Would you be happy with this price?

[humbl]

£940, 5 year fixed … new build 3 bed semi
( 810 sqft ) detached house with en suite bathroom and parking. They are offering carpeting and flooring too as well as deposit contribution. The rate is over 5% so it is a lot in interest , unfortunately

YABU = no , that’s a lot
YANBU = yes , cheap

Do you mean 940 a month? Over how long? How much is the house in total? And where are you based?

810 sq feet is very small for a detached house!

Yes 940 a month sorry , over 5 years . It’s a semi detached

That's a lot, but I'm hardly going to call you unreasonable for it - hardly your fault the market is as it is! Everything is a lot!

How much is the house?

The question is pointless without knowing the deposit and total house value.

Rates are around 5 percent now. Sounds like yours is a little higher than average so I suspect you have a small deposit (10%?)

Yeah 10%

Oh to have a five year mortgage! Only 30 left on my 35 year one 😩

210k

Depends on location too.

seems high to me but I’m in a cheap part of the UK

Can you afford it ? Job stable ?What happens in five years if interest rates are still high and your fixed term ends ,

Sorry that’s the fixed price for 5 years , it would be a much longer term !!

Your interest rate is about average for the total house cost and deposit.

Whether it's expensive or not depends on your income.

A household income with no kids I'd expect to need around 3000 after tax for this to be affordable with a reasonable quality of life and flexibility to spend money on other things. 2500 approx if single.

What term is it over? At 5.15% right move gave a figure of over £1k for a period of 25 years but is yours repayment or interest only?

OP only you know what you can afford.

Might be better to put all the info in one post…

house value
deposit value both £ and %
mortgage term
mortgage interest rate
monthly payment

salary and mortgage as a % of total income.

if the banks will lend it, and you’re comfortable then it’s up to you ultimately!

That's what it's is now on 2.19% I expect ours to go up by £3-400 a month at the end of the year

That is approx the same as I pay for a house the same value. We thought it was ok

You're looking at it the wrong way. How does the price you're paying for the house compare with other similar ones locally?

In some places £210k would be the bargain of the century, others it would be rather expensive. Plus if interest rates are higher when you come to remortgage, that £940 pm will increase, so you need to make sure you can afford this.

But I agree that 810 sq ft sounds small for a 3 bed detached. I live in a small 2 bed semi (largeish living room bedrooms are small and the kitchen and bathroom are tiny) and according to the Rightmove listings for houses that are exactly the same, they're 700 sq ft, so

*ours not it's

Thank you ..

How does it compare to rent
Can you afford it

We pay similar and find it OK, but our circumstances could be very d

If the £210k is a good price for your area + the rate is the best you can get + you want to buy it + you can afford the repayments - then yes I would buy it.

It's hard to say, is the house expensive for the area? How doeit compare to others? I don't think anyone can day it's particularly expensive or not as housing isn't really an objective thing.

Our house cost more and and mortgage is more for a 3 bed but🤷‍♀️