seen 'the' dream house. would we be able to afford it or would mortgage broker laugh in our faces??

[belcantavinissima]

i love it so much. it is destined to be ours. i want it. nay, i need it. it is £370,000 (could poss get it for 350,000 [hopeful emoticon]). dh earns £50,000, we have approx £80,000 equity in ours to use as a deposit. would it be do-able do you think esp in current mortgage-lending climate??? i think as market is a bit weird may be a great opportunity (itsa perfect 6 bedroom house btw and just what we need)

oops do NOW have to pay a larger chunk of their money on mortgage I mean

You couldn't afford it surely? Unless you're going to be earning a similar amount pretty soon I mean. You can't afford a £1500 - 2000 pm mortgage on a £50K salary.

Sorry. Smashing house...

lol at the house
the bunting and the vendors comment
waht wankers

i watned to spel ds3 charley

dh siad that is how you spell a horse called charley

50K salary is, what, around £3000 pm?

nice house. Very expensive in current climate. Very expensive on 50k salary. Has been hideously 'dressed' for the estate agent photos - that and the vendor comments make me suspect that it is very over-priced and they know it, that's why they're doing such a stomach-churning sales pitch. A gorgeous house near us has just been valued at over £100,000 less than it was bought for a couple of years ago. I think you would be a bit crazy to buy this one.

sorry!

The interior is a bit brocante with a dash of White Tie isn't it? They have done this house up on the cheap. Decoration in blonde Farrow & Ball colours to maximise space. Only one bathroom for six bedrooms. And the shower is over the freestanding bath with flimsy circular curtain (roffle at idea of DS1 & DS2 (16 and 12) having a shower in there after a rugby match.

It doesn't even have an Aga.

tut tut

Sorry but I have to agree with hanaflower and Swedes, it is very overpriced, over-styled and overly chi chi - just look at the bedlinen/cushions etc etc.
Also think it is more than you can comfortably afford.

I do know times have changed Honoria. But I just worry about people over-stretching themselves on mortgages. If we find it hard paying just over 2 x salary (highish salary) and have no money left over at end of month for savings or anything nice, like renovating our tired old house, then I worry about anybody stretching themselves to 4, 5 or 6 times salary. That's all really.

If we went for 5 times salary plus equity as a deposit, then we would be looking at buying a house worth 50% more than our current one. That's too big a leap in one go, I believe.

I just worked out on a £50k salary he must bring home approx £2955 a month.

A £245k mortgage over 25 years at 6-7% (assuming you get offered a 5x income mortgage) is £1578-1731 per month.

That is a huge chunk of income on your mortgage.

(but it is a lovely house)

Oooooh I love it! If we could get jobs in Devon I'd be jumping in there

Lucky for you we are stuck in horribly overpriced London.

If you think you can afford it then go for it - it does sound like you'll be a bit stretched though on your budget.

I know this house looks terribly ugly and tasteless but with a good architect you could alter the exterior (new windows, new entrance, rendered and painted maybe) and make this house look superb and make some money in the process (if it's in a good spot). I'm a big fan of ugly duckling houses. Crediton detached

belcantavinissima - no idea re mortgages but am very excited as I recognise that house - used to live in Alexandra Way and went to QES A small world.

Fon't do it. You are talking 6x salary. Even if the banks let you do it, don't. Times is getting harder - the credit crunch hasn't begun to bite properly yet. Don't.

We have a 250k mortgage and we pay £1,500 per month but our household income is more than 50k.

I meant don't not fon't of course

It really is time to batten down the hatches. A mortgage of 6x salary ... nooo

gorgeous

lol at Quatt

I'm afraid I always let my heart rule my decisions, which of course isn't at all sensible, because I then lie awake at night terrified by what I've done.

It's a lovely house and I'd be totally swayed by the interior and...oh dear I'm a salesmans dream.

"sheer grandness"?????????????
dearie me!

(its a lovely house though!)

we have lost so many dream houses, so glad we did as we always found one better.

Lol, swedes your house link apparently offers "everything for the disearning young family". I don't think a bank would lend to a disearning family.

LOL@ BrownSuga! Well spotted!

that's our house!!!!

That kind of mortgage would scare the living daylights out of me. Seriously I don't think I would risk it in the current climate on one salary of 50k. Beautiful house, but I find it expensive for the size it is.