House or Baby, we can't do both!

Kyrae

Hmm you earn £2600 a month between you (if thats after tax?)... take £900 off for mortgage, and £550 for bills... that leaves £1150 a month. What's the rest of this money getting spent on?

If you don't mind using second hand stuff you can probably pick up some things on freecycle, as well as friends and family, carboot sales, etc it need not be very expensive if you're careful with the spending

arbroath_lass

Can you imagine, when you and OH are old, telling him you wished you'd bought a house instead of having family?

surreybased

Hi,

If you want children - go for it now - don't wait. It is very possible to have children in our 30's & 40's but it can take longer. It would be awful to get the house, wait for savings and then then find fertility issues.

Childcare is expensive but it doesn't last forever.

Teens are more expensive and you feel like you're paying out childcare costs again.

ingy2010

Thank you all for your kind words
well for the mortgage , my hubby is 47 this year so can't do very long term mortgage....we only have 10% deposit £13K so can't find an interest only mortgage, only repayment available The.insurance is quite high too If any of you know of an interest only mortgage with 10% deposit I am very interested!

firesidemaid

what is the insurance for exactly? have you used a broker?

look closely at the terms and conditions of the insurance and likely payouts to see if it is a good deal. do either of you have pensions (with life insurance) with your employers?

do some lenders allow mortgages up to 70?

inmypocketnottheirs

Have the baby. You can buy a house anytime. And why do you think you have to buy. It's not compulsory.

DaisyDaydream_2

Go for the baby!! And if you can avoid getting an interest only mortgage - do! You only end up having to save at a later date to pay the lump sum you've borrowed.

Running_Horse

You can buy a house in five or ten years time.

Can you have a baby in five or ten years time?

sp1987

Have a baby. Having a home is the priority, not owning it.

Both of you want a child. Start trying. You'll regret it if you don't. You may need the time to concieve as it doesn't often happen immediately.

Your child might end up buying you a house one day, your house won't source you a baby! You may even inherit one one day, you won't inherit a baby!

Life is too short to piddle around with material possessions as really the only thing important is those you care about. Once you have had your child and it is in school you can fuss about fitting in jobs/starting a business/whatever you need to finance a home.

Fire_Fox

ingy2010 wrote: »

What would you do? Have a baby or buy a house? My husband and I earn £2600 month between the 2 of us. My wages are £1100. We have been quoted mortgages with payments of £900 pmc including insurance for a £120K morgtage (we live in the South East and we'll have a 10% deposit for a 2 bed house. Our bills are £550 pcm. Now we do want a family. We have been together for 13 years and think time is no longer on our side. I am in my 30s and hubby in his 40s.We have established that we can't afford a baby and a house. We looked into child care and the creche would cost £650 pcm minimum. We have no family nearby, we're on our own. It breaks our hearts. My husband is depressed. He wants a child and so do I. We want and need the security of a home too. What do we do? Anyone with spare £100k? No seriously, I really don't know what to do. I am usually a positive person but this is putting me down.:(

I say relocate north too, I did in 2006 and haven't regretted it for a second as I now own my own flat outright, couldn't have had a shoebox in the south. You don't have to quit your jobs just move once one of you has found work - you should be able to afford to live in a flat for a few months while the second one gets a job. Start now both applying for every vacancy that comes up in your industries, sending out great stacks of CVs and covering letters on spec. If a baby is really what you want then take action, make that a priority. By staying put you are making work a priority whether you mean to or not.

As you are married, once one of you finds work it is quite reasonable for the other to quit their job to relocate, so you *should* be entitled to CB-JSA for six months which gives you a little more breathing space financially. I claimed JSA for three weeks when I moved here - I had to quit my job as was being evicted (no fault) from my rented home and took the chance to move nearer family - the benefits office do consider circumstances.

Which bills add up to £550 a month?? :eek: That is £6.5K a year, there are entire families living on £4K after rent/ mortgage and council tax are paid. See the thread on the DFW board for inspiration ('Live on £4K for a year') and also anything written by Weezl74 (especially 'Eat Healthily on 50p per day').