How Much Can We Afford?

Can anyone help as I'm receiving conflicting information ....

Myself and the husband are about to buy a house. We are in rented accommodation (currently pay £700 pcm) and have approximately £20k saved towards a deposit.

We earn £50K per annum combined.
We own a flat that is rented out and generates an income of circa £6k per annum.

We are looking up to £190,000 because we don't want our monthly repayments to be much more than we pay in rent now.

Here's for the but .....

The husband has a £1800 satisfied CCJ from 3 years ago. We have about £4k on credit cards and a recent £8k bank loan (new car).

Will the outstanding debt, despite being well managed and never missing payments, count against us when obtaining a mortgage and are we being unrealistic on the upper level of our budget? I.e do we need to be looking closer to £170k if we don't want to pay more than £800 a month in repayments?

Thank you for your help in advance.


  • ACG
    ACG Posts: 23,616
    First Anniversary Name Dropper First Post I've helped Parliament
    It will impact affordability but I suspect it should be achievable. You need to speak to a broker or jump on the lenders affordability calculators.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
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