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Should I borrow more or less?

Me and my partner are first time buyers. We may or may not have to move for work in a few years time. We are trying to decide whether to buy a smaller property now or whether it's worth stretching ourselves a bit and buying a bigger property to save us moving a few years down the line if we don't need to. Could anyone offer advice or point me in the right direction if this has already been covered (I couldn't find anything when I searched but there were a lot of results). Thanks.

Comments

  • maximoose94
    maximoose94 Posts: 48 Forumite
    10 Posts First Anniversary
    Completely down to you. There's no right or wrong answer. 
    Could you afford a bigger mortgage if it was available? Do you have stable jobs? 
  • Sistergold
    Sistergold Posts: 2,136 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    you could stretch yourself but not too far since you are not sure. So something not so big but big enough to stay in middle to long term. An example will be a bigger house in not the best suburb in your chosen town.
    hope that helps
    Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
    Mortgage start date first week of July 2019,
    Mortgage term 23yrs(end of June 2042🙇🏽♀️), 
    Target is to pay it off in 10years(by 2030🥳). 
    MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
    £12K in 2021 #54 (in 2020 #148)
    MFiT-T6#27
    To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
    Am a single mom of 4. 
    Do not wait to buy a property, Buy a property and wait. 🤓
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