| Comment | That is really the danger there, my folks were very comfortable for most of my youth, but it led to them being very spendy and so now the income isn't there, they have experienced a real drop in lifestyle. It's really important to keep a reality check whenever you are buying something big like a house or a car, keep in mind what you actually need and not just what you fancy.
Doesn't really help when you go to a mortgage advisor and they say "well, on your salary you could potentially be approved for a mortgage for £18m (I've gone for an exaggerated example)" which makes you think you can afford more than you think you can and end up really hurting with a mortgage you can't really afford. Really try and pull things back to how much you will actually end up paying a month and decide whether that's affordable. We went for something at the lower end of our budget that ticked the boxes (garden for a dog, spare room, close to a train station) and really thankful now given the impanding interest situation. |
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