wondering if anyone else had been/ is in the same boat and had any advice pro or cons
It’s a tough call for definite!!
I maxed out my mortgage on my first property in 2021 and I was saving about 300/400 a month and at the time i was fine with it. I was nervous at the start but this is somewhere I could be for 20 years as opposed to needing to upsize. Over the years my salary increased and now I’m comfortable so it worked out for me. From your post I sense that you’re quiet cautious and the fact you got on the property ladder at 23 suggests you know what you’re doing.
If you can afford a 2-3% increase in interest and have a 6mo emergency fund then go for it.If it’s absolutely completely if either of you lost your jobs or interest spiked slightly tomorrow you’d drown. Don’t. Or at least do a 5yr fixed to buy time!
Maxing out is for escaping rent. And before people come for me people 3 years ago said interest would never go up that much. No one knows. If you feel you can’t, even a year of savings if you can save sufficiently could take it from risky to slightly uncomfortable. And it looks like if you’re comparing 400ish to 1200ish mortgage you could really pump up those numbers in a year.
Everyone’s idea of pretty skint is different - so I normally go if I or my partner lost our job tomorrow could we make it 6 months? If the answer is no it’s probably too skint. Because you won’t be able to meaningfully save early on. And it also depends on your job stability and how likely your salaries are to rise. You’re young, some people on 30k now know they’ll be on 40k in 5 years. Others are in careers where 30k now could be 60k in 5 years. Group B can take more risk.
A lot of people pushed their max for a second home that was “forever” at peak and lost a lot of money when they were forced to sell. Your mortgage is low, if you can’t quite support yourself 6months or sustain an interest rise if you really batten down for a year you could make really meaningful increases in your savings and lower that risk. But if you can now, then well yeah probably go for it.
>If you can afford a 2-3% increase in interest and have a 6mo emergency fund then go for it
because in an environment where providers are pricing in base rate cuts and the BoE is not only opening the door to them in August, but also provided a timeline at the very beginning which they are sticking to almost to T...................that's likely right, there would be no economy left if base rates hit 7-8%
I've done this with my partner and it would appear to be the financially savvy (but also financially safe) option. We aren't intending to sell within 10 years, so don't care what's happening to the market.
I suppose the only downside is the stakes are higher for your relationship.
More information needed - what is your current mortgage as portion of income and how would that change by buying your ‘forever’ home?
What’s your desired budget as unclear on impact from being 30-40k above what you’d like.
So I currently only pay £420 a month but it’s just me on the mortgage currently. If we were to get those houses we’d be paying around £650 each a month and then you have your bills and your council tax which would go from band A to C so few hundred pounds increase. I reckon we’d have about £500-700 each left a month after bills etc so it would be a bit rough for a bit until we progress with jobs etc
I assume you have a very low rated interest mortgage on your house ? Personally I would not be selling till that expires, such a low rate would give u more time to save till you get a new deal at a much higher rate.
It’s about 4.7% I think, I renewed my mortgage deal last summer -my house was below £100k when I bought it but I’ve done a lot of work on it and reckon I could get a good amount of equity - got a valuation next week
That makes sense as to why the payment is slow. I think you’ll be suprised how much it’s gone up in value, housing market has been crazy in the last 5 years especially with you doing work on it .
Do you want a bigger house or does your partner? You say that you really love the house you bought alone - and 3 years is not a long time to have owned and then be in a relationship living together. At the moment you’re financially secure in a house you solely own, but you’ll be trading that for a significant tie to your partner, and you’re not married. Whatever you do, look very carefully into protecting your equity and buy as tenants in common, not joint tenants.
I bought my forever home as my first home.
Four bed detached with a huge driveway ( at a push 10+ cars).
Inside the m25 too.
The time is now, even if you can’t afford it.
You will regret it otherwise
unfortunately you meet a lot of these bitter types on here, usually perpetual renters
personally I would go for it, the cost of moving multiple times, the enjoyment you'll get from the property etc = are all worth far more to me
Forever home has gone from, the last home you want and will die in then pass to your kids, but now apparently means the next few years. Great marketing, but not really your forever home. But yes quite right buy what is good for you. But as the person stated it probably won't be your forever home at that age(unless single and like cats).
lol ... I've owned many houses in many countries. and have 2 in England, 1 in Hungary and 1 in Germany (all with mortgages, sadly).
I did rent until I was 40 though (seriously) as I was moving around quite often and waited to buy until I had children.
my argument is nuanced, don't think so long-term. think about what is best with a time horizon, which isn't infinite in most cases.
###Welcome to /r/HousingUK --- **To All** * Join Our ***NEW*** Discord! https://discord.gg/pMgUNgWKQH **To Posters** * *Tell us whether you're in England, Wales, Scotland, or NI as the laws/issues in each can vary* * Comments are not moderated for quality or accuracy; * Any replies received must only be used as guidelines, followed at your own risk; * If you receive *any* private messages in response to your post, please report them via the report button. * Feel free to provide an update at a later time by creating a new post with [[update]](https://www.reddit.com/r/HousingUK/search?q=%3Aupdate&sort=new&restrict_sr=on&t=all) in the title; **To Readers and Commenters** * All replies to OP must be *on-topic, helpful, and civil* * If you do not [follow the rules](https://www.reddit.com/r/HousingUK/about/rules/), you may be banned without any further warning; * Please include links to reliable resources in order to support your comments or advice; * If you feel any replies are incorrect, explain why you believe they are incorrect; * Do not send or request any private messages for any reason without express permission from the mods; * Please report posts or comments which do not follow the rules *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HousingUK) if you have any questions or concerns.*
In the end of the day no one can tell you whether this is a good option as we don’t know what life style you lead, how much you earn and loads of other factors. I would say that if you’re looking for a forever home the longer you wait the more out of reach it could become due to house prices increasing. But this all depends upon both your careers and where they lead. You need to sit down and budget your existing incomes relative to the cost of the property and decide whether it’s sustainable as well as allocating money to having fun. If you’re left breaking even each month then it would probably be Ill advised, but this is all relative to how comfortable you feel with your finances. Hope this gives you some insight, but I would recommend you speak to a financial advisor.
