Is this so obscured ?

SR1

Thinking of moving , we really like a house that I think they would accept 265 for, I would probably look at getting 150 for mine, we owe about 64 on our mortgage , we have a joint gross income of 47000, this would cost us approx 750-800 per month for 25 years (currently on 16 but prepared to take out a longer term as this is a house we can see ourselves in when we are 60 odd ). I've just finished paying off a loan that was 333 per month, my current mortgage is 340 a month, so I feel the payments are within our means
What do you think ?

Landofwood

Hard to say without knowing your full credit profile, but the figures you've provided seem fine.

Thrugelmir

SR1 wrote: »

this would cost us approx 750-800 per month for 25 years

Unlikely interest rates will remain at current levels for that time frame.

dimbo61

Well £10,000 will go on selling and buying costs plus stamp duty, moving costs before you spend a penny on the new property.
So that leaves £75,000 as a deposit and £190,000 mortgage or THREE times the size of your current mortgage so maybe a long term fix of 5 if not 10 years

SR1

Thanks everyone , my last house move cost just over £2k in conveyancing , i think I may have found a buyer without having to use an estate agent, so think 10,000£ is a bit steep to estimate for moving costs I think ��also I know In the next five years I will be receiving some inheritance to ofsett the tax man so I'm not really worried about what I have to borrow as it will be short term really

lovehackney

Don't forget stamp duty costs - £3250 on a house worth £265k. Im assuming you didnt have to pay this last time (or as much).

SR1

Yeah didn't pay that much last time