first mortgage, please help

nurseape

hi, please go easy this is my first post. Me and my fiance are looking for our first house / mortgage. We have found a house we really like which is apprx £175k, we have about £20k deposit. We were quoted £1089/month for a mortgage today. Fixed rate for 3 years. This seems an awful lot. We have no outstanding debts, loans or overdrafts. We are currently shopping around for the best mortgage deal. This would represent about 4.5 times our combined salary. Is this too much of a risk ? should we look for a cheaper 1st home ??

thanks

Thrugelmir

Buy a cheaper smaller property, and aim to move up the ladder over time. There's no rush, and more to life than going to work just to pay mortgage interest!

Aim for 3 to 3.5 times joint income as a mortgage.

bobbadog

That IS a lot - we purchased our flat last year for £180K, £20k deposit, mortgage is £846 a month including insurance - but admitedly is over 30 years. Britannia. Shop around!

nurseape

thanks for the help people. much appreciated. We justhad another quote for £960/month with insurance so its getting better !!!

We'll keep on trying and i'm sure i'll be back on here again with more questions soon.

ta

Housebuyer958

Sounds about right - my house is £222,000 and borrowing £186,000 - £980 per month on a tracker. If I did a fixed it would be £1170 per mth so might be worth looking at a tracker instead of fixed (see my other post just now!)