How much would you stretch

getmore4less

You could easily double that and still have loads of cashflow left over
If you go with the example earlier £315k over 23 years 1.8% £1348pm
In 5 years you would have paid off £55k that's like a bit a bit over £900pm savings

The nice thing about having an upper limit that if more than you might need you can look for something you want at a wide range of prices and might not need to compromise so much.

say 5year plan,
if you carried on saving £1kpm == £85k in the bank,
mortgage £1,500  term down to 21y and payed  of £65k 

Still leaves £1,500pm to live off and do stuff.

if you found a place for say £250k mortgage, term around 16 years and £70k paid off in 5years. 


Another option is to look at your 40% tax and see if you would be better off putting some more  in extra pension for the long term Reduce the current rate now you have a decent emergency fund just keep it topped up.

fred246

I don't know what you are trying to achieve by moving. I always think it's a good exercise to write down what you want and what you don't want from your new house. There's no point overstretching unless you need to.

fred246

I have got a largish family house for our family. We will downsize when able. I have a friend who went to university with me who lives on her own in a bigger house than ours. Worth well over £1m. I can't get my head round why a single person on their own would want such a property. Intrigues me.

getmore4less

More money does not have to mean bigger house.

I cheated its a relocation not a local move where you need to find something better or not bother.

You need to do both,
Work out what you can afford 
Work out what you want.

Redwino222

Fred, single people can live in big houses🙂.  Maybe she just fell in love with it and could afford it so went for it?  Lucky her.

i hate the presumption that certain houses or cars are for families.

but back to me.  I am moving for location, but do want a decent sized house.  Two reception rooms, at least three bedrooms, a decent garden and a garage.  

I have spent so much time alone in my house over lockdown, I might burn it to the ground when this is over🤣.  I need a decent sized home office because it is likely I will continue to work one or two days From home.

Thrugelmir

Turn the question around. How much do you need to spend on a property that appeals to you. A browse on Rightmove is all you need to do. Anybody can spend up to their limit for the sake of it. Buy a home not an investment. 

IAMIAM

This is interesting as I was having a conversation about this with a friend who was in a similar situation.
They were due to stretch themselves to the max, but when I suggested they have a family mentality which I didn't really agree with, they didn't seem to understand my thought process.
I especially wonder why single, no children people stretch themselves to the limit and then focus on paying off a mortgage, with ultimately no one to inherit anything and all assets going to no next of kin, instead just shared with siblings at best. I would focus on living comfortably with no stretch and maximise income/pension and thus life a 'nicer' lifestyle in the present moment and have a much bigger pension to look forward to and have more day to day cash in the bank...

Redwino222

Sorry, I don’t think I have articulated my question very well.  I was really thinking how far to go, not asking should I absolutely max out.

i am a little puzzled by the attitudes for a couple to single folk.  We can still live in lovely houses, even though we live alone and don’t have children to leave the house to.  It’s all a bit depressing when you see how some regard us.

I am of course buying a home and not an investment.  

Thank all for talking (typing!) this through with me.  I think £300k will be my upper limit.  I can rattle around in it like miss haverhsam 🤣😂🤣

fred246

I think it's perfectly reasonable for a lady to have as large a house as she desires as long as she has enough staff.

getmore4less

Don't worry about the you don't need a big place people.

Nothing wrong with having plenty of space to rattle around in and not have to squeeze into a place.

Without a couple of kids leaching you dry for 20 years  you can afford the house the lifestyle and the pension.

With WFH becoming more the norm, the number of spaces needed goes up.
Bedroom, spare room(s) for guests, dressing room, workspace, hobby space. 

On top of those decent sized living spaces,
Good drive and garage, room for a shed if not a double garage.

Min decent place for a solo is a older 3 bed with decent sized rooms, more modern places need a 4 bed to get the downstairs space right, even then a integral garage downstairs can be a squeeze.