Is this mortgage too big??

heidir

Hi all....

so my big question is how big does this mortgage sound??

we've just sold our house for 200k ... 68k equity left for our new place, new house is £265k which would be giving us a new mortgage of £197k!!!

Does this seem a lot?? we are a married couple aged 42 & 37 with 2 boys


Any thoughts welcome

Contemptuous

It's all relative to your earnings and lifestyle, surely?

jb66

If the mortgage lender will give you it they must feel you can afford it

heidir

there is no problem with repayments etc... all very affordable.... I suppose im just worried about having such a big debt hanging over my head for 25 years!! The plan would be to overpay as much as we can... i just wondered if others had mortgages of this size going into their 40's

shortcrust

If you're both on minimum wage then it's too big. If you're both on 100k then it's too small.

shortcrust

heidir wrote: »

there is no problem with repayments etc... all very affordable.... I suppose im just worried about having such a big debt hanging over my head for 25 years!! The plan would be to overpay as much as we can... i just wondered if others had mortgages of this size going into their 40's

My guess is millions of people do! It's really not that big in the big scheme.

heidir

our joint income is 54K, i should say that i currently only work part time but will increase to full time in the next 3 years when our youngest starts senior school...

wjr4

As long as you can afford it and it's a repayment mortgage I wouldnt worry.. I've just taken out our first mortgage of nearly 250k.. trying to think about it as a secure roof over our heads rather than a quarter of a million pound debt!

Bonfire_Bride

As long as the repayments are affordable and comfortable then go ahead. I panicked when I thought of our mortgage of 118k (70k equity) but then I changed my way of thinking...

Yes, it is a large amount to us (similar salary)...but paying it each month will lead to us owning a lovely 4 bed detached in the Welsh countryside.

Money well spent if you ask me.

downhillfast

It's all relative. We will (hopefully) be hopping back onto the housing ladder next year and we'll be looking at a mortgage of about £350k :eek: I'm 41 and partner is 35...

chelseablue

I wish ours was at 197k!


Our joint income is £59k and our mortgage balance is currently £227,000


Payments are currently £722 a month