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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:
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7
mynameiscalypso · 09/02/2025 15:45

Our joint income is double and our mortgage is the same. It's not a stretch but I couldn't pay it all by myself for sure.

Shinyandnew1 · 09/02/2025 15:48

What do you think your other outgoings will be, @Gabaru ? I have to say, that would terrify me on just one wage. Is your wife looking after children? Could she work?

Shinyandnew1 · 09/02/2025 15:51

Also think about any work the house you are buying needs doing on it.

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Nodlikeyouwerelistening · 09/02/2025 15:52

Not with your wife not working, and are there children? Is there a plan for children if not?
It’s a huge amount each month with no wiggle room. You can’t always rely on wages going up, you certainly can’t count on interest rates going down, and you can’t always assume your job is safe or that you will always be in good enough health to work. Shit happens in life, it really does. If you are taking on this level of debt you 100% need to be able to afford life and income protection insurance. So also factor that in.

LandSharksAnonymous · 09/02/2025 15:54

Interest rates may rise in 2-5 years, so what if your mortgage goes up to 7 or 8%? Council tax is going up. Home insurance premiums are going up. Car insurance is going up. Water bills are going up. Electricity is going up. Broadband is going up. What if you have kids? Need a new boiler, or work done on the house?

Quite frankly, I think you're absolutely bonkers to do this. You're leaving yourself with no buffer zone and the last few years have shown a lot of people how foolish that is.

MumWifeOther · 09/02/2025 15:57

I think it is too high. How likely is it for your salary to increase? I think you need to look for something more affordable. I don’t know what your family set up is; but I would rather buy something less expensive and make that sacrifice, as opposed to going for this house and sacrificing finacial stability or the value of having a SAHP.

Jenkibubble · 09/02/2025 16:01

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?

58% is high . What will your council tax be ? Is it a big house because file bills will be high too !

Mine is 42% of my income and when my CT goes up (which it inevitably will ) even with the 25% discount it will be a squeeze !
Additionally I will lose UC for my son as he turns 18 !
It doesn’t give you much wiggle room IMO

fiorentina · 09/02/2025 16:03

It is very high and unless you are expecting to
seriously move up the career ladder and increase your earnings in the next few years or inherit a chuck of money (no guarantee even if a possibility) could well be an unsustainable burden.

You need a buffer in case of redundancy, emergency house maintenance or unexpected expenses etc. Would you still have savings of 3-6 months salary?

Shinyandnew1 · 09/02/2025 16:05

. If you are taking on this level of debt you 100% need to be able to afford life and income protection insurance. So also factor that in.

Absolutely this. It's a huge amount of debt for only one person working.

Add up your council tax (with rises), all insurance, bills, car costs, food etc-what does that come to?

DragonFly98 · 09/02/2025 16:06

No it’s a ridiculous idea. On that salary I would be looking at 300k max.

Zanatdy · 09/02/2025 16:08

I am looking to buy next year and no I wouldn’t go that high. Leaves little room

ThatsNotMyTeen · 09/02/2025 16:11

Blimey, that’s a lot. So £1800 available for all other bills, food, transport etc?

flyinghen · 09/02/2025 16:12

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CdcRuben · 09/02/2025 16:13

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bumblefeline · 09/02/2025 16:13

How did that get approved we are trying to remortgage and they are so strict now with outgoings.

I would not go for that at all.

Splattsagain · 09/02/2025 16:13

I'm surprised you got a mortgage offer tbh. Looking at the amounts you've given I assume that the house is 575, and therefore the mortgage is for 465 (otherwise your monthly amount is way off) - plus on that take home you're probably on somewhere between 70 and 80K (depending on pension etc) - according to the affordability calculator on MoneySavingExpert nobody would lend that much.

So either your amounts are wrong, or you get a very big guaranteed bonus each year, in which case that changes things somewhat.

Monster6 · 09/02/2025 16:14

This is madness op. Please reconsider

ValentineValentineV · 09/02/2025 16:14

OP do you think your salary is likely to increase significantly?

dapsnotplimsolls · 09/02/2025 16:15

Way too risky.

Original poster
Gabaru · 09/02/2025 16:15

fromthevault · 09/02/2025 15:34

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

One 13yr old boy

OP posts:
hopeishere · 09/02/2025 16:15

That's very high. You have all the bills on top, plus food, cars, life etc.

You need to rethink.

JustMyView13 · 09/02/2025 16:16

What size is the house? If it’s detached on one or both sides, you’ll potentially spend more or less on heating. But Gas & Electric isn’t cheap at the moment. Council tax on top, insurances. These are the basics you need before you put food on the table. Do you have / want a child / children? Therefore is there any childcare costs to consider.
It’s probably doable but you won’t have much headroom for inflation increases on bills or savings.

Onemorepenny · 09/02/2025 16:17

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.

No - your mortgage repayments should be no more than 25% of your take home, less even given you're the only one earning.

FlyingSoap · 09/02/2025 16:18

I wouldn’t do it, no. Can you buy cheaper or consider shared ownership, if your wife is unable to work?

Notjustabrunette · 09/02/2025 16:18

Could your wife work? It does seem
high, but if your wife worked it would seem more reasonable. If you were to loose your job, you would be screwed. I think with a mortgage, it’s always a good idea to have two incomes.