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Can we afford the house we're buying?

(19 Posts)
CottonGrass Thu 16-Jun-16 19:24:48

DP and I are due to complete on our first house in just over a week. I'm so worried about money. I've calculated our income and expected out goings again and again, and have been reassured by DP and his parents, but I'm still scared...

Does a total income (after tax) of £2700 to £3100 / month sound like an okay amount for a small two bed house? The mortgage repayments would be just under £500 and we don't have children.

I just need reassurance if you can give it...

Just5minswithDacre Thu 16-Jun-16 19:27:10

That sounds fine to me; quite comfortable, in fact.

divafever99 Thu 16-Jun-16 19:28:25

You will be fine. Congratulations on your first house flowers

imjessie Thu 16-Jun-16 19:30:37

Sounds fine . Cheap in fact . The thing you need to think about is if you want children and can you afford it on one income or taking childcare into consideration . Either way you wouldn't be able to rent here for that and you have a decent income .

Flanderspigeonmurderer Thu 16-Jun-16 19:30:43

That is plenty, trust the mortgage company, if they have done their job then they should be sure you can afford it.

bakingaddict Thu 16-Jun-16 19:33:41

It's roughly 1/6th or less than 20% of your income. That's quite a nice position to be in. What's the difference in price in your area between this house and a 3 bedder. You could even go a bit higher if possible as once you start a family you may have to factor in another house move as your family expands

specialsubject Thu 16-Jun-16 20:18:50

Sounds OK. Concentrate on building up that six month cushion of expenses once you are in.

WorldsBiggestGrotbag Thu 16-Jun-16 20:20:20

We have £3100 coming in, have 2 children and rent is £750. We run 2 cars and live pretty comfortably. We put £400 away a month in savings.

Bearbehind Thu 16-Jun-16 20:33:28

Look at it another way- how much would it cost you to rent somewhere together?

I bet it's more than £500 a month and at least this will be your own one day,

cozietoesie Thu 16-Jun-16 20:51:55

It sounds fine - but I second what a PP said. Don't relax into spending up to your income if you find you have more than you need. Build up that cushion of savings.

(And remember that you'll almost certainly have a number of initial expenses to fund - even apart from the legal things.)

BumWad Thu 16-Jun-16 21:12:57

That is a very good amount don't panic

annielostit Thu 16-Jun-16 21:54:02

You'll be fine, enjoy your new home together.☺
Our approx month bills are £500 without mortgage that include full sky broadband, insurance, council,water gas & electric. Plus specs & dentist ins.

annielostit Thu 16-Jun-16 21:55:20

Mortgage is £1300 (but only 7 months left)😃

CottonGrass Fri 17-Jun-16 18:01:29

Thank you everyone. This was just what I needed.

Special and Cozie: We'll definitely keep on saving as a safety net. smile

Thanks again everyone! flowers

MeInHoney86 Fri 17-Jun-16 18:17:32

Very similar to our income but our mortgage is 650pm. We save around 700 a month on a good month, run one car and dont live massively frugally.

CountryLovingGirl Fri 17-Jun-16 21:33:48

Sounds ok to me. Congratulations!

FoxyLoxy123 Sun 19-Jun-16 09:16:10

Sounds lovely! Our mortgage is double and our income is not..!

Emma4991 Tue 21-Jun-16 17:33:34

I used to live alone on 1100 a month and had repayments of 300 a month and still managed to save up for a holiday abroad each year and occasional nights out x

JoJoSM2 Wed 22-Jun-16 20:00:55

It looks like after you've added up all your housing costs+commuting+food, your disposable income will prolly be 50%+ of your take home pay, which is loads. So a low mortgage considering your income ;)

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