Our attempt at being MF!!

CathT

Thinking of your colleague Michelle.

Well here is an update! Viewed house again yesterday and of course it is still wonderful so we signed up for the same agent to sell our house. The fee we paid can be used against securing the plot once we have a firm offer on our house and is refundable at any time. They will be in touch over the weekend so we have a bit of time to get the house ready for photos.

BUT..........

Shortly after we did this DH's boss phoned him to say that he now has to work extra hours taking him to 48 hours a week :eek: which involves working an extra day (he applied for flexible working and has 3 days off at the moment) and I'm not sure we can afford the new mortgage and extra nursery expenses and an extra days petrol I could be blowing it out of proportion as I do overdramatise things at times! It just really spolied what had been an exctiting afternoon. Added to this I think DH will now look for a new job which stresses me out as he only ever works somewhere for a few years max

It all just emphasised to me why I have been OP the mortgage so we are not ruled by our mortgage so much and can be a bit more flexible over work choice. DH in work till 7pm so we can't discuss anything till tonight.

I really think we should cancel what is happening with the new house to reduce the stress. Any thoughts/advice????

gallygirl

If the extra days nursery fees and petrol is enough to tip you over the edge then I'm afraid I think you were too tight on your budget and should not go ahead anyway. Sorry, I know it's probably not what you want to hear - but there is a very big difference between choosing to commit all spare money to mortgage OP's and having to commit the same amount to living costs. If something went wrong then in the former scenario there is room for manouvere - but none with the latter. Sorry hon

CathT

Thanks for the sound advice gallygirl. Problem with moving was the probability of extending mortgage back from 19 to 25 years (mortgage repayment would be the same) and then overpaying but OP's would have less impact than they do on current mortgage and obviously a rate rise would hit us harder. I think we would have had around £600 left over each month after all outgoings and OP's would have come out of that. I just feel if you take off £100 for extra nursery and fuel costs that's quite a big proportion.

If we stay here we do need to get some home improvements done (new boiler is top of the list which will result in needing a new kitchen due to location of current boiler).

I am feeling quite stressed out by it all tbh. Whole idea of the MF dream was to take pressure off DH's job and allow him to work less.

I feel we should stay, despite the fact that in the long run we will spend more on home improvements than we would on the increase in mortgage. Bright side is you don't pay interest on those costs (we would save rather than borrow).

Have I possibly answered my own question?

taxi73

I'm afraid I agree with Gallygirl here..if the budget doesn't stretch to another days nursery fees and extra fuel then it's too tight.Also what happens if you have to go on maternity leave.

Pennypincher2

Hi
When we moved last year we only had 6 years left on our current mortgage but we needed to move - space, neighbours etc. We had to extend the term of our mortgage to 11 years which felt dreadful because we want it finished. Now we are trying to overpay and shave off two years and I am so glad we moved. It is scary. I woke up in my new home and said if we have to we can have a lodger or if one of us becomes ill we can move!!! Extend your term so your outgoings are the same as now, let all the bills settle down, save a bit and once you have been there a year start overpaying. And you can always fix your mortgage so you know what is coming and over pay or save the extra.

Your husband does work long hours but increasing by one day means he works 5 days a week rather than 4 - it is tough working 48 hours a week but it will all work out.

If you don't do it now you will do it in a couple of years time and it will still be scary. Also if your house doesn't sell it is not meant to be, so go with the flow and make a proper decision when you can and if you can. I agree with everything all else have said and would add, if you get a feeling in your left kidney it is right, do it and if you kind of know it is too much to move and too much debt and the timing is rubbish then it will all come round again and next time it will be better... x

CathT

Thanks taxi and Pennypincher.

You know what, I think I could sit here and totally justify reasons to move and reasons to stay.....but we will stay.

I am newly qualified in my job and my salary will rise well each year and hopefully I will gain promotion in the future and salary will increase significantly. Maybe we could do the move then? Or do the home improvements we want to let us love this house the way we used to.

We have no NEED to move, simply a desire and that doesn't make it necessary does it.

DH has just phoned me moaning about work and i told him my thoughts, he agrees and is going to cancel the process we have started. Am looking forward to my cheque being returned!

The bonus is i can set myself some fabulous targets for 2011 and really attack the mortgage. Can also get back on TTC plans as they were on hold with the intended move.

I guess if i look at it as 'the house was never mine anyway' it doesn't really matter

I do appreciate your input, an impartial perspective always helps me see things clearly, so thank you :A

taxi73

For what it's worth I think you've made the right deciscion as in another few years you'll be in a better position if you want to move then.

CathT

Thank you, actually feel very positive about staying. Just need to stay off rightmove now!!

Caroline73_2

I think that's the right decision Cath.

I know how difficult it is stay off rightmove. We are aiming for next summer to start the house moving process but I can't help looking!

CathT

Hi Caroline,

I think so too. I actually feel very happy I have made the right decision. More secure iykwim. I doubt we would have sold anyway so all I have done is saved us expense, stress and a disruptive christmas.
Hope you find the right house when you decide to move.