Hover
I'm not totally negative about the idea, far from it but in respect to my Junior Ranks comment I was thinking along the lines of the Army Private / Lance Jack rank range.
A Private (Range 1) is on a sliding scale (level 1 thru 7) ranging from £17,689 thru to £22,582 (not conting spec pay) he can not go any higher without promotion.
A Lance Jack (Range 1) is on a sliding scale (level 5 thru 9) ranging from £21,292 thru to £24,472)
Now, take tax into consideration, for ease and my poor math I'll make an assumption and a bit of a guess (Salary - 10k then 20% off the remainder) the figures do not take into account NI, council tax, utilities, food etc...
17k pays 1537/yr giving a rough take home of 16,152 or 1346/month.
22k pays 2516/yr giving a rough take home of 20,066 or 1672/month.
24k pays 2894/yr giving a rough take home of 21,578 or 1798/month.
The wife/partner you considered their wage on top, doesnt work in most cases. I assume you have never been posted and watched your wife in tears having just given up her hard earned and loved job (that took a long time to find) and now having to face the almost impossible task of getting another one in a garrison area where employers won't touch a Army wife simply because they will be moving in 3 years time on posting. I have, four times and trust me, it's heartbreaking but she did it every time because she loved me and wanted to be with me as a family. It only improved when she got employment with a national company and was able to transfer with them as I moved about. She was one of the really lucky ones in that respect when she got that job.
You can NOT consider a wifes salary in the Army, chances are she won't be working simply because there are no jobs available.
Now, take child care into account (they quite often have kids too) for her to work, the kids will need some form of childcare... this costs money, lots. Normal life would in general see the young family within spitting range of grandparents etc who will do the childcare thing when pushed and bribed by a smiley 2 year old, not many grandparents in a garrison town so it's the local childminder and corresponding bill.
I agree with the mortage figure in the order of 450 to 550/month having paid a deposit of 12.5k and the loan repayment taking it up to 650.
Now on the higher end at a potential take home of 1798/month you are looking at 33% of the potential take home but theres not that many Lance Jacks in the army and definatly not many on that rate.
Looking at the middle to lower ends of 1346 and 1672 then you are beginning to get in the 40% to 50% of salary. When you chuck in the other happy costs of life they would struggle.
It would be better for the loan to be spread over the whole mortage term that would help lower the monthly cost and make it better.
Further up the scale, better it gets.