While everyone's situation is different, a good rule is that mortgage repayments shouldn't exceed 35% of your combined income.
Before you borrow...
Home loan interest rates are the first thing you'll look at, but there are other factors you should take into consideration.
- Could you afford repayments in the event of job loss or pregnancy?
- Should you take out – and can you afford – mortgage protection insurance or income protection insurance
- Have you taken account of upfront costs? These include:
- stamp duty
- loan application fees
- solicitors' fees
- building and pest inspection
- property valuation fees
- home insurance