Single parent mortgage costs

[Idliketomoveoutmoveout]

If you are a single parent, with a total income of approx £30000 a year, and one teen, can I ask you the size of your mortgage/monthly cost?

Over the next six months or so, I will be moving and upping my mortgage. And while in theory the calculators say I can get up to about £140k, I wouldn’t go that high.

Just wondering what others manage? I will be putting down a deposit of hopefully around at least £18-20k from equity on my current property, plus a small amount of savings.

I know everyone’s circumstances are different. I’m just trying to gauge things as it’s a big commitment. I don’t have much in terms of outgoings for car/commuting, and no childcare costs anymore (hurrah!)

Thank you!

Not sure what you're asking but my income is £33k, I have just under £75k left on my mortgage and I pay £375 a month.

I would recommend contacting London & Country. Their advice is all free. They'll go through all your incoming and outgoings (and make u remember stuff you had forgotten/didnt think was relevant). They'll also consider your regular outgoings eg petrol, groceries, gym etc to consider what is realistic and affordable.

Skipton have been supportive for me. I've got under 70k left to go and pay 500 per month including a small overpayment.

Thank you @KurriKawari and @FlatheadScrewdriver

I will look at both of those.

My query was really how much did you borrow from your lender in the first place, but yes, also what you pay out for that monthly, and for how many years.

I think I'll probably be taking mine out for 25-27 years.

How long depends on your age and when you plan to retire. I think I did 25 years. Better to go with that and give yourself some flexibility with overpayments.

My mortgage was £90000 for 27 years - £364 a month. I overpay by a fair bit though as I want this mortgage gone by the time I am 50 (8 years and counting!)

25 years which would have ended 2025. I then added on some borrowing midway (and extended the term by 5 yrs) for a necessary extension/repair to the house, originally borrowed approx 100k so overall will have borrowed about 125k.

Ive borrowed 125k with a 22k deposit and pay £435ish a month (cant remember the exact figure)

Providing your under 40 take the longest they will give. Also be prepared for the financial approval, i only mention this as you say your SP so if you have high childcare your affordability is not what you think.

Our last mortgage was me only as DH has only just set up his business, my max on £40k was £162k lending with £18k deposit over 24 yrs and is £711 a month.

Sorry just seen teen bit...

Providing your under 40 take the longest they will give.

Not good advice. You will pay more interest.

Take the shortest term that allows you to borrow the amount that you need and is affordable.

So start by working out how much you can repay. Then look at how mush you can borrow based on income and this repayment. If you need less than that you can go for a shorter term but with the same repayments. If you need more then you could go for a longer repayment period.

Presumably op is trying keep costs down so a longer term isn't bad advice....

Once we have settled into our new outgoings I intend to start overpaying then bring the term down with what I know we can afford each month.

Longest term you can get but overpaying with what you can afford as if you had a much shorter term is generally best for mortgages. Most flexibility.

I agree with @combatbarbie

Thanks all. I'm 37. My salary will increase a little over the next three years, but then in approx 3 years I may lose CB and CMS. I am studying just now to hopefully increase my earning potential, but no guarantees there, I guess.

Maybe a silly outlook, but what i pay I'm interest overall isn't as as big a factor to me as having somewhere decent and keeping my monthly costs lower, so a longer term probably would be the route I went down. 27 years would mean I'd pay it off at 64, but would definitely start overpaying whenever possible in the hope of taking a year or two off that.

There's a calculator on Money Saving Expert that shows how even just overpaying a little can make a huge difference to paying your mortgage off quicker.

Thanks @KurriKawari I'll have a look. I have used the Halifax one which is who I'm currently with. It certainly does make a difference and in a good few years once I don't have a money sponge teen under my roof, I'll be making sure to overpay