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

[Chocolatecheeks111]

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!

Thanks Jellybean and @fizxyhedgehog - apologies, my misunderstanding !!

Area hasn't been concluded yet, a couple of areas we had in mind may now be out of our bracket as we've found people are bidding £10k OVER the asking price! One house went for £30k over. DEPRESSING

It worries me that we will be putting a tremendous amount of money into a house and possibly be losing it if house prices reduce or Interest rates increase dramatically... but at the same time I don't want to be paying someone else's mortgage by paying rent! Catch 22!

The interest rate is fixed for 15 years. We have an additional savings account so that we can hopefully pay the remainder off after the 15 years or remortgage. We should be left with about 160k at the end of the 15 years. If we anticipate prices to remain as they are in the area, the house should then be worth about 400k, due to the improvements we are making.

I don't think it's unreasonable considering your age and how much houses are these days.

you need to work out how much money you will have left over as that will affect if you need to buy a house that needs no work or something bigger/better area that you can do up.

few things to consider?
you will need a small emergency fund.

if you aren't married & plan to get married ..how will you fund that? as that limits spare funds for a while
if you want children .... when? as suggest house finished before as first 5 years are so expensive!
some areas are going up in price.... if you plan to move bigger that's an area to buy

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