Thought I would post this to see how different people feel about this!
What is the maximum leverage ratio (mortgage:annual income) that you would consider?
Obviously, this is going to be very different for a FTB and someone who has moved on a bit and has some equity lying around from already owned property.
The other half and I are saving for a deposit to buy hopefully next year. The aim is to have around £60k to cover deposit and SD.
We will probably end up buying in the £350 - £450k mark. However, that creeping temptation to just move the "max. price" notch on Rightmove got the better of me and I would love one of the apartments at £550k!
Our combined income is £160k at the moment (nearly 3.5x), although I am hoping we will be around £175k next year (3.142x).
Whilst the leverage amount does not seem like a lot, the thought of paying c. £2.5k a month for a one bed flat seems completely ridiculous and I almost out of principle don't want to do it. :(
Interested to hear people's own experiences and views!
What is the maximum leverage ratio (mortgage:annual income) that you would consider?
Obviously, this is going to be very different for a FTB and someone who has moved on a bit and has some equity lying around from already owned property.
The other half and I are saving for a deposit to buy hopefully next year. The aim is to have around £60k to cover deposit and SD.
We will probably end up buying in the £350 - £450k mark. However, that creeping temptation to just move the "max. price" notch on Rightmove got the better of me and I would love one of the apartments at £550k!
Our combined income is £160k at the moment (nearly 3.5x), although I am hoping we will be around £175k next year (3.142x).
Whilst the leverage amount does not seem like a lot, the thought of paying c. £2.5k a month for a one bed flat seems completely ridiculous and I almost out of principle don't want to do it. :(
Interested to hear people's own experiences and views!