mortgages, how much to borrow??!!

[spykid]

Need some advice guys.
We are thinking of moving house and the one we have fallen in love with means us taking on a large mortgage which would mean we would have to borrow our 'maximum' amount.
Really need some advice, has anyone else mortgaged to the hilt for their dream house and is it worth it?
What do people pay in mortgage payment compared to their monthly income? Thanks

have looked at figures and we would be borrowing 30% roughly of our monthly income for a mortgage.
But I am a supply teacher and my husband is a contractor so we can both earn more by doing extra hours iyswim.

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Good point Secur
Tend to think on the positive aspects of our jobs , but yes you are right, although it would be the WORST luck if that happened!

I DON'T think interest rates will ever get that high .. personally I think they've peaked and will start to go down

BUT its all a gamble

I didn't mean afford it forever just for a few months .. it sounds like you can afford this place and its your dream .. so if I were you I'd go for it

Personally I think mortgage protection (in the case of redundancy insurance) is a rip off and would prefer having 6 months savings

critical illness and life assurance are definitely worthwhile IMO though

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Am now in middle of manically running round and hiding all the clutter in our house as the estate agent is coming round to value this evening.
Fingers crossed she takes one look at it , says it is the most fab 3 bed semi she has ever seen and is worth 1/2 million!!!

we did take out that type of insurance when hubby went self employed, it was too scarey not too!
So that would be covered , kicks in when you have been off for 3 months I think , without checking

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The insurance is only for illness though, have to rely on svings to see us through if the worst happened otherwise.

Is redundancy protection premium expensive?

Thanks Secur