Is my mortgage affordable?

WelshGlyndwr
WelshGlyndwr Posts: 107 Forumite
First Anniversary Name Dropper First Post Combo Breaker
in Mortgages & endowments
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

Comments

  • couriervanman
    couriervanman Posts: 1,667 Forumite
    First Anniversary Name Dropper First Post Photogenic
    WelshGlyndwr wrote: »
    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

    "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
    WelshGlyndwr Posts: 107 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    couriervanman wrote: »
    "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



    Do you think so!?
  • Nebulous2
    Nebulous2 Posts: 5,105 Forumite
    First Anniversary Name Dropper First Post
    A year or so out of date article here.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
    WelshGlyndwr Posts: 107 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Nebulous2 wrote: »
    A year or so out of date article here.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.


    No car loans and no children yet....maybe in a few years. Rent is 625 atm and we live comfotably on that.
  • MalcRH12
    MalcRH12 Posts: 58 Forumite
    First Anniversary First Post
    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.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.9K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards