Well, I’ve just embarked on the road to the biggest debt I’m ever likely to get – we’re currently looking for a house for me and the family, and after only our second property viewing, we’ve put in our first offer. We offered £20,000 under the asking price, and unsurprisingly got an immediate knock back. But we’ve now upped the offer by £5,000 (and we’re really at the maximum we can go up to), and the seller is currently considering their next move.
Having done some research into the mortgage we will need for our house, it doesn’t come as much as a shock that us Brits spend half of our earnings on paying the mortgage.
As this is the first time I’ve bought a house, I’m hoping that it will provide me with more knowledge about mortgage and the costs of buying a home. I’m already dreading the total bill that will come from all the various fees that have to be paid, as well as stamp duty, and that’s before we’ve even embarked on trying to manage the repayments each month.