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Original poster

Is Our Mortgage Sustainable? Advice Needed

385 replies

Gabaru · 09/02/2025 14:52

We are first-time buyers, and our mortgage for £575,000 has been approved. We are putting down a £11,000 deposit. My take-home income is £4,200 per month, and the mortgage repayment will be £2,430 per month.
Given the current cost of living, I wanted to ask if this setup seems sustainable.Any advice or insights from those in a similar situation would be greatly appreciated.

OP posts:
Thread gallery
7
Tiswa · 09/02/2025 14:54

Is it just you?

but 50% mortgage seems high and you say we

DisappointingAvocado · 09/02/2025 14:56

I assume that's a typo. Did you mean 110k deposit? That would be less than 2% deposit, surely you're not getting a mortgage at 98% LTV?

rosemarycait96 · 09/02/2025 14:57

Our mortgage takes up about half our income (thanks to interest rate rises) and it is very, very tight with bills and petrol etc. Unless your income is expected to keep rising, I'd think hard about it!

That's if your whole income is 4.2k. Is there another income? Your partner?

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WorkCleanRepeat · 09/02/2025 15:14

You say "we" is there a second wage? because I don't think the figures above are sustainable at all if you're feeding 2 people and running cars etc.

lemongrizzly · 09/02/2025 15:20

I wouldn’t be happy spending that much of my income on a mortgage, no. I’d buy somewhere cheaper in your shoes.

Florence19791 · 09/02/2025 15:21

£11k deposit? That can’t be right. You need to wait and save a lot more than that.

Original poster
Gabaru · 09/02/2025 15:27

Tiswa · 09/02/2025 14:54

Is it just you?

but 50% mortgage seems high and you say we

Yes Its just me and my wife does not work

OP posts:
Original poster
Gabaru · 09/02/2025 15:29

Florence19791 · 09/02/2025 15:21

£11k deposit? That can’t be right. You need to wait and save a lot more than that.

Sorry its typo its 110000 deposit around 19% deposit

OP posts:
Janedoe82 · 09/02/2025 15:31

You can’t afford it. Wife needs a job

friendlycat · 09/02/2025 15:33

Mortgage seems too high in relation to current salary.

fromthevault · 09/02/2025 15:33

No. Your monthly repayments are more than 50% of your salary. You've only got one salary coming in. You've got absolutely no wiggle room whatsoever.

fromthevault · 09/02/2025 15:34

Why doesn't your wife work? Do you have young children?

WonderingAboutThus · 09/02/2025 15:34

That is too high, your wife needs a job.

ViolinsPlayGentlyOn · 09/02/2025 15:35

You must be borrowing a seriously high income multiple with that take home pay. I wouldn’t risk it. It’s not so much the current payments, but what happens when the initial term comes to an end - you’d be very limited in terms of who would lend to you, so the rate could be uncompetitive. And you definitely couldn’t afford even quite a small interest rate rise unless your income increases. There must be cheaper properties available.

Kuretake · 09/02/2025 15:35

It's possible as in plenty of people survive on less than you'll have after the payment. It won't allow for much savings or anything else.

Huskytrot · 09/02/2025 15:36

Gabaru · 09/02/2025 14:52

We are first-time buyers, and our mortgage for £575,000 has been approved. We are putting down a £11,000 deposit. My take-home income is £4,200 per month, and the mortgage repayment will be £2,430 per month.
Given the current cost of living, I wanted to ask if this setup seems sustainable.Any advice or insights from those in a similar situation would be greatly appreciated.

Nope. Too high on one wage

Why doesn't your wife work?

Do you have children to feed etc?

stayathomegardener · 09/02/2025 15:38

I am amazed anyone would be approved based on those figures.

Surely there is something more affordable in your area?
Living so tightly is no fun.

SofaSpuds · 09/02/2025 15:39

That's 58% of your take home pay in mortgage repayments, way too high I think. How did you pass affordability tests on that?

Overthebow · 09/02/2025 15:40

Sorry no I don’t think that’s sustainable. If your wife doesn’t work then you don’t have a high household income and the mortgage payments are very high. It’s just not enough.

Florence19791 · 09/02/2025 15:40

Gabaru · 09/02/2025 15:29

Sorry its typo its 110000 deposit around 19% deposit

Show quote history

Ah ok, that changes it a bit. Have you done a robust spreadsheet with income and outgoings. Things like council tax, food, cars etc. Will you have children in the next ten years etc with nursery fees. I think if it’s just you two and you are happy to sacrifice some quality of life for a nice house then it’s doable but if there’s going to be nursery fees in the mix I’d say it’s too tight.

RedHelenB · 09/02/2025 15:41

You need mortgage protection in case you lose your job at the very least. As you're on a decent wage 50% of it leaves you with a similar wage to the average person without any moortgage/rent to pay.

movingtoreading · 09/02/2025 15:41

We take home 8k between us mortgage will be 2700 and i am shitting it but it has to be done ! If your wife is getting a job soon then maybe if not then its too much i am surprised u got approved for it

Bluevelvetsofa · 09/02/2025 15:42

With a 110k deposit and a 535k mortgage, that sounds as though you’re looking at a sizeable house. Do you need a sizeable house? You’d be in a very vulnerable position if the job was in jeopardy, especially as you’re the sole earner.

wipeywipe · 09/02/2025 15:44

I think that's quite high tbh & am not that risk adverse.

MrsSkylerWhite · 09/02/2025 15:45

I think because interests rates were so low for such a long time some people forget that they can go right up (to 15% on my first flat!).

I’d look for something cheaper in your position.