My wife and I are looking to buy a house. I was very foolish with my money during my younger days so am behind my peers.
we want a house near a good school and houses in that area range from £550k to £700k. The ones my wife likes are at the higher end but I don’t think we can afford these. She has become withdrawn and depressed during this process and it caused allot of tension.
I have approx £280k for a deposit (this is all our savings bar £18k). We can borrow £350k based on our joint salaries of £67k. It leaves me £90k short. I think I could borrow this from family.
our net pay is £3900 per month. We would have £2000 tonoay on our mortgage leaving us with £1900 to pay everything else. We have two young kids at school. Our monthly expenses excluding our mortgage are about £1600 so it would meaning having nothing left each month
AIBU?
To buy a £700k house on £67k
Polledja · 18/03/2023 19:08
Am I being unreasonable?
1985 votes. Final results.
POLLTrinaLowsln · 19/03/2023 19:31
Ours is basically exactly the same as this (a tiny bit less but income is also a tiny bit less) and we don't find it a squeeze at all. Household income 6.5k, mortgage 2.2k. We still have 3.5k left over after mortgage and bills. I'm genuinely interested in those at this level of income who feel squeezed.
MrMarkham · 19/03/2023 19:27
We have a house around that value and 500k mortgage, it's £2,500 a month, my salary is 65k and my partner's is around 80k but it's still a bit of a squeeze after bills on top. I wouldn't do it in your shoes.
milliondollardress · 19/03/2023 20:10
Me too! Genuinely interested to know where all the money is going.
TrinaLowsln · 19/03/2023 19:31
Ours is basically exactly the same as this (a tiny bit less but income is also a tiny bit less) and we don't find it a squeeze at all. Household income 6.5k, mortgage 2.2k. We still have 3.5k left over after mortgage and bills. I'm genuinely interested in those at this level of income who feel squeezed.
MrMarkham · 19/03/2023 19:27
We have a house around that value and 500k mortgage, it's £2,500 a month, my salary is 65k and my partner's is around 80k but it's still a bit of a squeeze after bills on top. I wouldn't do it in your shoes.
TrinaLowsln · 19/03/2023 20:11
I'm clearly in the minority as I actually would prefer a bigger house in a nicer area over expensive holidays, private school etc. But DH and I both WFH, we home educate and in general we are major homebodies so spend the vast majority of our time at home.
TrinaLowsln · 19/03/2023 20:11
I'm clearly in the minority as I actually would prefer a bigger house in a nicer area over expensive holidays, private school etc. But DH and I both WFH, we home educate and in general we are major homebodies so spend the vast majority of our time at home.
Jafferz · 19/03/2023 18:19
No! What if one of you loses your job? We have a combined income of over 250k, only one DC (not having more) and am thinking 700k is pushing it. Albeit our deposit is lower at around 200k.
DanceMonster · 19/03/2023 20:14
Yes but on the OP’s income they can’t afford the house or private schools and expensive holidays.
TrinaLowsln · 19/03/2023 20:11
I'm clearly in the minority as I actually would prefer a bigger house in a nicer area over expensive holidays, private school etc. But DH and I both WFH, we home educate and in general we are major homebodies so spend the vast majority of our time at home.
QuintanaRoo · 19/03/2023 20:15
But it isn’t a choice between a nice house or private schools/expensive holidays. The house his wife wants is so expensive that they could barely afford to live. No new clothes, no hair cuts, no money for repairs of anything which breaks and needs fixing or replacing.
TrinaLowsln · 19/03/2023 20:11
I'm clearly in the minority as I actually would prefer a bigger house in a nicer area over expensive holidays, private school etc. But DH and I both WFH, we home educate and in general we are major homebodies so spend the vast majority of our time at home.
milliondollardress · 19/03/2023 20:19
In the OP’s case it would be a bit mad as the repayments would be ~50% joint income.
But I think the PP was talking about the posters with 6 figure salaries who wouldn’t even borrow 2-3 times their income, or who would be left with several thousand a month after mortgage repayments.
QuintanaRoo · 19/03/2023 20:15
But it isn’t a choice between a nice house or private schools/expensive holidays. The house his wife wants is so expensive that they could barely afford to live. No new clothes, no hair cuts, no money for repairs of anything which breaks and needs fixing or replacing.
TrinaLowsln · 19/03/2023 20:11
I'm clearly in the minority as I actually would prefer a bigger house in a nicer area over expensive holidays, private school etc. But DH and I both WFH, we home educate and in general we are major homebodies so spend the vast majority of our time at home.
SilverCatStripes · 19/03/2023 20:24
OP the best thing you can do for your own sanity is to buy a house that only requires one of you to pay the mortgage.
bellac11 · 18/03/2023 19:14
Is she living on another planet, is she being controlling about this with you? Sounds like a bully to me. Let her fill in all the mortgage application paperwork and get turned down.
Don’t want to miss threads like this?
Weekly
Sign up to our weekly round up and get all the best threads sent straight to your inbox!
Log in to update your newsletter preferences.
You've subscribed!
gemloving · 19/03/2023 20:29
Don't have a mortgage more than 25% of your take home pay is what my parents always said. I don't even know why what and how but that's what they said.
Polledja · 18/03/2023 19:08
My wife and I are looking to buy a house. I was very foolish with my money during my younger days so am behind my peers.
we want a house near a good school and houses in that area range from £550k to £700k. The ones my wife likes are at the higher end but I don’t think we can afford these. She has become withdrawn and depressed during this process and it caused allot of tension.
I have approx £280k for a deposit (this is all our savings bar £18k). We can borrow £350k based on our joint salaries of £67k. It leaves me £90k short. I think I could borrow this from family.
our net pay is £3900 per month. We would have £2000 tonoay on our mortgage leaving us with £1900 to pay everything else. We have two young kids at school. Our monthly expenses excluding our mortgage are about £1600 so it would meaning having nothing left each month
To comment on this thread you need to create a Mumsnet account.