How much mortgage do you have??

JOBEN

Hi
not meaning to be noisy but my hubby and me are lookin at moving (actually think its wishful thinking ) but anyway..........

my hubby and and I earn £55k a year between us, our current mortgage is £67k but I have got this urge to move and the house we would be looking at would mean getting a mortgage of £117k

In the grand scheme of things do you think this is too much for what we earn, we would be paying it over 20 years.

thanks in advance for any advice/help
Jo

DevilsAdvocate1

I think banks will often lend 2.5 times your joint salary, so in your case £117K is easily achieveable. You could use the calculators on this site to work out how much the repayments would be and you then decide if you think you can manage this.

Our joint income is a lot less than yours, but our mortgage is £110, 000.

HTH.

moneypuddle

We earned approx £45k last year and our mortgage is £157k

LillythePink

We earn about 88k between us and our mortgage is 352k

hillcats

Approx 65k between us. Mortgage details below.

Brodiebobs

we earn alot less :-( ..... 24k between us but we (had) a mortgage of 90k 3 years ago and through overpayments have reduced this to under 80k.

edited to add we went to a mortgage advisor when i had the bug to move a few months ago and because we had a good credit rating we could borrow upto 100k so think you should be fine.

Sagz_2

I earn £30k and have a mortgage of £79k.
(When you see it like that it looks so easy to pay off in 5 years or so..... I wish!)

kawaton

48k and 185k

GMS

Earnings are an indication of what is comfortable but there are many other factors which will differ from person to person.

What would you consider a comfortable payment?

A couple earning 50k joint may have a 200k mortgage which they consider to be comfortable. Holiday is a week in England once a year, car is a 3 year old average model, food is simple, clothes are from supermarkets, rarely drink and dont smoke.

Another couple earning 50k may have 2 cars, holiday abroad, drink and smoke, eat out regularly, have expensive clothes etc.

The same mortgage would look completely different to both parties. One would think easy, the other would think it is too much of a sacrifice.

Decide what is affordable and least impact on lifestyle and go from there.

hcb42

£90K and £160K

We dont drive flash cars, although we do have two cars, we dont have other debt, tend to holiday in uk but overseas every couple of years, no flash taste in clothes, however we do eat out and drink out quite a bit. I personally wouldnt consider borrowing any more than this (age 43 and 49, also relevant of course)

originator

£12K and £10800 I should be laughing right! It's still !!!!!!!g hard.