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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To ask if this is do able?

8 replies

PurpleJammyDodgers · 16/09/2024 11:54

185k mortgage on a 32K salary with 30K deposit?
Hoping to live near Surrey.

OP posts:
PickledBiscuits · 16/09/2024 11:56

Possibly. Only one way to find out call a mortgage advisor and ask them. You can do that with a few without getting a decision in principle.

Waiting4Autumm · 16/09/2024 11:59

So that's a mortgage of around 5x your salary?

That may be a stretch for some lenders, we've just been approved for agreement in principle for around 4x our joint income, but we could possibly get more

They consider any debts (we only have 7k outstanding which were going to clear when we sell) childcare costs etc

What does that look like on repayments etc? Can you afford the repayment amount from your income? Considering interest rates and any increase on them in future?

ButterAsADip · 16/09/2024 12:01

So your budget will be £215k ish? Sorry if I’ve misunderstood. Near Surrey is a huge area. You couldn’t get much more than a garage around here (west Surrey) for that budget I’m afraid.

PurpleJammyDodgers · 16/09/2024 12:06

I have seen a 1 bed flat for that price in the area.
No debts and no kids.

OP posts:
AnchorWHAT · 16/09/2024 12:09

Does the estate agent website not have a calculation tool to workout mortgage repayments?

Catza · 16/09/2024 12:13

This a loaded question, really.
First part of "doable" will depend on the bank. We can't answer whether you will pass the affordability threshold and it will depend on your credit rating as well.
Second part of "doable" will depend on service fees and whether the flat is full ownership or shared ownership. Shared ownership is a pain in the arse to pass affordability for due to service charges and rent. For context, I was told I do not pass the affordability on a similar priced share in the shared ownership with 30k deposit and salary of 43k and excellent credit rating.
Providing you can get a mortgage for this sum, whether it is doable will depend on your current spending habits. I can push hard and clear this mortgage in 10 years providing my circumstances don't change so a 20 year term will be more than doable for me. Your mileage may vary.

divinededacende · 16/09/2024 13:45

It all comes down to what a lender thinks, not a forum.

185k on 23k salary feels like a stretch to me but, on the other hand, you need to compare it to renting, the cost and the insecurity that goes with it.

You also need to think about your career prospects and what your salary could be in 5/10 years time.

At the end of the day, it's down to whether it works for you or not.

Elsvieta · 16/09/2024 21:13

So repayments of about £900 a month, at current interest rates? I couldn't do it (earning £31k), but you know what your other expenses are. Have you tried the mortgage calculator on Rightmove?

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