New home buyer, plans drawn up and I thought we'd be built by last Christmas but yet to start - the typical scenario!
Possibly overthinking things, but nervous about the size of our mortgage. We'd originally hoped to end up with a mortgage of $600k ($300k for the land, up to $300k) for the build but our house design (which we thought was simple and modest) has suddenly blown out and we're facing a $700k mortgage at the end of the day. (Frustrating, but feels almost unavoidable with current house prices unless you've got inheritance or are already in the market) The house will provide enough space for us with 3 bedrooms and a study so it should be future proof, but the mortgage looks like it will end up eating up all of one of our incomes leaving about $3500 for all our other expenses and savings per month. Obviously this presents a problem if we decide to have children, although we can rely somewhat on maternity leave pay.
I've figured out that we are just paying under a third of our gross income on our mortgage, but hoping to get some guidance into whether we're in a danger zone or whether I'm overthinking things.