Travel Costs on Mortgage

Jimmy9012

Thrugelmir wrote: »

Little point in deceiving yourself. Affordability is a major consideration for lenders as borrowers become complacent. Years of low interest rates may appear normal. But these aren't normal times. Interest rates will ultimately rise. Might not be significant for some years. However could be painfull to service the debt owed at that time.

Am I deceiving myself? Going by the numbers I am pretty sure I would be able to afford a mortgage. For example, if 200k at 4% interest over 35 years, that is £886.

If interest rate doubles to 8%, that is £1,421.

If 11%, thats £1,874 PCM

Based on 4% interest rate, it would need to almost go up by three times before I am on the edge... that feels affordable.