We can't afford to live together and have children

Durban

I haven't read all of this but why not fix for 10 years?
Problem of 10 percent interest rate in future solved.

peachyprice

parking_question_chap wrote: »

Which is.........

Erm, getting his self into such a state that her won't buy a house because he's too frightened of what might or might not happen? That's a long way beyond being sensible.

peachyprice

Durban wrote: »

I haven't read all of this but why not fix for 10 years?
Problem of 10 percent interest rate in future solved.

Because what will happen after those 10 years when OP is still on minimum wage and interests rates might be 15%

fairy_lights

At this rate OP's kids will have grown up and left home themselves before he gets on the property ladder.

gettingtheresometime

parking_question_chap wrote: »

Which is.........

Having, as my dear old mum would say, a plaster for every sore

beautiful_ravens

Op should definitely rent for a bit, as I said p-ages ago. It would be a good test in every way, but so much less complicated than buying.
Letting go of the house buying idea will just be life lesson number one for the pair.

balletshoes

JPB156 wrote: »

It would be 600 for first 5 years but would quickly double if interest rates return to more normal levels

Can I join the queue of people giving you a good shake OP? More normal levels? As others on this thread have already pointed out, the "norm" for the last 8 years has been pretty much what you'd be starting out paying.
We've had our mortgage for 13 years, we didn't start off, or have since, paid double what we are paying now. At the very most, it went to about £150 a month more than we currently pay. You cut your cloth, and tighten your belts if you need to - just as you do if theres an unexpected bill, or the car needs repairs one month. This is no different.

Yes its a big leap of faith, but as many many folk have already said on this thread, no-one - NO-ONE - knows what may or may not happen with mortgage interest rates, or anything else, in 30 years time.

If you're had an agreement in principle from a mortgage company, you can afford the house, and you can afford the house if the interest rates rise a bit. Thats all the assurance anyone can give you, now, tomorrow, in 5 years, 10 years, 30 years time.

cte1111

JPB156 wrote: »

Doing a budget as accurate as we can says we can squeeze mortgage to about 1100 but so why do they say it shout be 40% max

The '40% max' ideal is to allow for possible changes, so if interest rates do rise, or other circumstances change, then you have some comfort room.

I can understand your anxiety, as you have looked at a possible scenario where you might struggle, but there is always going to be a chance that you could end up in financial trouble, whatever you do.

I think you need to leave the thread for now, have a good night's sleep and have a chat with a trusted friend or family member tomorrow. You and your partner have obviously worked hard to save a good deposit, you've both got what sound like stable jobs and families that care about you. You've got a lot to celebrate.

JPB156

My ambition in my job is irrelevant, working up doesn't pay much more I know it's weird but that's how it is I've looked into it and I've looked at changing career and anything that pays more requires different skills to the ones I have gained. I will keep looking for it but I cannot base the decision on the assumption it will happen

Hermia

JPB156 wrote: »

My ambition in my job is irrelevant, working up doesn't pay much more I know it's weird but that's how it is I've looked into it and I've looked at changing career and anything that pays more requires different skills to the ones I have gained. I will keep looking for it but I cannot base the decision on the assumption it will happen

You really do need to get a bit more of a positive attitude to life! Many people change career in life for many different reasons. These days very few people will be in one job for their whole career. You can also do bits and pieces on the side (ebay, blogging, hobby-related careers). They may only bring in a small amount, but will allow you to pay off a mortgage sooner. I know plenty of people who do things like that these days.