FTB Advice

bouicca21

In my day 30 year mortgages were very unusual.  Now they are commonplace.  Of course rates might go up - I’m a veteran of Thatcher’s 16%. If and when they do, you somehow manage, but you can insulate yourself by getting a long term fix, plus the likelihood is that your income will gradually go up, insulating you still further.

And it is generally reckoned that people move every 5 or so years, so maybe you should be thinking medium term rather than at the full 30 years. 

Gycraig

With respect to the older generation a lot haven’t bought houses in the current climate. I would love to buy a house with a nice cheap mortgage over 25 years like my parents did. It’s not the reality of things today. 

I had all sort of “advice” from older relatives “wouldn’t you rather get a 3 bed” “it’s a lot of money for what your getting”

do what you think is best and stand by your choice. Otherwise you could get 5 years down the line this property has doubled in price and your angry at your parents. 

Your an adult make your own decision. No one else knows your finances your motivation and what you need / want. My mortgage is 450 which was a lot when I bought it now next door pay 800 to rent there’s