Am I stupid even trying?

Carl2510

getmore4less said:

Carl2510 said:

getmore4less said:

Forget what they will lend you as long as it is more than you need.
Work out what you can afford.
£40,500 income will be net £2,500-£2,900
£188k 5y fix <2%   £300pm is interest decide how fast you want to pay down the debt(savings)
20y £960pm
25y £800pm
30y £700pm
35y £630pm
40y £570pm
(longer term and overpay is better than shorter term more flexibility)
Are you renting now?  how much is that?
How much do you save every month?

Currently in the process of selling my house, at the moment I save £250 a month into shares that mature next year £9K guaranteed but possibility of more if share price is good. 3 year maturity if it was this year I’d of got 20K back. Currently between me and my partner we will have 80K in savings when I sell my house that’s without the share money. 

She currently lives with parents so saving £1K a month and I also let whatever build up in my bank what I don’t spend as I don’t spend a lot, don’t drink or smoke. Don’t buy clothes unless I have to my only expenditure is Golf.

she has no debt no loans. I have the one loan my car which will be paid off in Jan.

Whats your current mortgage?

With £80k between you, if that £235k place the house you want you will walk it unless you go crazy buying new stuff to put in it.

Throw £500pm each into a pot to cover the mortgage(35y/40y) and main bills  overpay if any left. loads left to live off.

When  pay goes up or you find you are not spending  you can look at the overpayment situation. £100pm will knock off 5 years, £200pm 10y.

My current mortgage is actually with my brother 101K left on it.

got my MA doing a AIP this week so hopefully get a solid idea of what I’m allowed to borrow then can see if it’s worth taking the plunge and going for a more expensive house.

getmore4less

What are you paying him every month?

Carl2510

getmore4less said:

What are you paying him every month?

No as in with both own the house but everything comes out of my wage and I just put whatever he gives me into savings everything comes to around £900 a month with all bills included 

getmore4less

Not sure you understand what I am trying to tease out of you.

what does your current housing cost you?.

You have housing costs now,  that is your base cost that you are topping up by moving to a bigger place

You are worried you may not be able to afford but the reality is is not going to be a lot more than you are paying(£900pm) for the place you are in now  if you take out a 35/40 year loan on the new places and swap your brother for your OH  

From your posts you don't seem to have any idea how much you housing costs or how much you save each month, might be a good time to start some proper budgeting in preparation for this moving in together situation.

That might be leading to your worry you just don't know your finances.
From the numbers you have given and your lifestyle its a doddle.

Carl2510

getmore4less said:

Not sure you understand what I am trying to tease out of you.

what does your current housing cost you?.

You have housing costs now,  that is your base cost that you are topping up by moving to a bigger place

You are worried you may not be able to afford but the reality is is not going to be a lot more than you are paying(£900pm) for the place you are in now  if you take out a 35/40 year loan on the new places and swap your brother for your OH  

From your posts you don't seem to have any idea how much you housing costs or how much you save each month, might be a good time to start some proper budgeting in preparation for this moving in together situation.

That might be leading to your worry you just don't know your finances.
From the numbers you have given and your lifestyle its a doddle.

I get where your coming from I know I deffo put away £250 a month, as that’s what I put in for my shares then anything else I just let build up in my bank if I don’t spend it then when it gets to a certain amount I just transfer it over to my savings. For my current home which I own with my brother I pay all the bills out of my account I get him to transfer his bit to my savings. For my current home bills all come to £900 that’s mortgage, gas & elec, water, council tax, sky, life insurances, tv licence, even shopping money for week. 

My main worry was just always is it possible to lend such an amount so close to my max borrowing which a lot of you have said yes.