To think we could manage a £2200 mortgage payment

[Dyr]

on a take home pay of £4k.
After purchasing the house we would have £40k - £50k left in savings / investments.
The repayments would be about £2.2k per month but our combined take home would be £4k, and due to the jobs we are in its unlikely to increase. late 30s/early40s with 2 kids (primary school age)

What are your other expenses for the house?

I’m sorry, and I’m usually the opposite on these threads but I think that’s ridiculous.

Without knowing your other outgoings it is impossible to say! Have you spoken to a independent financial adviser?

Also, with a take home of £4000 pm then how on earth can you get such a big mortgage that the repayments are £2200?

Is the £4k before or after deductions for food/bills/travel and all that jazz? Big difference.

Nah that’s mad. We have take home pay of £6k and would find that mortgage a struggle. Life is so expensive at the moment!

Our takehome pay is just under £4k and there is absolutely no way We'd spend over 50% on the mortgage,

current mortgage is £700 (170k mortgage)due to increase shortly to £950 with interest rates and that's going to be tight enough while having a life.

No, that's a crazy amount to pay on a mortgage on that take home pay with two children.

Have you written out a budget?

Council tax
Gas abd Elec
Life ins
House ins
Car cost
Food
Subscription

How much is left?

No way, That is much too tight. The usual standard is that housing costs should be no more than 1/3 of your take home pay.
Do you have mortage approval?

Very good question

Wouldn't it be more sensible to use most of your savings to reduce the size of the mortgage? The interest you're getting must be lower than what you'd be paying.

No, that's madness. Don't even think about that.

I'd be amazed if you could even get approval for that from any lender.

i highly doubt they’d let you borrow with that monthly payment, about one third of your income maximum on mortgage is considered sensible. Why would you not put more savings into the house, unless you are keeping them for renovations

This is the take home pay; the amount we get in our bank accounts each month, this excludes all living costs.
Thanks.

You don't have to worry because no one will give you mortgage repayments more than 50% of your income.... If ghey do they ahpuld be reported for irresponsible lending

It would be utter madness.

I want to keep some on the side for a rainy day.

Example
Council tax 200
Gas abd Elec 200
Life ins 40
House ins 20
Car cost 100
Food 400
Subscription £30
Phones 30
Net 20

Total £1040 add in mortgage
£3240

Leaves £760 for everything else. Birthdays, Christmas, holidays, fun, days out, petrol.

So many variables. My gut feel is no way.
But:
Do you have:
commute costs
after school/ holiday club costs
do you run 1 household car rather than 2 and is it fully paid for and reliable
is the disposable income after decent pension deductions, etc, etc.

if you don’t have many expenses it’s possible. But if your income isn’t likely to increase I wouldn’t do it.

Too tight. 2 children and all the other expenses would also count against this being workable.

We have a combined income of 6.5 and I wouldn't take on a mortgage that big.

You can't afford it and won't get a mortgage anyway.

No, not at all.

Yes, that is mad. Our take home is similar and would never be able to manage with such a big mortgage. For comparison, ours is about £900!

There’s no way you would get approved for this anyway so it’s not actually a decision you need to make.