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Original poster

Would it be a bad idea to consider a mortgage this size?

30 replies

Chocolatecheeks111 · 03/02/2019 18:08

Live in NW

Work centrally and would require a town that I can commute to using my car which I require for my job as a health visitor!

No children, few outcomes (both own our cars and reasonable phone bills etc)

Joint income £58,000... And considering a 35 year mortgage of £210,000 .. hoping to put a 15% deposit down.

This would be our first owned house and it's all new to us! Not sure if we would be over stretching ourselves!

If anyone has any recommendations for mortgage advisors I would also appreciate it.... hoping to arrange a meeting with one over the next couple of months!

OP posts:
Hels20 · 03/02/2019 18:12

Yes - when we bought our house in London - we were leveraged 6 times.
Remember your salaries are very likely to go up!

ajandjjmum · 03/02/2019 18:15

I would do it, but would pay the little extra to get a fixed rate for 5 years. Although it would cost more, it's well worth it for certainty over a potentially bumpy time.

TrickyKid · 03/02/2019 18:17

Yes I would. We maxed with ours, a few years of money being right but wages go up and mortgages go down.

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Lazypuppy · 03/02/2019 18:22

Our current mortage started at £204,000, next house we are looking at a mortgage of £300k.

Joint income is £60,000.

I never look at total figure, if we can afford the monthly repayment, plus a bit more for if/when interest rates go up then we'd go for it

blueskiespls · 03/02/2019 18:40

@Chocolatecheeks111 you can't really decide properly until you have an idea of monthly repayment surely? When you've been given a 'quote' so to speak, then look at it and ask yourself if you could afford repayments if interest rates went up etc... and decide how long you would want to fix for.

PickAChew · 03/02/2019 18:44

Look at the repayments and work out if you could afford them if one of you became ill or were made redundant.

Original poster
Chocolatecheeks111 · 03/02/2019 18:46

Thank you for your responses so far!

Initial payments would be circa £720 And then would go up to £950 after the fixed rate period... (my initial quote was for a fixed period of 5years)

OP posts:
Neverunderfed · 03/02/2019 18:46

It would be too much for me, buy everyone has different comfort zones

Bombardier25966 · 03/02/2019 18:51

Interest rates are very low at present. Could you afford it if they went up to 6% in five years time?

Could you afford it if one of you lost your job, became disabled, if you have a child?

Do your careers have set progression? For those saying wages go up, average wages in the North and Midlands are lower in real terms than they were in 2010.

ScarletPower · 03/02/2019 18:52

No advice on the affordability without seeing any figures but I can recommend L&C mortgages. You'll have to google a number. Good luck

LampHat · 03/02/2019 18:54

When your fixed rate ends you just get a new deal, you can normally ignore the rate it reverts to. (It’s unlikely to be the same in 5 years anyway.) I’d say go for it.

TheBigBangRocks · 03/02/2019 18:54

Could you afford it if you had children or your DH left you? If not, then it's too high.

TokyoSushi · 03/02/2019 18:57

If you're in the NW I know an excellent mortgage advisor, he sorted out our bigger than your mortgage in less than a day! I can PM you!

Original poster
Chocolatecheeks111 · 03/02/2019 19:08

Amazing thank you tokyo please pm me!

OP posts:
Comeonchameleon · 03/02/2019 19:13

You need to fill out a proper affordability calculator

Treacletoots · 03/02/2019 19:16

Forget 6% interest rates. In my mortgage paying life I've seen 9.5 in the 90s, and I'm sure those who had a mortgage in the 70s and 80s will tell you about 14%!

Are you planning childen? Forget mobiles and cars, they're peanuts compared to average £950 a month childcare we have for 1 dc!

I'm very much in the don't stretch yourself too much camp, you don't know what's round the corner, and when the shit hits the fan with brexit interest rates could easily go up. Imagine if your house value goes down, your interest rate goes up, your deposit is swallowed into nothing, and when did 35 years become an acceptable term? . I. Wouldn't.

Fizzyhedgehog · 03/02/2019 19:16

We've taken out 275k, 15 years fixed interest. We've got a joined income of about 60k and will be paying about 1k/month.

RonniePasas · 03/02/2019 19:21

This reply has been deleted

Message withdrawn at poster's request.

Ballbags · 03/02/2019 19:25

35 years is a long time. How old are you both?

Original poster
Chocolatecheeks111 · 03/02/2019 19:32

We are both 28!

Buying a house is such a struggle!

OP posts:
stayhomeclub · 03/02/2019 19:35

I would run through affordability with a mortgage advisor. I don’t think it’s too much potentially if your income is stable and your payments will be fixed for a reasonable amount of time. Is the property in a desirable area or a type that’s in short supply in that area? That may help cushion (but not totally protect) against any loss of value due to economic turbulence. Are you looking to move again soon or stay for the long haul? We pushed ourselves but for a type of house in short supply in a desirable area, that we were likely to stay in for 10 plus years at least. We do have half an eye on the waves of brexit but are five year fixed at least. I will hopefully be part time soon but we factored that in when we moved.

YenZen · 03/02/2019 19:36

If you comfortably that amount or more in rent, then go for it.

namechangedtoday15 · 03/02/2019 19:42

OP that seems do-able but agree you need to factor in future expenses.

@ fizzyhedgehog
We've taken out 275k, 15 years fixed interest. We've got a joined income of about 60k and will be paying about 1k/month. If you're paying capital & interest (rather than interest only) theres no way you're paying £1k on a £275k mortgage over 15 years.

Jellybean100 · 03/02/2019 19:42

I think a 35 year mortgage is the only way most people nowadays can afford a mortgage unfortunately. I’d fix the mortgage for as long as you can because the future is so uncertain. Our fixed rate is due to end at the end of the yearSad

Jellybean100 · 03/02/2019 19:43

@namechangedtoday15 I think fizzy is saying the interest rate is fixed for 15 years

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