Family of three, a bit lost

[Blue Manna]

16 hours ago, Parley said:

Must say i  am surprised any bank is willing to provide a 30 year mortgage which won't be paid off until the borrower is 83.

Don't they quiz you on how you will meet the repayments after retirement. I'm sure they don't think you will be teaching in your 80s.

Assuming they have enough collateral in the house, house prices generally go up over time, so I can't see much risk for the bank. As long as they can make the payments. If their situation changes they can always sell. Probably less risky for the bank than lending to a first time buyer on 5% deposit.

[InnerVoice]

23 hours ago, Parley said:

Must say i  am surprised any bank is willing to provide a 30 year mortgage which won't be paid off until the borrower is 83.

Don't they quiz you on how you will meet the repayments after retirement. I'm sure they don't think you will be teaching in your 80s.

I have to admit that I raised my own eyebrows when I saw how much they were prepared to lend me, and how easy it was. I know it would've been a lot harder in the UK, and the terms would also have been a lot less favourable. However, my deposit was 40% of the property value and if I got hit by a bus tomorrow there's enough in my pensions to pay it off, so they're pretty safe. And yes, they do ask you how you will meet your repayments in retirement and required evidence of that, from what I recall.

[InnerVoice]

On 14/10/2023 at 10:23, 123Family said:

I think a move could make up happy, just need to get my head straight with finances. I go from thinking, no, just stay and keep earning the higher salary and just making the UK a holiday destination to flipping to no, actually Ben, just try to sort out finances first and move.

I've spent a bit of time reading lots of stories on this website. Wonder if all the people fully settled when they moved back. Maybe people settle and then don't write anymore. Hard to know what the right thing to do is. Stay or go. Go or stay. Do you think, on balance, people who feel like this, in a similar situation should always act on it?

Hi again Ben, it's good to get different perspectives but I wouldn't put too much stock into other people's experiences. It's yours and your family's lives you need to consider, and you're unique.

I'm sure you've found many posts from people who've felt really homesick for the UK, and in that situation no matter what they do over here to make life more comfortable it isn't going to help. They are missing that feeling of truly belonging that only returning 'home' can bring. I think the title of your post "a bit lost" really sums up where you are in that you're feeling ambivalent at the moment, and not quite sure what to do for the best. I returned to the UK in 2008 and I loved being back at first, but after a couple of years I really couldn't settle - I absolutely hated the British winters. A good friend of mine suggested making a two-column list; 'reasons to stay in the UK on one side' and 'reasons to return to Australia on the other'. I did exactly that and Australia won 9-3. None of the reasons to stay in the UK were real deal-breakers, so back to Australia I came. That's 12 years ago and there are times when I still feel a little homesick as I'm sure most people do, although it tends to be for things that no longer exist in my world, like family Christmases and Friday night pub-crawls with the lads. They are now just fond memories of yesteryear, and wouldn't be a reality of my life if I ever returned.

I think you've realized that you need a plan, and that is half the battle so you end up making decisions proactively and not reactively. On a practical note, if you did decide to return to the UK then I would've thought that you'd want to do it before you lad starts secondary school, but that gives you a good 3 years to put it all into place.