Take Home £3800 per month is £1000 mortgage manageable

blueberrypie

riverboat2001 wrote: »

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

Hm. I'd want more of a confirmation than that before I started putting in offers. It might not be a problem at all, but if it's going to be, I'd rather find out sooner than later.

Thrugelmir's advice re cutting back on expenses and saving for a while is sound.

riverboat2001

Well have decided to start putting away £1000 per month, to start saving and see how we get on. Not too bad so far.
So the longer we look for the right property, the more we will have saved.

The AIP is for a three year fixed deal, interest only, original property will be sold within three years and clear new mortgage.
AND if we do get into difficulties the orginal property will go straight on the market.

riverboat2001

TrickyDicky101 wrote: »

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

Yep, it really is 4 weekly, bloody pain it is too! :mad:

dimbo61

VERY CONFUSED as you say you have another mortgage on 0.5% and £25K gifted deposit.
You also state you have a 90% LTV mortgage upto £225K and its interest only as well.
Now in the current market its not a good idea to pay £250,000.01p as you then pay £7500 in stamp duty and not 1% so make sure you pay less than £250K
Good luck

riverboat2001

dimbo61 wrote: »

VERY CONFUSED as you say you have another mortgage on 0.5% and £25K gifted deposit.
You also state you have a 90% LTV mortgage upto £225K and its interest only as well.
Now in the current market its not a good idea to pay £250,000.01p as you then pay £7500 in stamp duty and not 1% so make sure you pay less than £250K
Good luck

Yep, def staying within the stamp duty threshold.

Thrugelmir

dimbo61 wrote: »

VERY CONFUSED as you say you have another mortgage on 0.5% and £25K gifted deposit.
You also state you have a 90% LTV mortgage upto £225K and its interest only as well.

Would be useful to have the facts.

What other financial committments do you have?

Does your income include rent from the other property.

riverboat2001

No major financial commitments.

Mum lives in my property, and i live in hers, for work as well as social reasons.

Thrugelmir

riverboat2001 wrote: »

No major financial commitments.

Mum lives in my property, and i live in hers, for work as well as social reasons.

Is there a mortgage on your property?

riverboat2001

Thrugelmir wrote: »

Is there a mortgage on your property?

Yep, 48k left, property worth about 350k

dimbo61

First of all getting paid every four weeks is not a pain because you get paid 13 times a year and not 12 like the rest of us.
Now I may well be wrong but you already have a mortgage of £48K on your old place which your mum lives in ( does she have her own income?) and I think any lender will have to take this into account when working out how much you can afford ( affordability) and as you want to borrow upto
£225K with only a 10% Deposit and Interest only.
Please make sure you have the mortgage sorted BEFORE you spend money on surveys and legals.