How much would your salary need to be to afford a £650k house?



  • AlionAlion Forumite
    147 Posts
    I'd agree with the others - start small.

    I remember looking through the papers at family sized houses in our area when we were first looking and wondering why we'd even bother buying a small house in this area as we'd never be able to stretch that far.

    We bought a little 2-bed with a 90% mortgage and then we worked and worked on that mortgage until we had paid off lots of it. Then we looked at moving up. Not as far as £650k, but we were looking up to £450k. There was no way we could have got that at 90% mortgage but all the hard work meant we were looking at about 60-70% which lenders are happy with and we could afford the repayments.

    Again like others on here we bought the cheapest most run down house and are doing it up ourselves. If we were to add another bedroom, we'd put the value up another £100k going by sold prices in our street so if we want to move up again in the future, say in 10 years or so, I think we could move to the houses valued at around £600k in our area. Although I don't think we will - I think we're in our forever house.

    It seems so unobtainable when you first look at it but it's possible.

    I don't know how people do it at the moment if they're not overpaying though as before house price changes made it easier.

    In terms of salary I know people who earn vast sums, live at home and can't afford to move out and I know people who earn average salaries who have gone further than us - it's not all about what you earn, it's also about how you spend it. Getting a good job is the start you need but it's not the whole story.
    29/01/07 - Took on our first home for £225k, mortgage of £200,700, reduced to £70,224.44 in 6yrs
    16/11/12 - Moved to our forever home for £427k, mortgage of £270,999

    MFIT-T3 #2 - Reduce (new) mortgage from £270k to £225k whilst renovating and with our first baby on the way! £265,654.56 so far
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