With a £160,000 deposit and £190,000 mortgage, what price range?

[Goingonahousehunt]

If I have £160,000 deposit and have a mortgage agreed for £190,000 what sort of house price should I be looking at? The money will need to cover all fees - solicitor, surveyor, removals etc, etc.

I've never done this before.

Thank you

I'd not be looking much over 325k if it were me to allow for searches, fees, removals, purchasing furniture etc and the inevitable insurances, quick fixes etc

But I'd also recommend you have an idea what you want, what you're going to need to pay out regardless of the home price etc.

As well as all the fees, remember stamp duty. Using the PP’s suggestion above, stamp duty on a £325k house would be £6,250 I think.

£1-2m

If this is your first home stamp duty is less. Calculate it from here https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

Look up to £350k but dont offer that.

It depends also how much work the house needs and whether you have other savings. A £300k house that you can move into with minimal redecoration is very different from a £300k house that needs rewiring, new kitchen, new bathroom etc.

Also worth bearing in mind that interest rates may go up. Lots of people on here are worrying about how they will cope with mortgage payment rises when their fixed term ends. If you've been offered 190k, that will have been stress tested by the lender, but you may want to err on the side of caution and not go for the max to give a bit more wriggle room when your first fixed term ends in 3/5 years time.

When we bought our house, the lender said we could have a fair bit more than we took, because the monthly repayments for the full amount they offered were more than we wanted to make. They might have been affordable according to the lender, but we knew our income would likely drop when we had a baby, which indeed it did as one of us stopped working, and we are glad we don't have as big a mortgage as we could.

And would 160k deposit be all your savings, or would that leave you some? Houses always need more work than you expect, and also you want some money kept for other things - car repairs, big vet bills, etc. I wouldn't put all my savings into my deposit.