How much would you feel comfortable borrowing with 80k income?

[Mirrorxx]

We have always had a very small mortgage compared to most people we know as we’ve been happy with a smaller house. However we now need a bigger house but are unsure what size mortgage would be comfortable or a stretch.
After tax our income is currently about 4600 but it will go up to about 5200 in the next couple of years. We don’t have any other debts, Student loans and pensions are already deducted. Would 1100 be too much a month?

@OnlyFoolsnMothers is right. If MNs was representative of what mortgages should be no one would buy in London.

@Lightsabre we have about 20% as a deposit

When I bought in London my mortgage was 34% of my salary, but I didnt have any other debt.

Based on what youve said the figures looks sensible. Do consider what you would do if interest rates went up to 2 or 3% (thats why fixes are popular!). And what if one of you died, had an accident/was too ill to work. Do you have a death in service benefit? What is your sick pay like?

Overpaying when rates are so low may not be the right answer.

Will you have a spare room that you could let if you needed extra income?

Have you factored in stamp duty, legal and fees etc?

@Palavah we have good death on service and sick pay. We have life insurance, critical insurance cover and income insurance.

We would have 3 or 4 bedroom so space to rent out a room if needed and it’s a popular location for young professionals.

How much are you looking to borrow? Is your deposit 20% of 450k or 350k?

Sounds totally fine to me.

I've one income and I spend over £1K on my mortgage every month.
I don't earn that well!
But I manage with bills etc... on top.
You can usually easily get 4 times your joint wage as a mortgage.