Is Our Mortgage Sustainable? Advice Needed

[Gabaru]

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.

@friendlycat what other thread? Has the Op wrote another thread about the property he can’t afford ?

@rainingsnoring I have done this, we have maxed on our mortgage and we have made it work. Mot costs are not every month,not everyone buy clothes each month. what's important to OP is this house, and he has 20k savings and 5k bonus coming as for emergencies.

If take home £4220 , OP is left with £1770. £600, I'm being generous with Council tax and Gas/ electric bill. £400 a month to cover other mandatory insurances like building and contents, life cover, critical illness cover, car insurance. OP will have 770 left for food shopping and petrol. If food shopping is £400 and £100 for petrol. Still put £270 towards any unexpected costs or clothes.
OP is so closing to exchange, what i have suggested is that its not ideal situation but it is doable, OP is wife is looking for job and in five years time he will be in much better situation.
yes if there is no bonus or no savings I would advise it not to go ahead.

what i have also advised to have a back up job if this is the ideal house OP desire.

There has to be compromise somewhere.

@Gabaru will you be getting the electrics rewired? My flat room replacement cost me almost 2k (5 years ago, Midlands ) , have you budgeted for this?

I think your budget is unrealistic. If you go ahead with the purchase your wife will need to get a job. Any job. She can't afford to be picky any longer.

Also if you go for another house, you will be highly unlikely to meet the stamp duty cut off period and will be looking at probably taking £3.5k approx from your savings of 20k and which you can now be able to use towards any renovation

I think the bonus is already included in the calculations. I wasn't commenting on the fact that you don't need an MOT every month but mentioned the fact that the OP's budget for car repairs/ maintenance was £0. That's clearly totally unrealistic. What happens when they need a new car? They either need several thousand on cash or a few extra hundred a month for a loan.
Ditto the clothes- the budget of £200 a year for all shoes and clothes for three is totally unrealistic.
I'm not sure if you looked at his budget spreadsheet at all.

Your own budget for food is unrealistic imo, £500 for three people at least, especially if you are including toiletries and household items. There is no budget for public transport costs, nothing for the child's clubs/social life/school trips/ presents/ friend's presents/school expenses such as revision aids. No budget for phones or devices for school, which are needed in senior school. There is nothing for house maintenance, which most people spend a couple of hundred on per month easily. Nothing for dental treatment, even NHS services cost money.

His wife may or may not get a job (obviously she needs to) but the fact that she has never been employed before and has unrealistic ideas about what job she can get is a bit concerning. We simply don't know whether they will be in a better or worse position in 5 years. House prices may have come down considerably and interest rates may be quite a bit higher. We just don't know but these two things are definitely possibilities. It's really not worth setting yourself up for a huge fall like this.

My husband and I have a joint income of about the same as your sole income. Our mortgage is only £700 a month and if I'm honest with cost of living increase we do not have an awful lot left for saving or for holidays. Our electric bills have gone up considerably and so has food bills. I guess we could scrape by to pay a bigger mortgage but honestly it would be quite stressful always having to budget so much. I guess you'll have to decide if having a expensive house is worth the other sacrifices you may have to make.

Sorry OP, it's great to be optimistic but with your other thread coming to light, it seems like you know deep down that it's unachievable.
Sounds like you want to provide the best you can but the numbers just don't add up.

It's great that you're doing your due diligence and hopefully you don't feel you have to get this house at all costs.

I wonder if you've come across the sunk cost fallacy and whether it applies to you?
https://m.youtube.com/watch?v=xXpzfy5oKWg

Whatever your decision, please don't let it be influenced by worries about lost money or the weight of expectation from family members.

Even if you spent £5000 so far on getting ready to buy this house, that's less than what you'd pay for 3 months of interest on that mortgage. The bank shouldn't have approved such a high loan amount.

I hope you discover just how unachievable the monthly payment is when you look back at your transactions over the last year.

Good luck!

@Gabaru I've just found your last thread.
Rewiring is apparently necessary and will cost upwards of £3k. You could take an electrician into the house to quote for this.
You can reasonably ask them to have the gas checked, we've done this for buyers and always provide a gas certificate. Also ask for a boiler service to be carried out and to look at the boiler service history - you can tell if it's been regularly serviced and also tell how old it is. Unless it is relatively new it will need replacing in the short-term which will be expensive in view of your very limited budget over the next few years. You could take a plumber into the house to get an estimate for the work that is bound to be required.
Pointing a chimney is minor but your mortgage company will probably want this done quickly. The roofing issues will cost you money. You can probably get someone to give you an estimate for both of these which will be more expensive than you expect. Also the back boiler does need to be removed if you intend to use the fireplace in that chimneybreast.
You should also take account of the blown panes in the double glazing. This will be a few hundred pounds. The only other relatively inexpensive thing to do is to increase the insulation in the loft.
All in all your £20,000 won't last long, particularly if the heating and electrical systems needs replacing. You should have asked for a significantprice reduction when you got the survey results, using tradesmens' quotes to support your request or estimates from your surveyor.
It isn't too late to pull out, as @borborygmus1 said, your costs so far are less than your mortgage interest would have been.
My DH is in the construction business and we've bought a few properties over the years. This is a house that we wouldn't have taken on unless the full cost of these issues had been taken off the price.
In view of your extrememly limited budget and likely cash flow problems you'd be much better off with something like a probate sale where the house was in sound condition but simply needed superficial work and decoration, with perhaps a new kitchen and bathroom at a later stage.