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FTB Mortgage Affordability
Zekko
Posts: 253 Forumite
Hi All,
I'm a FTB living in the South-East (not London) currently interested in buying a 3 bed house which would require a mortgage in the region of around £130k.
After some hard graft over a number of years I've managed to save up a decent deposit of ~£100k which would mean I'd be looking at mortgages with an LTV of 60%.
I would be purchasing only on my income (£37k/annum), and living alone.
I've had a look around at several lenders and it looks like I could be expected to pay around £600-£650/month on a repayment basis when borrowing ~£130k.
In terms of affordability, do you think I potentially stretching myself too far on a single income? Perhaps I should look for cheaper accomodation with less rooms?
As far as job stability goes, I've been at my current employer for 6 years and there is a good amount work for at least the next 2-3 years (touch wood).
It's in my nature to be overly cautious and think about all the possible permutations (good or bad). I may be fretting about nothing, but your opinions are appreciated.
I'm a FTB living in the South-East (not London) currently interested in buying a 3 bed house which would require a mortgage in the region of around £130k.
After some hard graft over a number of years I've managed to save up a decent deposit of ~£100k which would mean I'd be looking at mortgages with an LTV of 60%.
I would be purchasing only on my income (£37k/annum), and living alone.
I've had a look around at several lenders and it looks like I could be expected to pay around £600-£650/month on a repayment basis when borrowing ~£130k.
In terms of affordability, do you think I potentially stretching myself too far on a single income? Perhaps I should look for cheaper accomodation with less rooms?
As far as job stability goes, I've been at my current employer for 6 years and there is a good amount work for at least the next 2-3 years (touch wood).
It's in my nature to be overly cautious and think about all the possible permutations (good or bad). I may be fretting about nothing, but your opinions are appreciated.
0
Comments
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This sounds perfectly affordable assuming no other debt you must be netting well over £2K a month.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Get yourself insured against redundancy or sickness as part of the process.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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