Advice

[Zorbathegeek]

Hi everyone

I hope this is the right place to post! I'm having a wobble about buying a house and I'd welcome any advice. I'm coming from renting at £1300 per month.

Would you say that £1800 per month on a 20 year mortgage is worth it, if it is the house of your dreams and you have £1,500 per month left over after mortgage and other costs?

Thanks for any advice

It’s a high mortgage, but what is more important is how much is the loan to value of the house, and what is the proportion of you monthly take home pay that will be going on the repayments. Ideally you will keep the payments under 30% or your income (net), and having a 50% LTV is very different to a 95% LTV

No way of telling unless we know if you’ve got kids or are planning them soon, career changes, if you’re able to spread the mortgage over 30 or more years etc.

Also, what do you mean by £1500 left after mortgage and ‘other costs’? Does that mean £1500 you could save or spend on holidays?