How much mortgage can I afford?

Cornucopia

lonestar79 wrote: »

Thank you all for your replies so far. I appreciate all opinions and viewpoints....

Thanks for coming back. It's always a little frustrating when Newbies "fire and forget" their first thread(s).

I'm not sure that you'll get much more change out of the thread. Everyone's given you the most obvious advice in your situation.

The only other option I would suggest is a compromise one, where you use your savings plus a more conservative mortgage (more typical of other borrowers) of maybe £300-400k. This would enable you to pay it off faster and move on to other investments, as well as being a smaller amount to cover in the event of job loss.

Alternatively, the other way around (the classic MSE approach) where you borrow the full amount you can, but retain £50-100k in savings that could cover mortgage payments for some while.

TBH This thread confirms something I have been thinking for some while - I'm probably quite well off relative to my locality, but in the grand scheme of things, not so much.

ETA, given the new info about your requirements for house & area, you will get much more satisfaction per £ in some areas of London than others. I appreciate that your friends and colleagues may have gone the predictable North London route, but given what you say, I would highly recommend you have a look at Dulwich, Blackheath and Greenwich in SE London. (Dulwich if you work in the West End, Greenwich if you work at Canary Wharf), and any if you work in the City.

e.g.

http://www.rightmove.co.uk/property-for-sale/property-48192610.html

http://www.rightmove.co.uk/property-for-sale/property-33764001.html?premiumA=true

http://www.rightmove.co.uk/property-for-sale/property-49680715.html

ViolaLass

Although, as you will know, public transport is less good in SE London.

lucie_1985

Public transport isn't so good in south east London at the moment but London Bridge is being renovated at the moment - I can see it from here At that point property prices are set to shoot up. Living in the environs of Blackheath though don't expect to get anything anywhere near a 3 bed house for short of £1.2m.....hence hanging out on the edge of it

Cornucopia

ViolaLass wrote: »

Although, as you will know, public transport is less good in SE London.

I think it would depend on where the OP works. Greenwich-Canary Wharf by DLR, for example is very much a Tube-line level of service.

Jhoney_2

ViolaLass wrote: »

Although, as you will know, public transport is less good in SE London.

That would depend on where in SE London...

Trains to the City, London Overground? Not sure about the areas in you examples though.

I find it much easier to get to central London from SE London than I did from SW London pre BoJo Line, but much less hectic and pretentious.

Brockley, Forest Hill, Nunhead, New Cross are all good investment areas and most parts are quiet and leafy.