Is Our Mortgage Sustainable? Advice Needed

[Gabaru]

We are first-time buyers, and our mortgage for £575,000 has been approved. We are putting down a £11,000 deposit. My take-home income is £4,200 per month, and the mortgage repayment will be £2,430 per month.
Given the current cost of living, I wanted to ask if this setup seems sustainable.Any advice or insights from those in a similar situation would be greatly appreciated.

Assume there's a typo in your deposit amount?

What about your partners income? Not sure if you have children or will have them but certainly consider childcare costs.

I would put together a budget of your potential mortgage and all your bills and see how much you have left.

It's entirely what you feel comfortable with really

Yeah I did think the deposit seemed low

That's a huge mortgage, a tiny deposit and a tiny income relative to the mortgage.
Surely you have forgotten to mention your partner's income in the OP. I think there must be a second income here otherwise you would not have had such a large mortgage approved.

Those figures don’t stack up.

If you ‘take home’ £4,200 pm / that’s a gross annual salary of £70k per annum.

You wouldn’t be able to lend £575k on that salary (I’d expect lending of £300k tops).

Your deposit of £11k is also too low on lending of £575k.

Myself and DH bought a house, £185K mortgage, £750 repayments, £3.5K income. All good.

Renewal came around and rate had gone from 1.5% to sky high. We paid down as much as we could from savings to bring LTV to 60% for best rate (still 4.5%) and suddenly our repayments were £1050 a month, plus I was pregnant so we were living on SMP+£2200 take home from DH while I was on maternity leave. Then I went back to work and we were taking home £5K, with a £1050 mortgage and £1.5K nursery fees a month.

So I guess it depends. Do you plan on kids? Will income go up? Can you afford a 3% interest increase?

Well, clearly on that set of figures, no, that's not even close to being sustainable. I can only assume there's a load of missing information because as above have said, no-one would get a £575k mortgage with a deposit and income of that size.

Not sustainable at all. No mortgage company would approve that level of lending based on your income. I can only assume there is some missing or incorrect information in the original post.

How big is the house? Could you get somewhere smaller, so you don't need to borrow as much?

Nope afraid not.