Take Home £3800 per month is £1000 mortgage manageable

riverboat2001

Hi All,

We're lucky, at the moment and live in my mums place and pay very little.


We have an AIP for £225K, plus we have £25k deposit

We are looking at a house valued at £280k, and are thinking of making an offer of £240.

If we are pushed to £250k the morgage payments will be about £1000 per month. We take home £3800 every four weeks.

In the real world with gas, water,electric,and insurance, is it do-able?
If so is it Live-able?

TrickyDicky101

You take home £400 more pm than me and we have been paying £1300 pm on our mortgage.

I assume that was a monthly take home? If it really is every 4 weeks then £1k a month would be no problem

bristol_pilot

Easily do-able, it is quite common for new mortgages to cost 50% or more of take-home pay. You have plenty of margin for when/if interest rates rise.

firstaspect

I take home about £2.5k a month after tax and pay a £980 a month mortgage fine

blueberrypie

If you have to go to over £250k, you'll need more than £25k deposit. You will also (regardless of what price you pay) need money for solicitors fees, mortgage fees, valuation fees, moving costs, furnishings, etc.

Also take into consideration any other financial commitments you have - car financing, bank loan, credit card debts, etc.

riverboat2001

blueberrypie wrote: »

If you have to go to over £250k, you'll need more than £25k deposit. You will also (regardless of what price you pay) need money for solicitors fees, mortgage fees, valuation fees, moving costs, furnishings, etc.

Also take into consideration any other financial commitments you have - car financing, bank loan, credit card debts, etc.

We have about £7000 savings to put towards any costs, hoping to get solicitors at cost. Seller going into rented to might be an adjustment for fixtures and fittings.

£250k is my maximum that i want to borrow, but i guess for the right house that could change, but think stamp duty is the diving cost.

I have another mortgage currently on a standard repayment of about 0.5% apart from that NO other money owed anywhere (At Last!)

Thanks to you all for putting my mind at rest, just seems an awful lot of money....:eek:

Thrugelmir

riverboat2001 wrote: »

We take home £3800 every four weeks.

Only £25k deposit?

Expensive lifestyle or hobbies?

riverboat2001

Thrugelmir wrote: »

Only £25k deposit?

Expensive lifestyle or hobbies?

Well Spotted!

No kids, do as we like lifestyle, but very aware that things will have to change, hence why we no longer owe anybody any money, and have no debts, so we have been very good over the last three years.
25K deposit will be gifted, but we have saved the £7000 over the last six months or so, and have had a few holidays this year.

blueberrypie

riverboat2001 wrote: »

I have another mortgage currently on a standard repayment of about 0.5% apart from that NO other money owed anywhere (At Last!)

The other mortgage commitment might affect how much you can borrow. Is the lender who has given you an AIP aware of the other mortgage?

riverboat2001

blueberrypie wrote: »

The other mortgage commitment might affect how much you can borrow. Is the lender who has given you an AIP aware of the other mortgage?

Well, i put it on the form that i filled out online.

Thrugelmir

riverboat2001 wrote: »

Well Spotted!

No kids, do as we like lifestyle,

Then may be worth a few months of hard graft to build the deposit higher. This will improve the mortgage rate your offered and reduce your exposure to future rate rises.

With £200k of debt. A 3% rise will cost you an additional £500pm (£6k a year).

Your choice of course.