Mortgage amount

[Pammela]

Hi, if you had a net income of around 5000 per month, how much would you be comfortable paying on a mortgage?

thanks!

30% around £2000

£1500-1700

How long is a piece of string. Depends on other commitments really.

Bad maths but you get my point

Upto £1500

Really depends on other commitments
Nursery fees? Travel costs? Debt? Etc

thanks. So, little to no childcare costs anymore. Cars bought outright.
Current mortgage is £680/m. We are still on a very, very low rate so we expect it to go up to about £1000/m.

We bought the house with the purpose to do work on it. But we’ve put it off bc of childcare costs. Now my husband is worrying about interest rates in regards to additional borrowing, so I’m feeling like it might never happen without a big cash injection from somewhere.

I was just trying to suss out how much on top of current mortgage would be realistic/not pushing ourselves.

Sorry, v little commenting costs (I work part time, 20mins away; husband wfh half the week, cycles the other half).

No debt or credit cards. We have stocks and shares of about 18k and then have some savings- not entirely sure how much tbh- but at least about 8/9k

For me, it would depend on outgoings and how likely I was to find another job paying that much if I got made redundant/lost my job for whatever reason.

If you’re concerned about an increase, you could just spend a few months putting what the extra cost would be in a savings account, to see how you manage without it ?

We have similar income but mortgage payments of nearly £1000. It's doable and we still manage to save etc.
Could you put the extra into savings so you get used to the 'new mortgage amount ' going out? If it's a real struggle then you've got time to shop around for a better deal or look to extend the mortgage term to make payment amount more manageable.

Apart from your very low current mortgage we arrive in a similar position. I'd be happy with 1500 per month. However after years of going without I also want to live a little, and the cost of builders is a nightmare.
We did be mortgage free in 5 years, or borrow to do the house up.
You don't say your age, or age of children. University costs worry me, I'd love my children to start adult life not being in debt.

We were on around £5k recently and our mortgage is potentially due to go up to £1600 when our fix ends, I've had a pay rise which will put us closer to £6k and I feel more comfortable with the rate rise now. No childcare, but we do have a car on finance. With rates as they are currently I certainly wouldn't want to go above £1500 on £5k.

We have the same income. Ours mortgage is £700 currently for another two years but we pay £1000 including an overpayment soon to be £1200. I would go to £1500 if didn’t have childcare fees.

We’re not really concerned about the rise because of rates. That’s totally fine. It’s more trying to figure out if doing any additional borrowing is realistic!

There is a high chance of more earning potential over the next few years (certainly for my husband) and I could do an extra day at work in a couple of years.

I usually do some extra work which is about 200/m and a bonus that is usually about 2-3k each year.

It’s also quite hard to know exactly how much the work would cost! I’m thinking it would probably take the mortgage to around 1500/m. Then utilities and council tax would be about 500. Food, maybe about 600?! Petrol is about 100.

so that would leave around 2000ish. But I just never feel we have that much left over but apparently we have nearly 3k left over each month currently. But we’re not massively careful and put quite a bit into investments each month.

Max 25%

Our children are very young- one in nursery and one in primary 2. But we’re in Scotland so university fees etc are different. We don’t pay on top of free hours as I work 3 days and husband works consolidated hours to do an afternoon. I’m in mid 30s.
I don’t particularly want to pay the rates being charged by builders atm but, like you say, I do want to have nice things sometimes, rather than always being very sensible about everything!

I think the rates with plateau to about 3ish% so I don’t really see that as a reason not to do it now. I wish we’d done it 5 years ago!

I’d be happy paying £3000 per month
gives you 2000 to over all other costs. You should have 1000 left over as savings.
id ideally want £36000 in savings to cover 6 months of expenses

We are in London and our monthly take home is 7500. Our mortgage is 2775 per month and council tax is nearly 200 plus per month. We saved our emergency fund for 6 months but don’t have stock and shares yet. Children are at grammar schools so no school fees but holidays are tight.

so a little update. Husband has secured a new job and out income has gone up- about 6500/m. The job comes with a car allowance. Our council tax is just over 300- we’re in Scotland.
Childcare bill will probably go up a bit to around 170/m. Other than that, we don’t have debts etc.

Also turns out we have about £35k in savings and stocks/shares- not the £20ishk that I initially thought.

So, I’m thinking I’d be comfortable with about 1500/m on a mortgage. Seems to be what you were all suggesting even at 1k less a month.