Mortgage Affordable
Discussion
Hi,
me and the mrs are thinking of moving house and she has found her dream home so I have made a family budget for it but just want other opinions of what you think of it e.g is it do-able etc...
per month
Mortgage payment: £2150
Petrol: £315
Food: £600
Electricity and heating: £ 185
Insurances: £ 140
Council tax: £ 265
Savings/contingency: £200
Loan payments: £190
Car payments and tax : £175
clothes, eating out etc: £170
Other costs: £170
Even with all of these we should still have some money left but what do you guys think.. is there anything you think i should increase?
Thanks
me and the mrs are thinking of moving house and she has found her dream home so I have made a family budget for it but just want other opinions of what you think of it e.g is it do-able etc...
per month
Mortgage payment: £2150
Petrol: £315
Food: £600
Electricity and heating: £ 185
Insurances: £ 140
Council tax: £ 265
Savings/contingency: £200
Loan payments: £190
Car payments and tax : £175
clothes, eating out etc: £170
Other costs: £170
Even with all of these we should still have some money left but what do you guys think.. is there anything you think i should increase?
Thanks
dantheman2010 said:
Hi,
me and the mrs are thinking of moving house and she has found her dream home so I have made a family budget for it but just want other opinions of what you think of it e.g is it do-able etc...
per month
Mortgage payment: £2150
Petrol: £315
Food: £600
Electricity and heating: £ 185
Insurances: £ 140
Council tax: £ 265
Savings/contingency: £200
Loan payments: £190
Car payments and tax : £175
clothes, eating out etc: £170
Other costs: £170
Even with all of these we should still have some money left but what do you guys think.. is there anything you think i should increase?
Thanks
What happens when interest rates go up and you have to find 3500 a month for the mortgage!me and the mrs are thinking of moving house and she has found her dream home so I have made a family budget for it but just want other opinions of what you think of it e.g is it do-able etc...
per month
Mortgage payment: £2150
Petrol: £315
Food: £600
Electricity and heating: £ 185
Insurances: £ 140
Council tax: £ 265
Savings/contingency: £200
Loan payments: £190
Car payments and tax : £175
clothes, eating out etc: £170
Other costs: £170
Even with all of these we should still have some money left but what do you guys think.. is there anything you think i should increase?
Thanks
How w
ky is this thread !!
Over 2k a month mortgage and you can only save 200 quid. Sounds like a recipe for disaster to me. Dream homes are dream homes for a reason. If you could afford it, then it wouldnt be your dream home.
Its a very uncertain time to be borrowing such vast amounts. On one hand IR could stay super low for 10 years in which case fixing at over 6% on a loan that size would be a complete disaster. On the other hand Interest rates could rocket over 10 years. How long is it fixed for? because you deffinatly cant afford even a 1% increase in IR.
I would say its a complete No No. You obviously earn great money but have a car on finance, this reeks of bad money management to me, so a lifetime of enormous debt sounds like a quick route to unhappiness.
ky is this thread !!Over 2k a month mortgage and you can only save 200 quid. Sounds like a recipe for disaster to me. Dream homes are dream homes for a reason. If you could afford it, then it wouldnt be your dream home.
Its a very uncertain time to be borrowing such vast amounts. On one hand IR could stay super low for 10 years in which case fixing at over 6% on a loan that size would be a complete disaster. On the other hand Interest rates could rocket over 10 years. How long is it fixed for? because you deffinatly cant afford even a 1% increase in IR.
I would say its a complete No No. You obviously earn great money but have a car on finance, this reeks of bad money management to me, so a lifetime of enormous debt sounds like a quick route to unhappiness.
rufusgti said:
How wky is this thread !!
Over 2k a month mortgage and you can only save 200 quid. Sounds like a recipe for disaster to me. Dream homes are dream homes for a reason. If you could afford it, then it wouldnt be your dream home.
Its a very uncertain time to be borrowing such vast amounts. On one hand IR could stay super low for 10 years in which case fixing at over 6% on a loan that size would be a complete disaster. On the other hand Interest rates could rocket over 10 years. How long is it fixed for? because you deffinatly cant afford even a 1% increase in IR.
I would say its a complete No No. You obviously earn great money but have a car on finance, this reeks of bad money management to me, so a lifetime of enormous debt sounds like a quick route to unhappiness.
Who pissed on your cornflakes? ky is this thread !!Over 2k a month mortgage and you can only save 200 quid. Sounds like a recipe for disaster to me. Dream homes are dream homes for a reason. If you could afford it, then it wouldnt be your dream home.
Its a very uncertain time to be borrowing such vast amounts. On one hand IR could stay super low for 10 years in which case fixing at over 6% on a loan that size would be a complete disaster. On the other hand Interest rates could rocket over 10 years. How long is it fixed for? because you deffinatly cant afford even a 1% increase in IR.
I would say its a complete No No. You obviously earn great money but have a car on finance, this reeks of bad money management to me, so a lifetime of enormous debt sounds like a quick route to unhappiness.
Actually i think we may have all missed a trick here. What if the OP is only taking about a short term mortgage, say 5 to 10 years and the IR is fixed. If this was the case then they know how much they are paying for the mortgage and that it will be paid off in x number of years?
If this is the case, good luck to you.
If this is the case, good luck to you.
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