Who wins the prize for the biggest MUMSNET MORTGAGE?

[NotAnOtter]

I am in the process of moving and dp and i are debating borrowing the most hideous amount of money - basically over 5 or 6 times earnings.

Anyone care to share ( feel free to name change!!) what horrors they owe?

Go on - make me feel better!

and you a builder betty!

That swimming pool reminds me of the Circle Line platform at Baker Street.

I am indeed a builder, nao

If we're looking at nice houses at silly prices, this one's rather gorgeous (even though it looks vaguely like a pair of 16th century semis )

JanH, and in contrast, here's a not-very-nice house for even sillier money

all-weather sports pitch anyone?

you see - it is all relative, if you had a £1m mortgage on this place, no-one would be horrified, would they? (apart from being horrified that you lived in such an ugly pile that is)

NotanOtter - what period will your mortgage be over?

I would take out a huge multiple of salary if I was quite young and could arrange the mortgage to be paid off over 40 yrs or something. And would get a flexible or smart mortgage so that if / when I started earning more I could speed up the repayments.

That would work ok UNLESS house prices drop or interets rates skyrocket.

Quite exposed to those factors with a big mortgage and low equity.

That looks fantastic JanH..

25 years or as long as poss!! We are late 30s though and dp is self employed!

One final thing I would comment on is desirable areas outside London.

London prices are now totally ridiculous compared to normal earnings. But they have been now for pretty much living memory. In other words, 'normal' people are not still buying in London and haven't been for quite some time - about 5 years? But prices haven't crashed and now may be on the up again.

If I were in a highly sought after area outside London I would probably stretch myself. There are a lot of wealthy people outside London, and there are only so many nice places. Prices are, to some extent, set by expectations about what people are prepared to pay.

There is a huge amount of the housing stock in this country which is undesirable and in poor locations. As people get richer (which they have been on average for about 30 years) they consider it more important to live in a nicer location.

So I feel it is quite possible that the 'priced-out-ness' of London will reach many other desirable areas outside London because of the gap between supply and demand.

So that is my other tuppence worth. Just an opinion obviously - I am not putting my money where my mouth is!

thats just it - if I want to stay in this darn town I have to stay put or risk the wrath of my mortgage broker..
Its one of the only two towns outside the south east that has a multiple first time buyer quotient ...yada yada yada
Suffice to say for a little town in yorkshire there is far too much cash and big ex-London community. Depressing but true

nao, where in yorks?

Ilkley

ah, the posh bit

Exactly. If that is where ex-Londoners are heading when they move away, then you are doomed anyway. Many of them bought a place for about 100k 10 years ago and are now sitting on a million.

Not us, we bought high and so would struggle to pay even the stamp duty if we moved.

we are doomed - if things go on the market they just get snapped up by cash rich southerners who push prices higher each day!

£130k - but hopefully upgrading son so it will be even more eye wateringly high!!

Move over here, nao - if you didn't mind living next to Accrington, look what you could have, for well under £500K (if it wasn't sold already that is)

Would suit someone moving from this.....

flat in Wimbledon

What a joke!

All the Londoners are moving to our village....

Oh good grief - I don't understand why people aren't queueing up to get out of the SE!

My SIL's sister's son (very vague connection so I don't know the figures involved) has just moved from a 1-bed flat in Harrow to Weston-super-Mare where he was able to buy a 4-bed detached house with the proceeds.

We borrowed close to 5x salary 2 yrs ago, it was a great house for us but the financial strai was enormous, we ended up building up the credit cards and overdrafts and eventually last year decided to move to a much cheaper area as our life was getting miserable. We now have a smaller mortgage and can enjoy a few treats along the way.

We thought we would manage when we took out the mortgage with not very much 'pocket money' but you have to be so restrained and really commited to your budget.

My brother moved to Harrogate though and they've found the prices worse than the SE! So it depends where you move to.

There is a column in the Sunday Times Home supplement of a lady who moved out from London to the country, stay at home mother, really fed up, hardly sees husband all the worst stuff you know happens when couples do that kind of thing. In yesterday's column they moved back to their grotty bit of London and she is so much happier.

Previously I have always stayed in London because I felt that the size of your house isn't everything, and job prospects, working part time etc seemed more important.

Now I am queuing up to get out! But dh doesn't want to

What part of uk is your village Blossomsmine? Souns like mine! Although just a few years ago, we were 'ye olde londoners' of which you speak. Actually dont consider my self Londoner or southerner as we were both born and bred Yorkshire.

Xenia - harrogate is cheaper than here

Janh THAT is so depressing- here i would get a two bed flat for that!