Moving to South Coast

[RosieLeaLovesTea]

Hi all

DH and I have been talking about moving to south coast/ beach town. A 4 bed house is likely to cost £1 million at least. How much net monthly income do you earn to comfortable afford a mortgage of £750,000?

It depends on other outgoings, what career progression there is, what lifestyle you want.

Would would it be 2.5k-3k a month? You want at least 7k I reckon.

Where on the south coast are you thinking? I live on the south coast and I have not seen prices that high!

If you can afford £1mn, you can find houses to suit your budget

Equally, you can find houses if your budget is larger, or smaller.

Bear in mind there is no particular reason why interest rates can't double or more.

Younger people find the idea difficult to grasp.

In the terrible Thatcher years, mortages hit 17%

Use a mortgage calculator eg www.halifax.co.uk/mortgages/mortgage-calculator/calculator.html?MT=HMV

About 3k a month
So if that is 25% of your income you need 12k a month ?