Page 4 | Is 200k deposit enough

eyeeyeeyeeyeeye · 2025-03-02T06:50:04+00:00

I posted a thread the other day about stamp duty. I inherited the house we're in (gifted) it's estimated approx £204 on Zoopla, it's had an extension kitchen diner, new garden, soon to have a larger porch and new windows on the front, so we've done alot of work to it. We earn between us about 77k, something like that. The house we love is £550k. Do we stand a chance ??? This is all new to me, I've never had a mortgage as this was gifted and it's mortgage free. Thanks all

TheFirstTimeEverISawYourFace · 04/03/2025 08:12

Can you get an interest only
Mortgage for a few years op?

That would be cheaper and you could save/ aim to earn higher salaries in the mean time.

If I was you I'd speak to a financial advisor.

CarrieOnComplaining · 04/03/2025 08:13

Get an Estate Agent to come and give you a market value (you will need an EA anyway if you plan to move) as a starting point.

You need to know how much you could actually sell your house for - just as important as how much you could borrow. Zoopla does not give you an accurate picture.

TheFirstTimeEverISawYourFace · 04/03/2025 08:13

And definitely make a cheeky offer!

Icanttakethisanymore · 04/03/2025 08:18

Speak to a mortgage broker but it’s probably so-able if you don’t have nursery fees or car loans etc. people on MN are always super cautious imo. We put ourselves in a massive financial hole to buy a flat in 2019 and it as the best thing we ever did. It’s worth about 300k more now than it was then (which granted is a lot to do with the specific economic environment at the time and then covid stamp duty holiday pushing up prices) but my point is, if we’d been cautious we’d never have done that.

ShinyAppleDreamingOfTheSea · 04/03/2025 08:43

I honestly wouldn't do it. If you need a larger property, is there not anything local around the £3-£400k mark ? What would you do if one of you lost their job? And bear in mind that your DC are likely to cost you a lot more over the next 10 years. As your little ones get into school you will surely want them to do extra-curricular stuff, days out, holidays. It's one thing when people are paying out all of their earnings on household costs when they have no choice, a lot of people are in this situation, but you do have a choice.

I can see that your current property is too small for your needs, but there must be a happy medium where you can get s bigger property but still have some money left for other things.

Original poster

eyeeyeeyeeyeeye · 04/03/2025 08:54

ShinyAppleDreamingOfTheSea · 04/03/2025 08:43

I honestly wouldn't do it. If you need a larger property, is there not anything local around the £3-£400k mark ? What would you do if one of you lost their job? And bear in mind that your DC are likely to cost you a lot more over the next 10 years. As your little ones get into school you will surely want them to do extra-curricular stuff, days out, holidays. It's one thing when people are paying out all of their earnings on household costs when they have no choice, a lot of people are in this situation, but you do have a choice.

I can see that your current property is too small for your needs, but there must be a happy medium where you can get s bigger property but still have some money left for other things.

There is a new build up for sale literally across the road from us, it's £365k and the repayments would be less than £900 a month. It's 4 bed, detached, garage

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Original poster

eyeeyeeyeeyeeye · 04/03/2025 08:56

There is also this one which i kind of love but may be too much again
Might be outing but don't matter as i want opinions on all things from houses/finances etc

www.rightmove.co.uk/properties/156107774

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ghqpabks · 04/03/2025 09:02

Have you got a link to the new build op?

Is the one you like the one and the same village as the other you linked? Because that looks like it needs a lot of work doing to it.

daisypetula · 04/03/2025 09:16

I wouldn't go from no mortgage to a huge mortgage , you can do so much more with the disposable cash you have with being mortgage free.

Original poster

eyeeyeeyeeyeeye · 04/03/2025 09:25

ghqpabks · 04/03/2025 09:02

Have you got a link to the new build op?

Is the one you like the one and the same village as the other you linked? Because that looks like it needs a lot of work doing to it.

It's just up the road, same area but under different councils

www.rightmove.co.uk/properties/147441008

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Original poster

eyeeyeeyeeyeeye · 04/03/2025 09:30

My dh has got an irrational hatred of the new build estate the newest one I've linked though

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ghqpabks · 04/03/2025 09:32

Not helping with your budget at all, but I like this one: www.rightmove.co.uk/properties/157605128

ghqpabks · 04/03/2025 09:42

New builds are an acquired taste, I personally love them but know they're not for everyone, if your husband hates the estate I guess that has to be crossed off the list!

MiserableMrsMopp · 04/03/2025 09:47

@eyeeyeeyeeyeeye , can I just BEG you please, to make sure you protect your deposit? So many women don't bother (yet another woman on MN this week), assuming their relationship is solid and permanent, and then end up losing half of it to their ex.

