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When we were looking we were getting pushed hard to 'just up your budget! you qualify for more than you're looking at!'
So glad we stuck to a mortgage thats ~3x joint income rather than the 4-5 we were being told we 'could' afford.
rogan-
When we were looking we were getting pushed hard to 'just up your budget! you qualify for more than you're looking at!'
We had exactly the same experience, and ended up doing exactly what you did which we think should at least mitigate the stress/pressure if things do go awry.
I know you should be grown-up enough to make an informed decision when buying a house, but I do wonder how those that have been encouraged to stretch to the top of their budgets will manage when the first mortgage deal runs out.
tonylast
I've said on this thread before but I bought in 2007. A year later my house was worth about 65% what I paid. Luckily i'd got a bloody good mortgage and held on until last year when the mega everything bubble meant I actually sold it for a decent profit. I was saved by the massive drop in interest rates but I spent many a night wishing I had held out a year as I looked at all the nicer places I could of afforded.
This time people choking up on 10+ times earnings debt aren't going to be so lucky when Rates are forced up so i'd much rather be holding a lot of £ than buying into mass debt right now.