How far do you push yourself when you buy property?

[Psycho Sonny]

Let’s look at the maths:

2 x £27k earnings which is £1811 per month each.

Put that together and 35% of your combined take home earnings is £1267 a month for your mortgage

Let’s add s few more things on top (averages)

Council tax £130
Water £35
Electricity £45
Gas £40
Broadband “package” £60
TV licence £12
Work travel £125 each
Food £800

Total - £2639
£491 left per month each

That’s before any cars, children, holidays, going out, presents, a roof leak etc.

That’s why you shouldn’t stretch yourself over 35% mortgage on an average salary.

If you’re both earning 50K that’s a different story but way to many people push themselves beyond a reasonable limit.

£1267 a month would but you a 5 bed detached house in Greater Manchester.

you said 35% of your total outgoings not total pay.

 

[Psycho Sonny]

I've ended up with 2 houses kind of by accident.

Currently I rent out one and the rent from that covers the interest payments and the entire mortgage on the house i live in. Both properties are combined mortgaged to 3x my salary. But then I am risk averse having been made redundant a few times.

would be interesting to know the figures involved in this one. seems like bizarre scenario. cost of both properties. mortgage on both properties. salary. and how much the interest / mortgage is.

 

[Buffman]

We've been looking at places like Binton, Norton Lindsey, Wolverton, Henley, Claverdon, Wooton Wawen, Aston Cantlow. Basically anything detached with land is north of £700k.

South Warwickshire seems to have gone crazy recently. **** broadband in most of these places too, but oh so pleasant and free of riff raff :0

Ive been looking at central (ish) Stratford upon avon/parkway, Solihull and shirley and they're not great, but looks like potentially can get a good 3 bed or 4 bed for 400 to 500k