Mortgage payments as a proportion of income question

[janeybumtum]

Hi everyone

I was hoping someone with experience of taking out a mortgage could just give me a bit of an idea.

I've been looking at shared ownership as it's the only way I can afford to buy on my own in my area.

Does anyone know what sort of percentage of your income a mortgage giver is happy for you to commit to payments? If my take home income is £2,000 a month, would mortgage plus and shared ownership rent costs of £1,200 be a non starter? I don't have any other loans or debts to pay off at the moment.

I will speak to a mortgage broker once I can be a bit surer if this is even an option, but I was hoping someone could give me an idea if this sounds remotely possible?

Thank you in advance!

You need to find an online calculator- you put in your salary and some outgoings and it tells you how much you MAY be able to borrow.

If the £1200 is just mortgage and rent and no household bills included, I'd say that is too tight. You will be able to pay your mortgage and bills but there'll be nothing left for anything else and that is a pretty miserable way to live.

I had a mortgage of £780 and income of £1600 for a few years (single parent of one child and not receiving any maintenance). My household bills, running a car and food came to another £700 or so. I was watching my money all the time and any unexpected expenses like a household repair were a big problem.

Have you tried an affordability calculator www.moneyadviceservice.org.uk/en/tools/house-buying/mortgage-affordability-calculator