Mortgage amounts

[plaintomatopasta]

Hi, we have sold our house and buying A new one this summer. We are currently looking at mortgages and have so far got it down to £740-760 a month. This seems excessive to me as my last house was £296 a month!

The loan amount will be £172495 over 30yrs. The value of the house is £230000 and we are paying the difference as a deposit.

Is this a lot monthly?

I'd like to end this thread now though. I just wondered if £700 odd was an average amount. That's fine that it is and my question has been answered

Thank you all xxx

Good luck then.

Hope it all works out.

Hard to know if it's a decent amount or excessive- the LTV ratio is important and length of term, interest rate.

We are looking to buy, have a mortgage AIP for around £275k and will be looking at a monthly payment of £1200 approx. Our LTV will probably be around 90% or more.

This monthly amount is great for us- compared the rent we pay currently which is almost £400 more than the proposed mortgage amount.

We're in SE London so it's probably all quite skewed. Plus we're not able to even afford a house with that amount of borrowing.

I would love to pay several hundred pounds for a mortgage each month!