To think our mortgage is not affordable ?

[Anxiousaboutmortgage]

I am watching another thread on this topic and it got me even more worried about what we are about to do!
We are about to buy a property that costs 680k with a deposit of 115k
Our take home pay (both working) is 7980 per
Month our monthly mortgage (fixed) comes around 2888
Is that too much ? We are moving for better schools our kids are 5 and 7 and ideally this will be our "forever" home
We will have around 20k left from our sale for any needed work and we have another 20k of savings
We don't have any car loans etc . Our current mortgage is much lower though which scares me A-lot !

The other thing I will be thinking about is whether you have historically good secondaries for which you are in catchment? A good primary is important but secondary is where I’d really start to worry so you don’t have to move again when your kids are in year 4-5.

@TickingAlongNicely it's very very close to school like 3 minutes walk ! I doubt it will get any smaller than that .

@LoveWine123 no good secondaries where we are at now

I meant where your new house will be. If you have good secondaries too then I’d be doing my best to make that move work.

@LoveWine123 oh yes i am referring to the secondaries being good where we are moving to . We don't want to move again i thought moving earlier would be easier for them than transitioning to a new area new friends later on

@Anxiousaboutmortgage suggest you use the budget sheet on MoneySavingExpert so that you don’t forget anything in your calculations. Then rerun it with say 5% added to all the costs for the following year with no pay increases. Then figures sound o.k but only you know where your money goes.

When we last had a mortgage the bank wanted every single detail on spending and the individual who interviewed us went back through every item on our statement for 6 months!

Mumsnet isn't just for the poor

@crankytoes

Who said anything about being poor?

People earning high salaries have every right to post questions related to their finances (and disclosing their income rightly so, as related to the question being asked) without being accused of attention seeking.
The OP posted a clear question, nothing more to it.

Why on earth do you need a 680k house? I am sure you're making a lot right now, but if you lose your job that thing is going to be repossessed. Don't do it. Your savings of 20k will cover only 4 months of mortgage payments. Why can't you just get a modest home and have increased security?

@Melodramat1c , because in some areas less than that sort of money won't get you a 3-bedroomed house.

The loan to value is only 83%. i've just put OPs stats into a mortgage calculator and no mortgage lender would consider lending to her unless she got a 20 year mortgage, which would mean the mortgage won't be cleared until her kids are almost 30. Sorry, but that's absolutely nuts. OP needs to get a flat and live within her means.

Can we at least get a rightmove link to the house you're planning on bankrupting yourself for? I wanna see if it's worth it

You realise 680k is not a mansion in most of the country?

That would just about buy a bog standard 3 bed semi where I live.

@Anxiousaboutmortgage I have read your posts properly! Yes, I believe you can afford this quite comfortably.

Once you start writing down every little thing you spend on, you’ll want to cut back on anything silly or wasteful and will enjoy being a little more sensible/frugal.

Good luck!

Oops! I read that as pure sarcasm !!

@Melodramat1c , why don't you suggest that she buys in a more affordable area?

They won't be bankrupting themselves.

Well yeah that would be a good place to start

Great, they can commute from Stoke-on-Trent or somewhere.

Could you still afford it if one of you lost your job?

@Melodramat1c we are leaving in a more "affordable" area now and we are moving for better schools . As i said we are not buying a mansion is not a small house an average 4 bed . We could get a 3 bed if there was one available but it would still be 620 to 650
I am not sure what u mean about lenders not allowing ? We got the mortgage offer within 2 days of applying
We got 25 years as we are both mid thirties

So you're gonna be paying your mortgage off until you're 60?

@Madamecholetsbonnet i have been more careful with money since starting the whole process of selling buying and i must admit i have been spending pretty recklessly before while i think about it more now.
Saves me buying crap i don't really need ! Honestly i could probably go a few years without needing nee clothes 🤦🏻‍♀️

Welcome to the real world where most common mortgage term is 25 years and house prices are expensive.

@Melodramat1c yea most likely like most young people 🤷🏻‍♀️ hopefully we will be able to overpay some with salary increases