Is this mortgage payment too high do you think?

[Pearsapple]

Household income 2900 and mortgage of 950. Council tax another 140 and bills let’s say 200 to be on safe side.

Leaves 1,610.

Jobs pretty secure at the moment but then again anything can change. Current mortgage is only 650. Generally pay rise of 150 a month after tax on an annual basis, but not guaranteed now with covid. What would you do?

That's a lot to be left over with a month, I'd have no problem with that. Some people will say differently but it depends on your lifestyle I guess.

We go out a lot but don’t have things like sky tv or expensive cars or loans.I think it just feels like a big jump from 650!

We jumped from 400 to just over 700 pcm.
But we knew we were looking for a bigger place so started making over payments of 700 on our old place 2 years prior to moving to see how we'd manage. It was fine.
Maybe you can try that for a while?

I think that sounds quite tight. Do you have kids?
We earn around £3,750 + CB per month and have 3 kids and I would find your figures really tight.

We moved in January from a 2 bed to a 4 bed and ur mortgage went up from £500 to £966. The Council Tax was a big shock, went from £125 to £275 (new build so didn't know what it would be before we moved). Out gas/elec bills have bizarrely dropped though - from £130 to around £50 per month as this (big) house has solar panels and is very well insulated. Also, although we still need some furniture etc, over the next few years, maintenance costs will be minimal. We also run two (old) cars and spend A LOT on diesel.

Well, do you currently have £300 left over? If not, what could you cut to make the saving?

Do the bills include food shopping?
Do you have or intend to have kids?

I think you may be light on bills, OP.

You need to include at least:

Gas
Electric
Water
House insurance (buildings & contents)
Food
Life insurance

Then likely :

Phones
Sky / internet
Car insurance
MOT / service
Work travel /
Fuel

Then:

Clothes / shoes / haircuts etc
Birthdays
Christmas
General savings

So maybe do a full budget and see?

Honestly what is it with these post? half the country losing jobs, facing eviction and along comes OP wondering if her £1600 disposable income is ok 🙄
What would I do? stop being an insensitive dick.

Have you got children? Savings?

The mortgage would be 300 higher. Would bills be higher? Do you have the extra amount left over every month?

@SBTLove I have to agree, what the OP has left over is what I earn in a month not your fault though OP I'm just bitter

@SBTLove

Honestly what is it with these post? half the country losing jobs, facing eviction and along comes OP wondering if her £1600 disposable income is ok 🙄 What would I do? stop being an insensitive dick.

The OP doesn't seem to have 1,600 disposable income, to be fair.

@SBTLove

Honestly what is it with these post? half the country losing jobs, facing eviction and along comes OP wondering if her £1600 disposable income is ok 🙄 What would I do? stop being an insensitive dick.

Oh for christ sake, if we don't post about things in case we upset some people who are struggling there would be fuck all posted.

@EinsteinaGogo
She sin a much better position than most.
@KylieKangaroo
Yes some ppl live in their own wee bubble.

My mortgage a few years back after a separation was £750 and I earned £700. I paid the bills etc with the money I received for child maintenance (which was about£250) and tax credits. It was very very tight but doable....just!

So I would say your mortgage is not too high considering what you have left as long as your lifestyle isn't a lot.

Hard to say. Do you plan to have children? We are in the process of buying a new house and only used my husbands salary plus pocket money I might be earning as our income.

Out of £1610 you need to pay for groceries, car costs (or if you don't have a car costs to get to work) and any luxuries (even just hair cuts and meals out!)

Also I'm sure interest rates will go back - when are you renewing, your mortgage might go up. Savings to buy a new boiler? New roof? Do you ever go on holiday?

If it's just the two of you with that income forever (with pay rises) I think I'd be happy with that. But if you're planning on having children, I'd think maybe a bit tight

But to be honest, as other posters have pointed out everyone's idea of what should be left over is very different. Personally, my husband and I like to eat out 2-3 a month so I'd always budget for that. Others might think that's stupid. Which I totally accept.

So whilst it's good to get an idea, remember everyone has different benchmarks. A previous poster's suggestion of whether you currently have £300 left over each month is an excellent one (maybe budget for more left over as bills likely to be more)

I pay more for my mortgage and I’m doing okay (though it only has a year to go) so if you put your mind to it and believe in yourself you can do it imo