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Is this mortgage too big??

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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

Comments

  • It's all relative to your earnings and lifestyle, surely?
    Slummy mummy!
  • jb66
    jb66 Posts: 1,705 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    If the mortgage lender will give you it they must feel you can afford it
  • heidir
    heidir Posts: 26 Forumite
    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
    shortcrust Posts: 2,697 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker Newshound!
    If you're both on minimum wage then it's too big. If you're both on 100k then it's too small.
  • shortcrust
    shortcrust Posts: 2,697 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker Newshound!
    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
    heidir Posts: 26 Forumite
    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
    wjr4 Posts: 1,306 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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!
    I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.
  • 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.
  • 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...
  • 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
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