Get something signed at the solicitors to protect it. The house was your inheritance, not his. Or you'll lose half if the worst happens and your marriage breaks down. Leaving you to find a home for you and 3 children, with a much reduced deposit.

ghqpabks · 04/03/2025 09:49

@MiserableMrsMopp is that relevant as she's married? (Not a snarky question, genuine).

Original poster

eyeeyeeyeeyeeye · 04/03/2025 13:50

Yes not sure myself how deposits work when married ?

Well we should hopefully have some idea in the next couple of days what we can lend. The broker seems to think 1300 repayments are doable from our finances

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Original poster

eyeeyeeyeeyeeye · 04/03/2025 13:56

ghqpabks · 04/03/2025 09:32

Not helping with your budget at all, but I like this one: www.rightmove.co.uk/properties/157605128

Yes so not helping 😆 but I agree it's lovely !

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ghqpabks · 04/03/2025 14:20

I like house shopping

Good luck OP, let us know what amount they come back with! We can help you shop ha.

CarrieOnComplaining · 04/03/2025 17:04

In a bigger house your house insurance, heating bills and council tax will all be more expensive. And water

Allow for bills to rise yet more. Water bills have just risen hugely.

You need to budget a realistic amount for Christmas, birthdays, holiday, days out.

Clothes, coffees, work lunches, petrol

A contingency.

A fund for new boiler, car repairs / next car, roof repairs and other maintenance.

Savings for your future. Are you paying into a pension for you? Does your DH have one?

If your Dc go to uni and you have a 10 yo you will still be paying this mortgage when needing to support them.

Do your budgeting carefully and decide the basis of how much you can afford to pay each month, not how much the mortgage co says they will lend.

Original poster

eyeeyeeyeeyeeye · 04/03/2025 17:16

CarrieOnComplaining · 04/03/2025 17:04

In a bigger house your house insurance, heating bills and council tax will all be more expensive. And water

Allow for bills to rise yet more. Water bills have just risen hugely.

You need to budget a realistic amount for Christmas, birthdays, holiday, days out.

Clothes, coffees, work lunches, petrol

A contingency.

A fund for new boiler, car repairs / next car, roof repairs and other maintenance.

Savings for your future. Are you paying into a pension for you? Does your DH have one?

If your Dc go to uni and you have a 10 yo you will still be paying this mortgage when needing to support them.

Do your budgeting carefully and decide the basis of how much you can afford to pay each month, not how much the mortgage co says they will lend.

Thank you. This is all sound advice.
Myself and dh have spoken and we do have the finances for upto 450k without our life changing much as it is. We went to a broker because we run a business and they take all income into consideration.

We've gone back and forth back and forth, but the fact of it is we do need more bedrooms, we can't extend any further where we are and to be honest I don't think I'm willing to plough even more money into this house, we've spent probably upwards of 50k so far and obviously we'll only get so much for a house in a certain area won't we, I don't want to do anymore huge works.

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Original poster

eyeeyeeyeeyeeye · 04/03/2025 17:16

ghqpabks · 04/03/2025 14:20

I like house shopping

Good luck OP, let us know what amount they come back with! We can help you shop ha.

Haha yes sounds like a plan

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CarrieOnComplaining · 04/03/2025 17:33

It looks as if you can get what you want / need for £450k or under, so that’s great!

No point in having a big expensive house if you make your lives a holiday-free scrimping and saving excercise with your children!

Original poster

eyeeyeeyeeyeeye · 04/03/2025 17:40

CarrieOnComplaining · 04/03/2025 17:33

It looks as if you can get what you want / need for £450k or under, so that’s great!

No point in having a big expensive house if you make your lives a holiday-free scrimping and saving excercise with your children!

I'm not willing to give up my holidays! But we don't need more than 1 a year, so that's a sacrifice already I'm happy to make.

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Odiebay · 04/03/2025 17:55

My house was 550k
We put down 190k plus stamp duty
Mortgage is 1500 a month over 25 years. Salaries are combined 130k. We cope fine.

However mortgage due to go up on 2 years and although we have spare cash I would t like to risk anymore!

BooomShakeTheRoom · 04/03/2025 18:09

eyeeyeeyeeyeeye · 02/03/2025 07:07

Sorry it's £1899 monthly repayments, was getting confused with another property !

That’ll be tight in your salaries. If you lost your jobs, would you find other similar paying jobs quickly?

Our mortgage is similar and we’re on £100k combined and we aren’t rolling in disposable income.