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What can we afford?
mose_2
Posts: 414 Forumite
Hi, We will be making about 80-90k poss 100k profit on our property, joint earnings of 40k, how much mortgate can we realistically get and afford to pay. I think our top budget is 140-150k whick would get us a house of 220-230k which isn't alot in essex. Also any suggestions for nice parts of essex?
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The market is such that you could probably get almost any mortgage you want, however realistically you will be limited to budget, what could you afford to pay back per month ? give us an idea, and the term you are looking for and we can give you an idea of possible mortgage.
With regards to nice parts of Essex, I live in Colchester which is ok, depends what you want, and where you work. But generally the further out of London the lower the prices.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.0 -
hi, outgoings about 1000 a month thats with a £300 mortgage, bring in about £2400, as for areas needs to be within an hours drive of dagenham.0
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As an indication, a £150k mortgage over 20 years would cost just over £1000 pm, at the end of the day, you are paying the mortgage, what are you comfortable paying a month ? also what sort of age are you/how long a term are you happy taking ?
With regard to being 1 hr from Dagenham, all depends on what time of day, I could be in Dagenham in 1 hr easily leaving now, but rush hour could easily take 2 hours.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.0 -
150k over 20 years is a 1000 a month? what rate would that be? £1000 would be the limit would prefer 700-800, we will make about 80k on our flat, it's just the nice areas you are looking at 250k and up for a 3 bed house. just dont know if we are pushing it a bit. pay more better area and less house or pay less more house,not so nice area, its turning me grey!0
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Rate is approx 5.39% tracker.
You can always extend/improve the house, you can't change a bad area.....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.0 -
Before taking on a £150k mortgage how will you manage if one of you is unable to work for a time, or if you have a family. You also need to take into account commuting costs when deciding on area.
~Laugh and the world laughs with you, weep and you weep alone.~:)
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