hello everyone
we've been looking at buying a house recently and need to make our final offer tomorrow.
i've done our sums about a hundred times and although it will be tight, i think we can afford the large increase in the mortgage, without being overextended.
i think of myself as risk averse when it comes to debt (v. low mortgage atm compared to income, only have one credit card, cleared every month), so i've been wondering if i'm way off the mark thinking we won't be overextended if we move.
The new mortgage will be 2.52 times our joint gross salaries and the monthly repayment will amount to 35% of our net monthly salaries.
while i don't think that is low, i don't think it would constitute a silly amount either. mortgage cos certainly seem prepared to lend us more if we want it - i don't!
does that seem wildly imprudent, about right, or boringly, accountant-ly cautious to people?
i'd be grateful for any views on this. no need to mention actual numbers if you are shy about it (i am!), the proportions would be more useful in any case if people are willing to disclose them.
thank you all so much!
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34 replies
bossykate · 09/03/2004 12:59
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