| Comment | So they would take home roughly about 4.3k a months and the mortgage would be 1.5k(ish) based on 3.5%
Assuming essential expenses and food are 1k a month, council tax £200 and for talking sake £400 for power then they are still left with a £1000 per month cushion.
Which is where the stress testing comes into play.
They could take a 3% rise and still have 4-500 left over.
It’s very affordable for them, plus you’re assuming a 2 car household, the likelihood is one car can be removed.
Trust me very few people will choose a car or restaurants over their house. |
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