To ask whether you think this mortgage is affordable?

[GeorgieRosa]

Equity in current house: 150-160k
House interested in: 375k
Household income: approx. 78k (73k from normal jobs, 5k from 'side hustle' (cringe term, but you get the point!)

Would you be comfortable on a mortgage on these numbers? Thanks.

Your outgoings are as important as your income. What are they like?

How much will the monthly mortgage payment be?

Doesn't matter if we would be comfortable, would the bank consider that you meet the affordability criteria?

How many people and is there childcare costs?

More info needed.
How long will the term of your mortgage be?
What is the rate?
What are your other expenses?
How many dependents do you have?
Are you both in good health?
Are you likely to have any periods of maternity leave in the near future that might affect your income?

It sounds reasonable to me but I'm not a bank

Affordable imo. 200k a pretty average mortgage amount.

I'm not really sure how to answer this, my set outgoings are just household bills really, so I guess they'd increase a bit as a bigger house, but nothing non-house-related is a fixed outgoing.

So you have no car payments, no credit card debt, no nursery or childcare costs, no hobbies/extra curricular costs, no holiday payment commitments, no secret designer handbag fetishes etc

So you want to buy a 370 k house
and put down 160k equity
leaving - a 210 k mortgage on a 73 k basic mortgage
So 2.5 x 73 doesn’t stretch to a 210 mortgage ?
its still really tight and no I wouldn’t personally do it.

Correct. I mean I save money each month for specific stuff (like holidays). No expensive hobbies, days out and stuff are just from standard day to day living costs, not fixed if you see what I mean!

Also roughly a 210 k mortgage on a 25 year rate at current rates would probably be 1400
a month
( we have looked at a 180 k mortgage across similar and it was 1200 )

It’s x3 salary - you should be fine.

@Silvertulips I thought it was 2.5 x a single income?

A quick Google shows that it’s usually 4x annual salary in the UK

It stretches people too much

You’d be fine, we had a similar income when we got our mtg of £264k.

Thanks everyone.