Can't decide what to do!

PaulaB77

My OH and I have a combined income of around £50K, £2200 each in a Help to Buy ISA and £9K in other savings but also a £5K loan.
Looking at houses up to 130K.
Can't decide whether to start looking now/a few months , we are saving around £1300 a month, or open up Lifetime ISAs and wait a year, potentially getting up to £5K bonus between now and next April on £20K savings, if I have that correct, meaning we'd have a 20% deposit as opposed to 10% and get more bonus money than we would from the Help to Buy ISAs.
My main concern being house prices and interest rates going up in the next year, but my understanding that this is impossible to predict. There are a number of nice houses in my area ATM at good prices which are tempting me and we are potentially looking to have another child in the next year so by next April I might potentially be on maternity leave.
Any thoughts? Thanks.

Windofchange

If you can get what you want now, then I'd say go for it. Trying to time the housing market is both impossible, and of little point anyway - if you are going to be staying put for a while then any short term corrections will iron out over the mid to long term. I personally don't think that interest rates are going to shift from where they are, and if they do, maybe by a quarter. The child thing is also a consideration - your spending power may be significantly reduced if you have a baby!

Personally, if there are properties there now that you love and the numbers work, I'd get on it.

Thrugelmir

PaulaB77 wrote: »

My main concern being house prices and interest rates going up in the next year,

An increase an interest rates would put downward pressure on house prices. Focus on what you can control, i.e. the amount you are saving. Clear the loan. Then you'll be in a good place whatever you decide to do.