Mortgage Payments - WHat Do Feel Comfortable Paying

[eek]

Hi All

I am about to take the plunge and buy a house in Wimbeldeon. I have a 25% deposit and am looking to borrow 550K. Halifax have a 3.69% mortgage which means that monthly repayments are 3K a month.

In the grand scheme of things 3k a month is not a lot if you are on 525 a day - The problem is what happens if you lose your contract!! I have some savings left after the mortgage (about one years worth) in the war chest but the question for you intelligent folks are....

What mortgage monthly repayment wiould you start to feel stretched at? Is 3K a month in mortgage payment a lot??

So you'll be leaving housepricecrash then. Thank tulip for that!

[sasguru]

Hi All

I am about to take the plunge and buy a house in Wimbeldeon. I have a 25% deposit and am looking to borrow 550K. Halifax have a 3.69% mortgage which means that monthly repayments are 3K a month.

In the grand scheme of things 3k a month is not a lot if you are on 525 a day - The problem is what happens if you lose your contract!! I have some savings left after the mortgage (about one years worth) in the war chest but the question for you intelligent folks are....

What mortgage monthly repayment wiould you start to feel stretched at? Is 3K a month in mortgage payment a lot??

That made I laff. ta!

[Old Hack]

I have 3 houses, and when they were all unlet, and being done up, I had a mortgage of £4800 a month and I lost weight worrying. 2 are now let, and pay for themselves and are paying them selves off. My own mortgage, is about £1000. That's fine and dandy for me, I'd be worrying about a 25 year commitment at £3k a month.

But that's up to the individual.

I have a good friend who just come out of a fixed rate of 5.5% for £550k and he had nothing at the end of each month, nothing. A permie earning joint income of about £95k

What I would do, is present myself some worse case scenarios e.g. what if the base rate went to 6%, what if I lost my job, what if I got ill, what if I had to leave the country.

25% is a lot of money to lose if you end up getting it repossessed.

Up to you at the end of the day, but I like to think I would only ghet a mortgage I could service if I had to go perm.

[shaunbhoy]

Up to you at the end of the day, but I like to think I would only ghet a mortgage I could service if my combine harvester had a head gasket go.

ftfy

[Old Hack]

ftfy

and again, the stupidity knows no bounds.

[AtW]

I am planning to stop renting next year - decided to save up for deposit instead of blowing it on flash motor

[escapeUK]

So you are thinking about £730k property. What do you get for that in Wimbledon?







You southerners are crazy!!! £3000 a month to live in one of those????

[sasguru]

You southerners are crazy!!! £3000 a month to live in one of those????

Yeah but after 5 years we can buy up whole Northern towns
No wonder you are StuckintheUK

[ZARDOZ]

Too right all of those houses are fooking horrid. Call them cottages all you like.

Estate Agents in the sarf really should check the definition of a cottage. Inner city slum terraces aren't cottages!

[alreadypacked]

Hi All

I am about to take the plunge and buy a house in Wimbeldeon. I have a 25% deposit and am looking to borrow 550K. Halifax have a 3.69% mortgage which means that monthly repayments are 3K a month.

In the grand scheme of things 3k a month is not a lot if you are on 525 a day - The problem is what happens if you lose your contract!! I have some savings left after the mortgage (about one years worth) in the war chest but the question for you intelligent folks are....

What mortgage monthly repayment wiould you start to feel stretched at? Is 3K a month in mortgage payment a lot??

What will your total out-goings for the house be insurance etc. ?

How much would it cost you to rent a house like this?

If it cost less to rent than to buy, then rent.

Simples

People have the urge to own their own home, but if the numbers don't add up, walk away.

HTH