FTB seeking advice - overstretching?
Hi all. My partner and I are FTBs looking to buy a property that's listed at offers over 475k. It's our dream house with a beautiful garden and driveway, and recently done up so no refurbishment cost etc.
Our rough take home per month is 6000, and with a 15% deposit, mortgage repayments would be just about 2000. With utilities and other basic costs (eg: fuel for commute to work, basic food costs, car loan about £310 and few small bits) I estimate we'd have roughly 1800 left for other spends + saving. This would include any 'wants' plus extra expenses (car service/repairs, yearly car insurance, indemnity fees etc). We're also saving up for a wedding fund for next year.
After deposit + stamp duty + other fees, we'll probably be left with roughly 10k in savings as emergency fund.
We could probably afford this but worried we might be stretching ourselves too thin. There's every possibility of a pay rise in a year's time for us, but would like opinions/different perspectives please. Thanks!