Mortgage costs

(8 Posts)
housebuyer21 Sun 15-Nov-20 20:35:31

Moving house: our monthly payments will be £1,500 a month and we bring home 4700 a month after tax. No childcare costs as I’m SAHP and my second will be in school in 3 years so I’ll go back to work then.

Does this sound a lot to pay a month on them earnings?!

OP’s posts: |
Officebox Sun 15-Nov-20 20:47:31

@housebuyer21

I was told that rent/mortgage should be no more than half the monthly income. So doing the maths that sounds proportionate, yes.

It also depends how much your new house is worth and other things.

Pepperwand Sun 15-Nov-20 20:52:27

We bring in a very similar amount each month, mortgage is £1100 but childcare is another £1k and we manage ok so I'd say that sounds doable.

Thesaltandthesea Sun 15-Nov-20 20:59:57

We bring in minimum £4600pcm. Our mortgage is only £400 but we pay £1100 in childcare (and £800pcm in car leasing - sore point) so I'd say it's definitely doable. We live fairly comfortably and are in a position to save.

JoJoSM2 Sun 15-Nov-20 21:08:55

Have you done your spreadsheets? Just work out what other costs you have, eg property maintenance, cars, savings, pensions, essential and non-essential spending (food, haircuts, holidays etc).

I’d imagine that many families would find the mortgage payments on your income ok but you need to do your own numbers.

housebuyer21 Sun 15-Nov-20 21:10:32

Thank you so much for all your replies.

We have no outgoings apart from general bills, no credit cards, overdrafts, finance cars. Just a bit anxious as we currently only pay £920 a month but our house is tiny, this will be a life house!

OP’s posts: |
lolabears Sun 15-Nov-20 21:52:50

We're similar op. I'm sahm too and no credit cards, own cars outright etc. We're still able to save a good chunk a month and able to eat out a few times a week, DC clubs, days out etc.

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LividLaughLurve Mon 16-Nov-20 10:35:20

We’re about to be in a similar position but with other outgoings and I’m telling myself it’ll be fine for a long-term dream home!

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