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Is 150k a large mortgage?

(80 Posts)
julesjam Thu 11-Apr-13 15:07:19

...for a 4/5 bed house in Scotland, garden, garage, 2 recep etc. worth around 250k

Payments would be around 600/month. We're lucky to have a small mortgage atm because we bought about 8 years ago, so have a lot of equity in the current property, but increasing to 150k would more or less double our payments.

Is this reasonable? I'm trying to convince DH that it's doable but I think he's a bit shock. Am I, in fact, deluding myself??

Lavenderandlimes Thu 16-May-13 12:54:03

You need to work out if you can afford it if
*you go to one salary (illness job loss)
*that you can afford the repayments when the interest rates return to normal in 5 years....

peteypiranha Sat 08-Jun-13 00:21:34

150k is a small mortgage imo

MadeOfStarDust Sat 08-Jun-13 17:04:08

Is that an interest only mortgage? - how would you pay back capital? - can you even get an interest only mortgage of that size ?

olivo Sat 08-Jun-13 19:22:55

Not to us, ours is £350 k. But it depends how many years you have put it over, and how much you bring home.

olivo Sat 08-Jun-13 19:23:44

Oh, also, they way we see it is the proportion it is, versus the proportion of the house that actually belongs to you.

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