Mortgage Payments - WHat Do Feel Comfortable Paying

[MaryPoppins]

Actually nor do I now.

Please forget I ever said anything.

Easily done!

[Doggy Styles]

Easily done!

[ChimpMaster]

Ah, but the SE is also the busiest, stressiest part of the UK; fine for working, but someday you'll want to leave and live somewhere more easy going, and that's where I think you'll find some real bargains in about 10 years as the boomers leave their houses for homes or the grave.

I see what you mean. If at all possible I'll leave my property here on rent and rather leave the UK, assuming the £ is still strong.

On the OP's post, I was looking at a property a couple of years' back with a price tag of £1m on it. It was a great plot - a sprawling bungalow that could be knocked down and a huge house built on it. The house next door (very similar site) had this done several years back and had sold for £2.8m. I needed a mortgage of £550k and actually got this approved in principal, but didn't have the balls to go for it. Repayments would have been around £3,500 a month IIRC.

And then at some point I would have needed to raise around £600,000 to built the house to bring the property up to a conservative value of around £2.5m. On the whole, it was a good proposition financially.

I had a decent contract but then that ended a year later and so I'm glad that I didn't go for the house. The pressure to maintain a stupidly high mortgage is something I don't want to go through, or at least not without a backup plan. Right now I'm mortgage free and happy in that I can survive indefinitely even without a contract - though of course I'm not up for 'just 'surviving

[sasguru]

Ah, but the SE is also the busiest, stressiest part of the UK ....

Really? News to me. Seems quiet and dull to me.

[alreadypacked]

Really? News to me. Seems quiet and dull to me.

You have to leave your bedsit.

HTH

[psychocandy]

Strewth. £3K mortgage....

Must be nuts. Move to Wales.

You could literally buy a whole street for that much a month....

[jmo21]

Our mortgage is £380 pcm, we live just outside one of the UK's major cities.

It's a nice 3 bed semi-detached that we have almost outgrown (since baby2 arrived in November)

Cost £178,000, mortgage £148,00, £91,000 remaining (over paid massively since we bought it 4 years ago). House is maybe worth £150,000 now - doh!

I cannot even fathom £3000 pcm.

We might not live in "exciting" greater London, but it's where the family is, and there is plenty of work for me and the missus - for now anyway!

[Doggy Styles]

Strewth. £3K mortgage....

Must be nuts. Move to Wales.

You could literally buy a whole street for that much a month....

Mrs Styles' uncle and aunt moved to Wales. They were very lonely out there, away from their family and long-time friends.

[sasguru]

You have to leave your bedsit.

HTH

Speak for your penurious self, luv.

[Lockhouse]

All going well I'm mortgage free in September

Have nice house and not planning to move again. Thank ****** for that.