Here’s some real figures, I got a mortgage in principle last week:

Property price: £150k
Deposit: £15k
Mortgage required: £135k
Rate: 5.99%
Term: 25 years
Monthly cost: £879

As a first time buyer I’m struggling to get a decent rate. We pay £575 in rent at the moment, so £879 is a significant amount more. I’ll actually be looking for a property around £130k simply to reduce the monthly repayments.

We got aip on

215k valuation
35k deposit
3.69%
25 years
Cost was 970 a month

And also on same house

21500 deposit ( freeing up cash for some repairs that are needed)
5.69%
25 year
Cost 1200 a month

And same over 30 years was 1100

Currently pay 750 a month for a tiny pokey depressing studio cottage about 30 miles from both our works – (property rental in town is crazy – 1200 a month for a 2 bed flat is not unusual and not far from norm – we had a 1 bed flat wi a damp problem on a main road with no parking – 550 a month.)and have to run 2 cars currently Looking to buy on the edge of town and get rid of at least 1 car and get back to commuting by bike and reduce our fuel outgoings – fuel is only going up – investing in being in cycling distance now will save me heaps long term !

Gonna phone the bank and have a chat on monday as im pretty sure they will honour aip on 35k deposit no bother but i might have issues pushing through 10% deposit.

Oh aye taking rates to 10% adds about 500 quid a month which would tighten things up a bit but still not stretch us – reckon if it got 2 15% we would be on a sinking ship but if shit was going anywhere near that id have room let out quicker than you could say shite

That and i plan to be overpaying ( or saving to inject lump sums at remortgage) when im working abroad !

Oh and that doesnt mean i dont think those prices are absurd ! Back home in arbroath i could buy 2 x 3 bed houses in a nice area for that cash