Regret buying house or just irrational thinking?

ReadySteadyPop

Sim1N said:

RHemmings said:

Sim1N said:

I really appreciate everyone’s comment it’s made me feel less alone. I’m quite tearful that people have taken their time to read and respond to me.

We are fortunate that we have decent paid jobs (we are not wealthy or privileged in any sense, just normal working class backgrounds) most people wouldn’t be able to buy a 3 bed semi for their first house specially in the current financial climate. I think something that is niggling at us is that if we had spent £40k-£50k more we would have had a house we could have just moved straight in to. But the location might not have been as good. We could have borrowed a lot more affordability wise than we have (we’ve borrowed around £120k less than the mortgage providers were offering!) and decided not to as we didn’t want sky high repayments and no free money to do enjoyable things to have that balance, so I would like to think we have been sensible in our borrowing. But there’s just that thought in our heads of “we could have spent more and not had the hassle”

Remember that if you borrow £40-50k more, then the amount you pay in total is increased by more than £40-50k. Depending on other numbers defining your mortgage, the potentially hundreds of pounds extra per month on the mortgage would pay for a lot of cleaning, or a professional tradesperson per month. (I'm not saying that a cleaner isn't a tradesperson, but they cost a lot less than plumbers and electricians, which is why I split the classification.) 

Yes you are right, cos it ends up being a lot more than that with the interest over the mortgage term. Never thought to think of it like that

This is something people really need to think about properly before jumping in, and also take account of possible future interest rate hikes.