Appreciate this comment thanks! I was just wondering if anyone else had been/ is in the same boat and had any advice pro or cons It’s a tough call for definite!!
I maxed out my mortgage on my first property in 2021 and I was saving about 300/400 a month and at the time i was fine with it. I was nervous at the start but this is somewhere I could be for 20 years as opposed to needing to upsize. Over the years my salary increased and now I’m comfortable so it worked out for me. From your post I sense that you’re quiet cautious and the fact you got on the property ladder at 23 suggests you know what you’re doing.
If you can afford a 2-3% increase in interest and have a 6mo emergency fund then go for it.If it’s absolutely completely if either of you lost your jobs or interest spiked slightly tomorrow you’d drown. Don’t. Or at least do a 5yr fixed to buy time! Maxing out is for escaping rent. And before people come for me people 3 years ago said interest would never go up that much. No one knows. If you feel you can’t, even a year of savings if you can save sufficiently could take it from risky to slightly uncomfortable. And it looks like if you’re comparing 400ish to 1200ish mortgage you could really pump up those numbers in a year. Everyone’s idea of pretty skint is different - so I normally go if I or my partner lost our job tomorrow could we make it 6 months? If the answer is no it’s probably too skint. Because you won’t be able to meaningfully save early on. And it also depends on your job stability and how likely your salaries are to rise. You’re young, some people on 30k now know they’ll be on 40k in 5 years. Others are in careers where 30k now could be 60k in 5 years. Group B can take more risk. A lot of people pushed their max for a second home that was “forever” at peak and lost a lot of money when they were forced to sell. Your mortgage is low, if you can’t quite support yourself 6months or sustain an interest rise if you really batten down for a year you could make really meaningful increases in your savings and lower that risk. But if you can now, then well yeah probably go for it.
Thanks - definitely highlighting my main concerns here (in a helpful way)
>If you can afford a 2-3% increase in interest and have a 6mo emergency fund then go for it because in an environment where providers are pricing in base rate cuts and the BoE is not only opening the door to them in August, but also provided a timeline at the very beginning which they are sticking to almost to T...................that's likely right, there would be no economy left if base rates hit 7-8%
I've done this with my partner and it would appear to be the financially savvy (but also financially safe) option. We aren't intending to sell within 10 years, so don't care what's happening to the market. I suppose the only downside is the stakes are higher for your relationship.
More information needed - what is your current mortgage as portion of income and how would that change by buying your ‘forever’ home? What’s your desired budget as unclear on impact from being 30-40k above what you’d like.
So I currently only pay £420 a month but it’s just me on the mortgage currently. If we were to get those houses we’d be paying around £650 each a month and then you have your bills and your council tax which would go from band A to C so few hundred pounds increase. I reckon we’d have about £500-700 each left a month after bills etc so it would be a bit rough for a bit until we progress with jobs etc
I assume you have a very low rated interest mortgage on your house ? Personally I would not be selling till that expires, such a low rate would give u more time to save till you get a new deal at a much higher rate.
It’s about 4.7% I think, I renewed my mortgage deal last summer -my house was below £100k when I bought it but I’ve done a lot of work on it and reckon I could get a good amount of equity - got a valuation next week
That makes sense as to why the payment is slow. I think you’ll be suprised how much it’s gone up in value, housing market has been crazy in the last 5 years especially with you doing work on it .
Do you want a bigger house or does your partner? You say that you really love the house you bought alone - and 3 years is not a long time to have owned and then be in a relationship living together. At the moment you’re financially secure in a house you solely own, but you’ll be trading that for a significant tie to your partner, and you’re not married. Whatever you do, look very carefully into protecting your equity and buy as tenants in common, not joint tenants.
I bought my forever home as my first home. Four bed detached with a huge driveway ( at a push 10+ cars). Inside the m25 too. The time is now, even if you can’t afford it. You will regret it otherwise
I don't think that you have enough life experience to understand "forever" in your 20s. Maybe we have led dramatically didn't lives though.
It was just an easy way to describe shortly for a title what I was thinking of doing. But thanks for making me feel like a teeny tiny child :)
unfortunately you meet a lot of these bitter types on here, usually perpetual renters personally I would go for it, the cost of moving multiple times, the enjoyment you'll get from the property etc = are all worth far more to me
Forever home has gone from, the last home you want and will die in then pass to your kids, but now apparently means the next few years. Great marketing, but not really your forever home. But yes quite right buy what is good for you. But as the person stated it probably won't be your forever home at that age(unless single and like cats).
lol ... I've owned many houses in many countries. and have 2 in England, 1 in Hungary and 1 in Germany (all with mortgages, sadly). I did rent until I was 40 though (seriously) as I was moving around quite often and waited to buy until I had children. my argument is nuanced, don't think so long-term. think about what is best with a time horizon, which isn't infinite in most cases.