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Mortgage Affordability Advice
seanh95
Posts: 7 Forumite
Hi All,
Looking for some advice. Potentially looking to buy a house / Apartment in the greater London area (In future…..). Looking at a potential 2 bed with a valuation of approx.. £350,000.00. We are a married couple. I am self-employed (Ltd Company) and my company earns about £80,000 per annum (Before Tax) with me paying myself about £45,0000 (After tax). My Wife earns about £40,000 (Pre-tax) with a bonus of about £5,000.00.
We have a 9 month old baby who will most likely be heading for the crèche in the next few month, full time childcare is about £1,335.00 per month I believe.
We have no other loans or personal debt. We own a BTL and the rent would comfortably cover that mortgage.
Question is, do you guys think we could afford this mortgage?
Thanks All!!
Looking for some advice. Potentially looking to buy a house / Apartment in the greater London area (In future…..). Looking at a potential 2 bed with a valuation of approx.. £350,000.00. We are a married couple. I am self-employed (Ltd Company) and my company earns about £80,000 per annum (Before Tax) with me paying myself about £45,0000 (After tax). My Wife earns about £40,000 (Pre-tax) with a bonus of about £5,000.00.
We have a 9 month old baby who will most likely be heading for the crèche in the next few month, full time childcare is about £1,335.00 per month I believe.
We have no other loans or personal debt. We own a BTL and the rent would comfortably cover that mortgage.
Question is, do you guys think we could afford this mortgage?
Thanks All!!
0
Comments
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Hi - what would the deposit be?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
10% of property value, so in this case £35,0000
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Sounds like you are in the ball park but a number of factors in the detail that will be important here.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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