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Original poster

Mortgage anxiety!!

63 replies

Dofasurfa · 03/11/2024 19:27

Hi,
we’ve been approved for a mortgage of 3k per month against monthly take home if 8k combined. I know it’s manageable but I’ve hit. Bit of a mental block of taking on a payment of this scale.
does anyone else pay a mortgage that’s proportionate with these amounts?

OP posts:
Fizzadora · 03/11/2024 19:58

Yes. Ours was over half our net income in the 80's on a two up, two down terraced which was all we could afford.
There was literally nothing left over once the bills, food and petrol had been paid. No going out, no takeaways, no holidays.
Our emergency fund was the £100 limit on my Barclaycard and Littlewoods catalogue.
It's all relative. Always has been and still is😊

daffodilandtulip · 03/11/2024 19:55

What if interest rates double? What if it needs a new roof? What if you get pregnant with twins? What if one of you lost their job? What if one of you became ill?

If you can manage all those scenarios...

BuffaloCauliflower · 03/11/2024 19:50

Our take home is about £6k and mortgage £2k so about comparable. We don’t have lots of money for things like holidays etc. but we’re fine and it’s a long term home for us.

TheNinkyNonkyIsATardis · 03/11/2024 19:47

Our take home is 7k, and our monthly bills total £3.5k.

It's really important to us that we keep our lifestyle within that of the lower earner, but we're lucky that we've always had relatively similar earnings.

Northerngal1974 · 03/11/2024 19:46

Our combined take home is £9k and would be concerned with a mortgage of £3000 incase of redundancy/job loss
etc. My recommendation is to ensure you have at least 6 months saved for rainy days.

Whammyammy · 03/11/2024 19:42

Me and my DH bring home a combined £7.5k per month and our mortgage is £1300. No dc (all adults) and I would stress at a mortgage that size.

Suzuki70 · 03/11/2024 19:42

What's the interest rate?

Gardencentrevoucher · 03/11/2024 19:40

We have combined take home pay around 5500 and mortgage 2300. Its doable but does make me worry about unexpected bills and we have to budget for family holidays a long way in advance.

freddyfluffball · 03/11/2024 19:38

We are about the same and it's doable.

HerculesMulligan · 03/11/2024 19:37

My take-home is £8.1k and my mortgage is £1.8k. I wouldn't fancy the mortgage being much more tbh (I'm the sole earner).

MidnightPatrol · 03/11/2024 19:34

Sounds perfectly normal to me OP.

Do you have childcare costs / future childcare costs is my only question.

As £3k in £8k ok. Let’s say £4k inc bills.

But with a child in nursery that might become £6k of £8k etc

SabbatWheel · 03/11/2024 19:33

When we bought in 1989 our interest rate was 16% for the first year (as we had a 100% mortgage) and we earned 1000 between us net per month. Our mortgage was over half of our take home pay but we managed. You just do.

Muddledandmiddle · 03/11/2024 19:29

I think I’m a bit of a spender but I bring home that some months by myself, not including my husbands wage and I personally would be super stressed over a 3k mortgage payment. Mine is 1600 and I wouldn’t want to pay more than that- BUT we have other larger expensive like horses
so only you know your expenditure and what is comfortable.

hope you love your new house OP!