Mumsnet Talk

We are hoping to do an extension next year but will need to remortgage and I am getting scared at the prospect of a £££££££££ sized mortgage. Just wondering what most people pay for their mortgage (£ or %) and do you feel this is OK or do you feel totally broke each month?

Sorry if it's not the done thing to ask a direct money qu but I am just wanting to work out what the average is. Thanks!

About 30%, I would expect most people's to be less as we bought at the peak.

It's manageable, we recently reduced the term by 5 years and plan to do the same in another 5.

(I've recently gone p/t so it was a smaller percentage when we bought)

20% here

12% gross income, 16% net

0%

However when I did have a mortgage (six years ago on another property) it was about three times my annual salary.

In terms of repayments, it worked out about half my income (paid it off in six years IIRC)

About 28% here, single parent, 2 teenagers, nil maintenance. Not a high earner. Things are tight.

Depends what it's a percentage of, doesn't it?

20% normally
more now i'm on maternity.

43% eek!

that's of net income.

ours is now about 23% due to the v low interest rates. when we took it out (and no doubt in the future) it was 38%. it was a bit scary at first. but assuming it doesn't all go tits up, it's a lovely house and worth it.

About 15% ?

We also have 2 other properties we are trying to get rid of and both of those are about 10% each so that would be 35% altogether ish?

Around 25% of take home pay.

Blimey - ours is low compared to most people I know in London - 55% of MrNC's income, about 35% of household income now I'm back at work part-time. Was less until last month when our tracker ran out.

Sorry, mine's net not gross.

about 45%

IMovethestarsfornoone: I love that song . You big geek.

I wouldn't get a mortgage of more than 3 x joint income.

Bear in mind that interest rates will be going up up up after the election

It's about a third of our household income, maybe a bit less.

It will be around 16% if we get it.

Ours is quite a small %, would have been smaller but we've just doubled our monthly payment to pay off more capital whilst rates are low.

About 25% of net income.

IF we hadn't moved and we hadn;t had DS, then we'd have paid it off by now. 'ut that is not what life is about.

15% of gross income (which includes CTC, maintenance etc) and is nearly 3 times dh salary (I don't work) it is comfortable for us at the current interest rates and we can cope okay if they go by several percent.

I would try saving the amount it will increas by for several months and see how the reality feels. You can always extend your term to make the monthly payments lower.

Currently three and a half per cent of net income. We have overpaid most months for a few years hence the low figure. It has been over 40% in the past though. I think as a general rule it ideally shouldn't exceed 30% of net income unless you have particularly high earnings.

50 some i think

something ridiculous like 0.5%

can remember when it was about 50% or more when I was hardly earning anything