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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

400k House...

37 replies

Gracie300 · 01/10/2019 15:33

How much money would you realistically need for this?

I’d assume at least 40k deposit, but how much for the stamp duty, fees etc etc?

OP posts:

Xenia · 01/10/2019 18:09

I was paying £90k a year interest only, on £1.3m mortgage debt (and with no savings) after my divorce - not fun!

Original poster

Gracie300 · 01/10/2019 20:07

Buying after babies, but when applying for mortgage will be back at work full time. Defo want more than 5% deposit though - at least 10%! Can’t take any risks with 2 kids!

OP posts:

hiddenworlds · 01/10/2019 20:12

Buying after babies, but when applying for mortgage will be back at work full time. Defo want more than 5% deposit though - at least 10%! Can’t take any risks with 2 kids!

Childcare costs will affect affordability, you may not be able to borrow the amount that you want.

Xenia · 01/10/2019 22:44

My daughter bought before babies with 2 full time salaries, I did, my parents did even in 1961. I has been wise to do so for all those years.

The lenders will often look at your costs including bank statements and even what you spend on meals out at times so generally if people can buy before babies it can make a difference to what they can borrow.

Teddybear45 · 01/10/2019 22:45

I would want at least 200k.

Fluffsmum · 01/10/2019 23:25

£360k mortgage on £95k income with 2kids in child care? Unlikely to be considered affordable.

You'll need a bigger deposit (15% at least).

Rivergreen · 04/10/2019 14:27

@fluffsmum Really? Do you have evidence to back that up? (Not meant aggressively)

It's just that I have family on a very similar income, but pre-kids who the bank would lend £430,000. So £360,000 definitely sounds possible?

Original poster

Gracie300 · 04/10/2019 16:49

My kids will both be in school by the time we’re ready to move.

OP posts:

Faith50 · 04/10/2019 17:48

I think you would need at least £40,000 for a 10% deposit, £20,000 for moving costs and another £5,000 to £10,000 contingency.

£400,000 is an awful lot of money to borrow yet in parts of the South East it barely buys a three bed with adequate space.

jimmyhill · 04/10/2019 17:55

£20,000 for moving costs

!!!? break this down please

Fluffsmum · 04/10/2019 19:24

Rivergreen when was that? 2 years ago we bought a new (to us) house and had a similar income, house was a similar price. We struggled to get the bank to lend us the £310 we needed. It's done on "affordability" not income now.

Faith50 · 05/10/2019 16:46

Jimmyhill
Apologies - my figure was based on buying and selling.
Selling:
£10,000 stamp duty
£2000 legal fees
£2000 other costs

This info was taken from Rightmove

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