Active discussions

Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

Is 200k deposit enough

122 replies

eyeeyeeyeeyeeye · 02/03/2025 06:50

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

OP posts:
ShinyAppleDreamingOfTheSea · 04/03/2025 21:52

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!

But your combined salaries are far higher than the OPs.

ShinyAppleDreamingOfTheSea · 04/03/2025 21:54

The new build may not be your ideal OP but at least it shows you that there are options far cheaper than the original one you have been looking at.

Original poster
eyeeyeeyeeyeeye · 05/03/2025 06:58

We've seen a gorgeous house, it's detached, not new build so pretty old, it has that tudor style frontage, it's just gorgeous, I've always wanted to live in a house like this... but it needs updating, probably a rewire as it was built 1930's, maybe new boiler etc 😆
Just dreaming right now!

OP posts:
Original poster
eyeeyeeyeeyeeye · 05/03/2025 06:58

ShinyAppleDreamingOfTheSea · 04/03/2025 21:54

The new build may not be your ideal OP but at least it shows you that there are options far cheaper than the original one you have been looking at.

Yes, where we are you can get alot of house for your money, especially compared to Lichfield which is just down the road, and I do love Lichfield but can't afford it !

OP posts:
distinctpossibility · 05/03/2025 07:10

If you're living in a mortgage free house and feel you can afford £2k per month on a mortgage, then I'd suggest saving £2k per month for a year or two and then looking again. This will serve two purposes - show whether you actually can afford it and give you a larger "deposit". You should have £48k at the end of it and should not need to dip into that fund at all during the 2 years.

We started off mortgage free in a house that would have been OK but took on a mortgage of around £700 per month for the dream house. I do think the fact you "only" have £45k in savings suggests that you aren't so comfortable you're able to save significantly each month, or haven't enjoyed the gifted house and the freedom it gives you for very long at all yet.

We were very fortunate to remain mortgage free throughout the preschool years (4 kids, so a lot of years!) which ultimately gave us complete freedom over childcare, working pattern etc when we needed it most. I have no regrets in moving house but I look forward to our mortgage being paid off again!

movinghouse12 · 05/03/2025 07:21

It depends how much risk you're up for. I wouldn't want a £350k mortgage on £77k. My partner and I earn about double, and are so risk averse we don't want a mortgage over £300k.

MiserableMrsMopp · 05/03/2025 11:38

ghqpabks · 04/03/2025 09:49

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

I'm no expert. BUT it seems logical. Also depending if she had the inherited house before marriage. Best to take legal advice on it.

ghqpabks · 05/03/2025 11:42

@MiserableMrsMopp I didn't think you could protect assets like that if married, but I'm no expert either! That's why whenever a woman is on here with assets is told not to marry, and the women with no assets are told to marry immediately 😂

Original poster
eyeeyeeyeeyeeye · 05/03/2025 12:03

For context, we married about 5 years after inheriting

OP posts:
MoserRothOrangeandAlmond · 06/03/2025 08:02

Our combined income is probably a little higher than yours, mortgage is around £850. We have 19 years left on our mortgage and are the same age as you.
(So paid off around age 55)
We save as much as we can, some for our future and some for holidays etc.
No way in hell would I be borrowing the amount of when im mortgage free surely 1 extra bedroom doesn't cost £350 grand!

HereForTheFreeLunch · 06/03/2025 08:14

It's a long process so while you are waiting why don't you put aside 2k every month?

Then you will know whether it is really do-able and worth it.

Original poster
eyeeyeeyeeyeeye · 06/03/2025 08:23

MoserRothOrangeandAlmond · 06/03/2025 08:02

Our combined income is probably a little higher than yours, mortgage is around £850. We have 19 years left on our mortgage and are the same age as you.
(So paid off around age 55)
We save as much as we can, some for our future and some for holidays etc.
No way in hell would I be borrowing the amount of when im mortgage free surely 1 extra bedroom doesn't cost £350 grand!

Well apparently it does ! As I said we can't extend anymore

OP posts:
Original poster
eyeeyeeyeeyeeye · 06/03/2025 08:23

Nor can we do a loft conversion (which I would like) as you can't even stand up in our loft

OP posts:
Original poster
eyeeyeeyeeyeeye · 06/03/2025 14:06

Hi all, just updating. We've been offered to lend £225k, happy with that on top of the sale of this house

OP posts:
ghqpabks · 06/03/2025 16:05

@eyeeyeeyeeyeeye that's great, what term and payments are you looking at?

Original poster
eyeeyeeyeeyeeye · 06/03/2025 17:22

ghqpabks · 06/03/2025 16:05

@eyeeyeeyeeyeeye that's great, what term and payments are you looking at?

It's 25 years, fixed and payments about 1300 at the top end

OP posts:
ghqpabks · 06/03/2025 17:27

@eyeeyeeyeeyeeye that sounds much more comfortable than the figures you were looking at at the start, hope you can find something that works well for you.

Original poster
eyeeyeeyeeyeeye · 07/03/2025 07:37

Yes much more doable!
We're in a mad rush now to get our house on the market and sellable... there is a house up the road and I'm in love. We've got a viewing next week !

OP posts:
MotorwayDiva · 07/03/2025 07:52

As you currently have no mortgage or rent, try putting aside the £1500/2000 a month for 6 months to a year and see how manageable you find it?

Original poster
eyeeyeeyeeyeeye · 07/03/2025 08:09

MotorwayDiva · 07/03/2025 07:52

As you currently have no mortgage or rent, try putting aside the £1500/2000 a month for 6 months to a year and see how manageable you find it?

Yes this is wise

OP posts:
Original poster
eyeeyeeyeeyeeye · 07/03/2025 08:09

eyeeyeeyeeyeeye · 07/03/2025 07:37

Yes much more doable!
We're in a mad rush now to get our house on the market and sellable... there is a house up the road and I'm in love. We've got a viewing next week !

@ghqpabks sorry was supposed to quote you

OP posts:
ghqpabks · 07/03/2025 08:19

@eyeeyeeyeeyeeye oh that's so exciting, let us know how you get on!

New posts on this thread. Refresh page