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  • FIRST POST
    • WelshGlyndwr
    • By WelshGlyndwr 18th May 19, 5:31 PM
    • 46Posts
    • 2Thanks
    WelshGlyndwr
    Is my mortgage affordable?
    • #1
    • 18th May 19, 5:31 PM
    Is my mortgage affordable? 18th May 19 at 5:31 PM
    I have been accepted for a 5 year fixed rate with nationwide paying 740 a month. The mortgage is 192000 with a 34000 deposit. Our joint annual salary is 46000. We have no debts . Net this is 3000 a month. Is this affordable does it seem ok?? the mortgage advisor says it is! I cant tell what is affordable? or to believe the mortgage advisor. Im on a promotion for 12 months, so for now the net monthly salary is 3300. But will go down to 3000 without perm promotion
Page 1
    • couriervanman
    • By couriervanman 18th May 19, 5:34 PM
    • 545 Posts
    • 942 Thanks
    couriervanman
    • #2
    • 18th May 19, 5:34 PM
    • #2
    • 18th May 19, 5:34 PM
    I have been accepted for a 5 year fixed rate with nationwide paying 740 a month. The mortgage is 192000 with a 34000 deposit. Our joint annual salary is 46000. We have no debts . Net this is 3000 a month. Is this affordable does it seem ok?? the mortgage advisor says it is! I cant tell what is affordable? or to believe the mortgage advisor. Im on a promotion for 12 months, so for now the net monthly salary is 3300. But will go down to 3000 without perm promotion
    Originally posted by WelshGlyndwr
    "Is this affordable does it seem ok?? the mortgage advisor says it is! I cant tell what is affordable?".......you must be a salesman's dream
    • WelshGlyndwr
    • By WelshGlyndwr 18th May 19, 5:48 PM
    • 46 Posts
    • 2 Thanks
    WelshGlyndwr
    • #3
    • 18th May 19, 5:48 PM
    • #3
    • 18th May 19, 5:48 PM
    "Is this affordable does it seem ok?? the mortgage advisor says it is! I cant tell what is affordable?".......you must be a salesman's dream
    Originally posted by couriervanman


    Do you think so!?
    • Nebulous2
    • By Nebulous2 18th May 19, 6:27 PM
    • 2,440 Posts
    • 1,617 Thanks
    Nebulous2
    • #4
    • 18th May 19, 6:27 PM
    • #4
    • 18th May 19, 6:27 PM
    A year or so out of date article here. Income also needs to be considered, lower earners will not be able to afford as big a percentage.

    It also depends on your other costs, such as car loans and childcare. If you weren't paying the mortgage what would you be paying for housing costs? Rent could be more depending on where and what you were renting.
    • WelshGlyndwr
    • By WelshGlyndwr 18th May 19, 6:35 PM
    • 46 Posts
    • 2 Thanks
    WelshGlyndwr
    • #5
    • 18th May 19, 6:35 PM
    • #5
    • 18th May 19, 6:35 PM
    A year or so out of date article here. Income also needs to be considered, lower earners will not be able to afford as big a percentage.

    It also depends on your other costs, such as car loans and childcare. If you weren't paying the mortgage what would you be paying for housing costs? Rent could be more depending on where and what you were renting.
    Originally posted by Nebulous2

    No car loans and no children yet....maybe in a few years. Rent is 625 atm and we live comfotably on that.
    • MalcRH12
    • By MalcRH12 18th May 19, 8:47 PM
    • 44 Posts
    • 35 Thanks
    MalcRH12
    • #6
    • 18th May 19, 8:47 PM
    • #6
    • 18th May 19, 8:47 PM
    Seems very affordable to me. 2300ish left after mortgage payment. Even with another 1000 spend after the mortgage payment you would be left with 1300. Think you need to relax. You could look at your monthly spend to understand whether you think it is affordable but on the little amount of information given, it seems very affordable.
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