Buy or wait
Hi all,
I currently rent a 2 bed terraced for 900£ with a kid and partner in England.
I was looking for a 3bed detached which will come with a 1600£ morgage (see edit). I have 10% deposit with another 15k left for solicitors and emergency funds.
Current salaries are 63k and 26k.
If we move to a rented 3B detached it will be in the range 1300/1600£pm. So I am thinking of staying here until circumstances change and we need to move.
We are not in a rush to buy as the 2 bed terraced is still enough, but the 3B detached house is in the location we wanted.
Should we go for it? Is it better to wait till rates drop again as it's 900£ vs 1600£?
EDIT: We did go to view the 3B house and we liked it and we were thinking of making an offer. I checked affordability and it's fine on our side.