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Right, but what happens if one of the people lose their job? The remaining salary might cover the mortgage but maybe not.
I’m fortunate that I could technically pay a fairly large mortgage (probably around 4K/month), and still have some pocket money. But- the prospect terrifies me, as there’s no way I could save enough at the same time to have a decent cushion in case I lost my job.
I could of course simply count on always being employed with no gaps- but I don’t think that’s realistic these days.
Maybe I should roll the dice and YOLO, but the prospect makes me uncomfortable.
Dammit-
I’m fortunate that I could technically pay a fairly large mortgage (probably around 4K/month), and still have some pocket money. But- the prospect terrifies me, as there’s no way I could save enough at the same time to have a decent cushion in case I lost my job.
That's exactly the case for an offset mortgage.
(Well, it depends on how much you have beyond that £4k/month. If you're right on the limit then you're not going to be putting much else into the savings part of the offset, it's going to be all repayment. An interest-only offset would be ideal but probably hard to come by at those levels.)
Greenbank
Have you worked the maths through on that? After tax, £160k is £8k per month take home.
A mortgage of £800k repaid over 30 years is circa £3k per month at 2% interest and £4k a month at 4.5% interest. Depending on other outgoings, that would seem affordable to some.