How much per month is your morgage/rent ?

[LovelyYellowLabrador]

And does it feel manageable to you ?

jist we are moving or extending so our will be going up

Lots of big mortgages on here. Ours is £650 with an overpayment on the more expensive mortgage (we have two, one ported from the previous property), after august it will drop to £400. Income £90k-120k depending on the year.

£300 and it’s about 17% of my take home.

About 20% of monthly household income. It’s ok but I’m anxious with energy costs and food prices - seem to have less and less left at the end of the month to save.

Ours is a little over 25% of our monthly income after deductions. It's a fairly new mortgage as we upsized and is on a 20 year term but we plan to start overpaying in a couple of years.
Sounds like quite a lot but we wfh most and our kids are at primary school so no wrap around care and minimal commuting costs

21% of our take home pay but we overpay so could be paying 16%.

26% of our monthly household income (after tax). It feels manageable. We have 1 child and a 3 bed house in the South East.

We pay about 10% of our combined income on the mortgage. But ours is small. We're in our early 50s so looking to be mortgage free in the next 5 years. The years when we had childcare to pay for and the mortgage was more than double what it is now were harder.

Ours is 15% of our joint take home pay , I had to buy my ex out and just before that had an extension. I was a single mum for years so had to keep extending the term to make it affordable so at 47 we still have 16 years left on it 😳

Ours is about 14% of our income which is very affordable. It's everything else which is becoming difficult to manage!

My rent has just gone up so is now 68% of my take home pay. It's not feeling very manageable at the moment!

25% of income. Manageable but would be nice if it were under 20% obviously.

Take home £5000 approx.
Mortgage £1500.
All bills, inc savings pots for cars/DC £1500
£1000 for food, clothes etc
£500 for holiday fund
£500 for mortgage overpayment

Have to say that the holiday fund is the first that will take a hit as the price of everything goes up. Priority is getting mortgage down. Recently looked on an online calculator and paying in £35K saved £17K in interest over the next few years! It’s very boring and sensible but even the odd tenner here and there helps! Plan is to have 60% equity minimum when this term ends (was 25% when we bought last year). So in four years’ time, even if interest rates have risen loads, it should all still be affordable. Here’s hoping! None of this takes into account pay progression, promotions etc, which should happen later this year too.

575 divided by 3500
Then x100

Mortgage free at the moment but want to move within the next few years and take out a mortgage. I'm aiming for it to be no more than 25% of our take home pay. Our wages should have increased by then and we have no childcare costs or other debts. I think that will be doable. I'm very cautious and don't want to push it.

In 6 years time (actually a bit less ) we will be living in a house that we own with no mortgage on it and no rent to pay for the rest of our lives. Current house value is £1.3 million. We’ll live there probably for another 10 years then downsize and (hopefully) also have around a million in the bank.

Rent here 45% of my take home. Only just manageable, I can't save to buy. But buying near me is expensive so I have no hope.

Another thought - if you plan to overpay, make sure you do and set up a DD each month. Don’t think you’ll do it but in reality, end up digging into that pot of money as a back up. It’s easy to think you’ll go interest only and top up and then not do it. We’ve done that in the past. Don’t regret it necessarily as we’re still luckier than some but we could have had more equity, had we done things differently (had some good holidays when younger though!) < voice of experience 🤔

But it depends how much you earn? When I was single I rented a small flat for £600 pcm with take home pay of £1300 pm. That was awful and it was long before the current utility bill hikes.
Now we pay £2k pcm on rent, which will reduce once we're in our own owned home, but that's a much lower proportion of our joint income?

I think the question was around 'interest only'.... you're only paying the interest and not the actual mortgage against the house. Will you have a lump sum to pay the mortgage?

2 adults, no kids, joint income of £6k pm plus significant bonuses each year. Both 30ish so still climbing the ladder.

Current mortgage is £500pm, we overpay to £600pm (max allowed without penalty)! So we have had significant disposable income- we have used this time to host a large wedding, have a lovely honeymoon and a few other nice holidays (UK based due to Covid) + save a much larger deposit for next house.

Current house is quirky 1 bed cottage, in the process of buying 3 bed detached so expecting mortgage to increase to approx £2k pm, 1/3 of our monthly income!

800 per month. Bring home 3500 between us. No chance of wages going up, unless I move up the ladder. But I would have no work life balance then. Still have nothing left over each month. No car payments, no debts other than mortgage. 400 a month childcare.

Sorry to keep quoting the whole conversation I don’t know how to highlight bits 😂

the main words in my original post are - “we are overpaying”. If we paid interest only it would be something like £230 per month. We are paying £3300 per month therefore overpaying by over £3000. When the term ends the mortgage will be paid up in full.

Our mortgage is £498.50, we have a lot of equity from previous house purchases, the LtV is 34%. The Mortgage amount payable is 11% of our monthly income. To rent this house would cost maybe triple the mortgage we pay.

20% of take home currently but we’ve been paying a mortgage for over 20 years. It’s been much much higher in the early days. Maybe 50% for a few years when I was part time and the interest rate was 6%.

Mortgage is £550pcm and take home is £2200. I'm a lone parent, but I feel alright after all bills are out. I've got money left over each month which goes straight into savings.