Mortgage Payments

Robertsutton1978

Hi All

I'm looking for some advise as a first time buyer.
I'm looking to buy a house for £160000, with a £120000 mortgage. The other £40000 is coming from my savings.
The mortgage I'm looking at is going to cost £578 p/m for the 1st 5 years and then £650 p/m after that.
My take home pay is £1989 p/m.

Does this sound ok, or is it too much of my salary ? I don't have any other debts to pay.

Thanks for any Help

Robert

~Beanie~

Sounds ok to me, thats just under 30% of your take home pay.

I assume that after the 5 years you will revert to the lenders SVR, which is where the £650 p/m comes from, remember that this will be based on current interest rates and so could be higher in 5 years time!

Robertsutton1978

Hi

Thanks for the reply.
Sorry, yes it's SVR after 5 years.

Robert