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How much is too much?
Lurch1989
Posts: 19 Forumite
I'm looking at buying somewhere with the other half. We're both 29.
We've both got our own places with £95k of equity in total. Of which we are planning on selling one place and taking around £45k out to use towards the new place.
Together we earn around £80k basic, with extra coming from my small side business and work bonuses.
The place we're looking at is £350k, mortgage payments are £1300 with a LTV of around 85%. Leaving us with £2k PCM after bills (cars,food,heating etc etc).
Does this seem viable long term?
We've both got our own places with £95k of equity in total. Of which we are planning on selling one place and taking around £45k out to use towards the new place.
Together we earn around £80k basic, with extra coming from my small side business and work bonuses.
The place we're looking at is £350k, mortgage payments are £1300 with a LTV of around 85%. Leaving us with £2k PCM after bills (cars,food,heating etc etc).
Does this seem viable long term?
0
Comments
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I would say yes, you've got some wriggle room there for rates going up.
My only caution would be if a big chunk of that £80k came from one particular earner. In that instance, I would be looking at income insurance just in case they couldn't work. If you each earn c£40k it is less risky.
What will you do with the remaining property?I've got a plan so cunning you could put a tail on it and call it a weasel.0
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