Can we afford the house we're buying?

[CottonGrass]

DP and I are due to complete on our first house in just over a week. I'm so worried about money. I've calculated our income and expected out goings again and again, and have been reassured by DP and his parents, but I'm still scared...

Does a total income (after tax) of £2700 to £3100 / month sound like an okay amount for a small two bed house? The mortgage repayments would be just under £500 and we don't have children.

I just need reassurance if you can give it...

That sounds fine to me; quite comfortable, in fact.

You will be fine. Congratulations on your first house

Sounds fine . Cheap in fact . The thing you need to think about is if you want children and can you afford it on one income or taking childcare into consideration . Either way you wouldn't be able to rent here for that and you have a decent income .

That is plenty, trust the mortgage company, if they have done their job then they should be sure you can afford it.

It's roughly 1/6th or less than 20% of your income. That's quite a nice position to be in. What's the difference in price in your area between this house and a 3 bedder. You could even go a bit higher if possible as once you start a family you may have to factor in another house move as your family expands

Sounds OK. Concentrate on building up that six month cushion of expenses once you are in.

We have £3100 coming in, have 2 children and rent is £750. We run 2 cars and live pretty comfortably. We put £400 away a month in savings.

Look at it another way- how much would it cost you to rent somewhere together?

I bet it's more than £500 a month and at least this will be your own one day,

It sounds fine - but I second what a PP said. Don't relax into spending up to your income if you find you have more than you need. Build up that cushion of savings.

(And remember that you'll almost certainly have a number of initial expenses to fund - even apart from the legal things.)

That is a very good amount don't panic

You'll be fine, enjoy your new home together.☺
Our approx month bills are £500 without mortgage that include full sky broadband, insurance, council,water gas & electric. Plus specs & dentist ins.

Mortgage is £1300 (but only 7 months left)😃

Thank you everyone. This was just what I needed.

Special and Cozie: We'll definitely keep on saving as a safety net.

Thanks again everyone!

Very similar to our income but our mortgage is 650pm. We save around 700 a month on a good month, run one car and dont live massively frugally.

Sounds ok to me. Congratulations!

Sounds lovely! Our mortgage is double and our income is not..!

I used to live alone on 1100 a month and had repayments of 300 a month and still managed to save up for a holiday abroad each year and occasional nights out x

It looks like after you've added up all your housing costs+commuting+food, your disposable income will prolly be 50%+ of your take home pay, which is loads. So a low mortgage considering your income ;)