Mortgage

[littlemousebigcheese]

How much would you have to bring home a month before you agreed to a mortgage of 3200?

We've found a house we like and that would be the mortgage cost, just trying to decide if it's affordable. Will share how much our income is after a few answers.

Bills are 700 ish, food and general spends on children is 1200 a month, we also save 1000 a month

Would we be mad

I’d want an income of around £7k a month or more for that mortgage, especially if you want to continue with the £1k savings a month.

For comparison our mortgage is half that amount, bills similar and we bring home £6.5k but we have £1k of nursery fees a month too. I wouldn’t want a higher mortgage with our current salary and outgoings.

Flippin heck, I would want an income of around £8K before I would be comfortable paying that and even that would be 40% of my monthly pay, which seems a lot to me!

I'd be wanting an income 3x that, especially as would want to keep saving.

That seems insanely high. I'd want to be netting £10k for that to work.

I think mortgage repayment should be at most a third of your income - prefereably a quarter.

Definitely 3x the mortgage amount, so close on 10k for me. For context, ours is £1500 and we are on 6k a month and find it high.

I’m honestly not sure I’d ever get very comfortable with a mortgage payment of more than £3K a month.

Certainly I’d want triple that in monthly net pay.

8k

Depends on lots of factors. I'd only be comfortable if we could still afford if careful if either of us lost our jobs. So probably more like £10K. However, if you have substantial savings so you could pay mortgage for couple years if lost job more comfortable. If you don't get house how much you spending on rent? If its £2K then I'd stay renting until more comfortable, if £4K then I'd be more ok with being less comfortable as I'm having to find the money somehow anyway.

How much do you have leftover after bills now? Is it enough for £3200 with some wiggle room for emergencies?

We have a monthly income of probably around £6k ish (Dh self employed so that’s just an estimate as varies), and our mortgage is £1700. I wouldn’t want to pay much more than that, but I suppose it depends on your lifestyle. We have lots of expensive hobbies.

£38k/year seems like an eye watering amount before everything else and I'd want to have plenty in savings or, passive income if you are lucky enough, because if anything goes awry at that level then it's not going to be an easy thing to cover.

Thanks everyone, really helpful

Our monthly income is about 9 so think it's doable but don't know if it's madness. We currently pay 1700 mortgage for a much smaller house and not many we like come up in this area hence us suddenly wondering if it's worth it.

I don't work at the moment either so could get a part time job once youngest starts school this September

Our income is around 10k and our mortgage is only 851! That amount freaks me out.
I‘d only be ok with that if it would be manageable on one income of one of us were to lose a job.

But doesn't it depend on your income and other costs?

A £500 mortgage on a £2k income will be harder to manage than a £3k mortgage on a £9k income even though the percentage is lower because there's not much left for other costs.

Then how much are people spending on childcare, commuting, car payments and other essentials? How much do they want to spend on things like eating out and hobbies? How secure is a person's income? It's a very different situation if someone has secure employment and good sick pay vs being self employed in a 'feast and famine' industry.

Everyone has different needs and priorities so what is comfortable varies so much there's not a lot of point comparing.

We have a joint monthly income of £6k and mortgage is £1200. If it was that much I would need another £30k job!

Agree with other posters, I’d want it to be around 10-12k before I agreed to those kind of payments, split evenly across 2 salaries so that if one of us were to find ourselves unexpectedly out of a job it wouldn’t be a total crisis

Our join income is £5k a month net and ours is £900 which is totally fine.

£3200 a month is a very big commitment and if you fell on hard times would be a huge concern.

We are on about 9k a month with mortgage of £2800. I wouldn't want to go any higher but we're also on a low interest rate so may have to on three years

% of income is less of an issue when your income is higher but we have always stuck to the rule that one of us could pay the mortgage if the other one lost a job etc.

People do realise that it's only a mortgage of about 450k, what do they expect people to be able to buy in the SE for substantially less than that? It has to be done really.

Our income is £9k and our mortgage is £3,600. We also pay just under £2k a month in school fees. It’s tight but manageable and will get better with pay rises.

Ours is a mortgage of about £750k …

Our payment (including an overpayment) monthly is around that figure, net monthly for the household is approx 10k, so we are basically doing what you are looking to do. The thing I’d be concerned about is it being based on a single salary, that’s a lot of pressure on that job/person.

@Navymamma yeah, to be fair I was thinking of my own which is a grand less a month. £3200 must be somewhere in the middle I guess.