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Too much debt?

w00519772
w00519772 Posts: 1,297 Forumite
in House buying, renting & selling
I read that the average First Time Buyer is now 32. I am 32.

I am interested to hear how much debt 30 somethings are taking on. I am thinking about purchasing a house for 150K (115K mortgage and 35K deposit). I am worried about having so much debt. How much debt do other individual FTB's have? e.g. if you have a mortgage of 200K and you are a couple then thats 100K (each).
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Comments

  • thequant
    thequant Posts: 1,220 Forumite
    single mid 30's FTB here, just about to take on a mortgage for £500,000.

    With interest rates so low and a 5 year fix, repayments are lot less than my rent.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Circumstances differ widely. Prepare a personal budget , factor in different rates of interest to stress test it, and go from there.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    Single mid30s, technically maybe not a FTB but I'm looking to buy somewhere next year for between £300,000 and £400,000 with a minimum of 15% deposit. I have a plan to pay the mortgage off in 6 years though. There's nothing to say you need to be paying a mortgage for 20+ years and renting until I have a larger deposit will cost me more in the long run.
  • w00519772
    w00519772 Posts: 1,297 Forumite
    thequant wrote: »
    single mid 30's FTB here, just about to take on a mortgage for £500,000.

    With interest rates so low and a 5 year fix, repayments are lot less than my rent.

    Thanks. I guess I should of said that the mortgage is about 3.5 times my salary. If you are willing to disclose your salary multiple then please do.
  • w00519772
    w00519772 Posts: 1,297 Forumite
    thequant wrote: »
    single mid 30's FTB here, just about to take on a mortgage for £500,000.

    With interest rates so low and a 5 year fix, repayments are lot less than my rent.

    Thanks. I guess I should of said that the mortgage is about 3.5 times my salary. If you are willing to disclose your salary multiple then please do.
  • w00519772
    w00519772 Posts: 1,297 Forumite
    Pixie5740 wrote: »
    Single mid30s, technically maybe not a FTB but I'm looking to buy somewhere next year for between £300,000 and £400,000 with a minimum of 15% deposit. I have a plan to pay the mortgage off in 6 years though. There's nothing to say you need to be paying a mortgage for 20+ years and renting until I have a larger deposit will cost me more in the long run.

    Thanks. I guess I should of said that the mortgage is about 3.5 times my salary. If you are willing to disclose your salary multiple then please do.
  • thequant
    thequant Posts: 1,220 Forumite
    w00519772 wrote: »
    Thanks. I guess I should of said that the mortgage is about 3.5 times my salary. If you are willing to disclose your salary multiple then please do.

    x4 of my salary
  • FTB_Doll
    FTB_Doll Posts: 206 Forumite
    2 adults mid/late 20's taking on £96k so £48k each :) happy with that x
  • sandsni
    sandsni Posts: 683 Forumite
    If your mortgage is going to be your only debt then it's a risk worth taking to own your own home eventually. It's a "good" debt, if there is such a thing. If the mortgage is going to be on top of a lot of other personal debt then it might be worth having a look at reducing the other debt before taking on more.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    edited 29 November 2013 at 7:26PM
    Something I find more useful to look at is whether I can afford the mortgage repayments if the interest rates go up to 5%, 10% and 15%.
This discussion has been closed.
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