South East... mortgage advisor's calculations

redrabbit29

Hi everyone,

I own my house and I'm looking to sell. We should come away with £120'000 in equity from the sale. That is after fees and ready of the next house.

My Salary: £41'000
Partner Salary: £30'000
TOTAL: £71'000

We have no debt, no kids and no immediate plans.

Mortgage Advisor Advice

They have said that we can afford to have a mortgage of £340'000 and are confident of being accepted.

The deals offered are over 33 years at 1.44%.

I've done the figures and we could afford this per month. Also if one of us lost our jobs, we could pay the bills. We also have £28'000 in savings, a good chunk of which will be put into an emergency fund.


South East

I've read lots of things online, and some on this forum. Many articles and posts just don't seem to fit with my situation and I can't help but feel it's location.

E.g. the terms that people borrow over round here seem higher, hence mine being 33 years. Looking at the lower priced houses doesn't seem to offer much.

Our fees to move are around £19'000... so if we do this, I want to make it count, and not feel that in 2-3 years I'm not content and we want to move again.

A mortgage of £340k + our £120k deposit would allow a rough figure of £460k for a purchase. There are some around here are our ideal homes and are around this figure or a bit lower.


...

I know things change, e.g. rates (which they've been saying for years about), people lose jobs, etc...

Does anyone else live in the South East (for reference, it's around 20 minutes from M25, sort of between Berkshire and Surrey).

Any thoughts? My intention was to buy a house which would suit us for the next 10+ years.

Thanks everyone,
RR