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To ask your income and mortgage payments??

(155 Posts)
Desperatetobeamummyonedaysoon Fri 22-Mar-19 21:39:20

I ask because im remortgaging! I think they say 20% of your income should go on mortgage max. I know ourgoings are a factor! My income is 32k. I have no other debts but may take out a car finance soon for say 250 a month. If u were me how much mortgage would u repay monthly? The bank are lending me 180k which is great but i need to decide what term to pay it off. ie in how many years... im 37. Would u pay around 600 a month on my salary or more or less?

Ihavealwaysknown Fri 22-Mar-19 21:41:53

🙊 we have 2 of us on roughly your wage each and only pay out £700 a month over 20 years, however we knew that I would be taking maternity and wanted it to be adorable to pay on one wage, which it has been 😊

£600 sounds doable, get it over as short a term as possible to avoid paying extra interest!

VanessaShanessaJenkins Fri 22-Mar-19 21:43:31

Mortgage is 692. Joint household income of 3400 after deductions. Just calculated that's bang on 20% (rounded to nearest whole number)

C0untDucku1a Fri 22-Mar-19 21:45:02

£600 is doable. And at the end of every financial year look at over paying if you can.

Lazypuppy Fri 22-Mar-19 21:46:05

Joint income of £55k we pay £700

Passthecake30 Fri 22-Mar-19 21:46:05

Ours is more like 15% but childcare bills are higher than the mortgage...

3boysandabump Fri 22-Mar-19 21:48:13

Ours is about 5% of our income. Our food bill is more per month than the mortgage 🙈

UnderHerEye Fri 22-Mar-19 21:52:01

Ours is about 5% of our income. Our food bill is more per month than the mortgage

Same here!

KOBr Fri 22-Mar-19 21:52:15

That's a big ol mortgage for 32k income - average income multiple for most lenders is 4.5 x income, maybe 5.

Happygolucky009 Fri 22-Mar-19 21:57:52

Income is £3.6k per month, no debts and pay credit card every month.. Mortgage repayments are £800 pcm.

BackforGood Fri 22-Mar-19 21:58:09

I've always been used to paying a much higher % than that, but I wouldn't get a car on finance, so, as you say, it depends on what else you feel you either need, or want to spend your money on.

Of course, you can set it up over longer term / lower monthly repayment, and then set up a standing order to a savings account on the same day to a) see if you can comfortably afford to pay out that extra amount each month, and then b) you will build up some money to over pay / pay a chunk off each time you re-mortgage.

twolittleboysonetiredmum Fri 22-Mar-19 22:00:08

We earn roughly 4K net a month and pay 950 (then 100 critical illness/life ins on top)
It’s a bit too much of a stretch with childcare included. But hopefully will be easier once they’re older. 20% definitely a good aim

Skittlesss Fri 22-Mar-19 22:07:02

Ours is 13% of our income.

Purplejay Fri 22-Mar-19 22:08:40

I am a single mum. I earn 2000 net and pay 400 mortgage. I could probably stretch to 600 as no other debts but I have a 12 yo and we like to go on holiday...

Articulateforme Fri 22-Mar-19 22:10:01

Joint income of 66k ish. Mortgage is 510 a month so just over 6k.

DangerMouse17 Fri 22-Mar-19 22:11:33

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

PooWillyBumBum Fri 22-Mar-19 22:12:25

Our post tax income is 7k and our mortgage is £700. We live in a tiny house and could “afford” (by banks definition) a house double the value but would rather retire when we still have enough energy to enjoy it!

No credit cards and just about to get rid of my silly PCP 4X4 fancy cat. Going to pay £4-5k cash for an old Honda Jazz instead. Car loans are usually a terrible idea, as are new cars. Never again for me.

Shelbybear Fri 22-Mar-19 22:12:48

I'd say that's doable. Really depends on your other outgoings though and how much you like to have for socialising, holidays etc.

When we bought our first house combined income was about £27K mortgage was £625 per month. We had enough for annual holiday and a little bit left over each month but did have to be careful. We did keep a few grand in savings though to cover anything unexpected.

I'm part time now but combined income is about £40K and our mortgage is almost £500 in our new house as we put down a large deposit. We have enough for holidays and plenty spare.

It really depends on what you are willing to give up or not give up. I would imagine a car at £250 is way too much with a mortgage at £600 plus all your bills and food etc.

I wouldn't do any longer than 25 yrs as that would make you 62 once paid off.

DildoDoggins Fri 22-Mar-19 22:12:53

Ours is 15% take home pay but we're still in our first home. When we move in a few years it'll probably be significantly more.

TotHappy Fri 22-Mar-19 22:14:07

Mines closer to 25%... Yikes. We have loads of other debt as well. I knew we were skint but the mortgage never seemed like the problem! That's another 30 years as well, and a two year fixed... Will probably go up in September 😢

OftenHangry Fri 22-Mar-19 22:15:00

Ours is about 5% of our income. Our food bill is more per month than the mortgage 🙈

Here too.😁

Numptysod Fri 22-Mar-19 22:15:49

Estate agents for rent, they say maximum is 35% of your income?

Skittlesss Fri 22-Mar-19 22:24:45

You’re looking at about 30% of your pay on the mortgage. I think it’s the plan for a car at £250 a month that’s going to make it hard. I would probably look at a cheaper car.

SellFridges Fri 22-Mar-19 22:27:50

I just checked and ours is about 20% of joint income. We do overpay significantly though.

BlodwynBludd Fri 22-Mar-19 22:28:37

33% of our monthly income. It's not comfortable.

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