What should my budget be for a house?

[Jill688]

Combined income of £120,000 annually. Deposit of £50K

what should our budget be for a house?

120 x 3.5 + 50 = £470k as a Conservative estimate.

What are your outgoings and will these change significantly on wherever you plan to move?

It’s not as straightforward as that as it will depend upon your credit rating, outgoings, disposable income etc.

good credit rating. Main outgoings are food and energy bills

How much do you need to spend for a suitably sized house?

Also worth considering how your income and outgoings might change, if you expect to get promoted or otherwise advance your careers. Or obviously if children come along, parental leave, childcare etc will have an impact.

But theres no need to spend £470k as suggested upthread it £300k will buy you more house than you'll ever need.

There's a lot to be said for a mortgage you'll still be able to afford on one income or can overpay without needing to reduce your lifestyle significantly.

We have similar income. I wouldn’t want a mortgage more than 300k.

Where do you live now and what are your housing costs?

If you're currently paying less than a mortgage, are you saving and does your lifestyle feel comfortable?

Simular income but deposit was 150k we got a mortgage for 510k and we are overpaying. I suggest making a spreadsheet of everything you pay and consider if you are likely to have childcare cost in the future. We don't but its mega expensive. Equally we won't be going on holiday anytime soon as we have alot of work to do on the property so are saving as much as possible all this factors into your expenses. Good luck!