You need to also take into consideration if the interest rate went up, even by a small amount. So if you could easily afford £200 a month more now, if in a few months (for example - assuming not fixed rate) the mortgage rate increased you'd be buggered !!!, this is what happened to people in the late 80's !!

I'm in the same boat as you, i'm looking at working abroad to pack the cash in to get a nice big deposit !!