How much have you got left on your mortgage?

[overthinkersanonnymus]

I'm considering increasing my mortgage to around £330k. The payments would be around £1650 per month which is doable between two of us. It would be an increase of £600 per month on my current mortgage.

The house I'm looking at doesn't really need anything doing to it right now. Just decorating and A new bathroom would be nice one day.

My salary is £35k and my husbands is around £50k. No children yet.

Am I mad to consider this?

Please could you tell me what's left on your mortgage so I can way up what's "normal".

I don't understand how you can weigh up what's normal, given the vast array of ages on here?

I've got nothing left but I'm 55 and I've owned my house for 30 years.

Everyone else will be different.

How old are you? Pretty vital info for this… also your take home pay? I wouldn’t ever be comfortable with mortgage greater than about 30% especially if you’re planning children & associated childcare cost, nursery is >£1k a month on average.

I think it depends on your ages. If in your 20’s or early 30’s go for it! If 55 very bad idea

What interest rate is that? Could you cope with an interest rate rise?

I have a £400k mortgage with over 23 years to go. My dh and I have a household income of £130k. We have two kids who are out of the childcare years but still cost us a fortune in clothes food and activities etc.

I'm not going to say we're struggling because that would be ridiculous on our salaries, but we're definitely not flush. I think it will be fine if you don't plan to have kids anytime soon, or if you're young and have a 35 year term. But add children into the mix and it would be a stretch I think.

We're both 34. I earn 32k DH earns 50k. We've got 240k left on ours. Currently on 1.64% at £920 a month but that will need to be renewed in 2026.
I don't think you should stop yourselves if you can afford it!

No children yet

Are they in your plans? Childcare costs are ridiculous, upwards of £1,500pcm per child so if you are planning kids soon, it may be worth adding those figures in to the budget and see how you fare.

We are 39, both work ft (4k pcm take home). Owe about 65k, got about 17 years left, £400pcm but we pay £500, 2.2%

Your mortgage will be around 4x your joint income, which is fairly high - but if you are in your 20s with lots of time to increase earnings and pay this off, and no childcare costs planned for near future, I'd say it's fine.

Ours is currently less than 2x our joint income, and we're in our 40s. It's a higher amount of mortgage than yours, but income is higher, so it's affordable for us.

I'm 50, DP is 54, have £85k left to pay over next 10 years, but will pay it off sooner.

I personally would not do that if considering kids

we owe £251k, salaries 33k and 50k age 35 and 40, 1 child

Rate is 4.45%, approx. £1280 pm

with only one car and childcare to consider things are ok but not overly comfortable either

I wouldn’t go higher and in fact am always considering moving to a less expensive house to reduce this payment and have less pressure on us

You say no children yet, are you planning on having them? £1600 a month mortgage payments are a lot on your salaries if you add in children. For comparison, we are mid 30s, 2 DC with one in nursery and a joint income of £115k. Our mortgage is £290k with repayments of £1200 a month. I wouldn’t want higher than that on our salaries with the childcare costs.

I have 190k left on my £250k mortgage since buying in 2018. House value is £685k so we could draw down if needed

Similar figures tbh.

My salary is £30,000 ish and DHs is between £45-55,000 (bonus dependent). We are about to take on our first mortgage of £335,000, repayments around £1600pcm, but we will over pay. We will still be able to save around £500 per month to have 'just' as savings, plus holidays, run 2 cars, 1dc horse riding, 1 beign put through driving lessons etc.

We will be very comfortable, and able to do work to the house slowly. We are FTBs, deposit is an inheritance. 3DC, eldest is 17 and youngest 11, so no childcare costs anymore. We are mid 30s/early 40s.

My salary will only increase over the next 5 years (set pay scale with yearly incrementation).

We currently pay £1600 rent, which is cheap for the size of property we need where we live so we're quite happy with the mortgage payments.

If it works for you, OP, then go for it.

We will sell up in 15-20 years and downsize at that point in order to be mortgage free.

Irrelevant really, what other people owe.
What you need to think about is what is right for you, as a couple.

I'm inferring from you saying "No childrenyet" that it might be on the cards ? In which case do some research into how much childcare costs where you are, before increasing your commitments from your monthly income.

£500 pm spare with no childcare is key here....

Unless you expect salaries to go up or you will be holding back savings.... id look a bit closer at the numbers.

1. You'll need savings to cover mat leaves
2. Childcare. Even with govs not insignificant help it is about £1k-£1.5k for a full time place per month.

That reduces to £600-£1k ish when they hit 3

If you are planning on having children then I wouldn't stretch that far.

We are late 30s, household income approx £125k and our mortgage is £1500 per month with around £270k on it left.

With nursery fees of over £1k a month it felt tight. On your salaries if you threw childcare costs into the mix I think a £1600 mortgage would feel like a lot and it limits your options if one of you wanted to reduce your hours after having children for example.

If you don't want children then obviously ignore me!

Our household income is about 20k more than yours and I wouldn't be comfortable with £1650 pcm. We do have a schoolchild so pay for childcare after school and in holidays, but even if we didn't that would be a lot.

We prioritise savings so that we have a good buffer and we're saving for a new bathroom separately, but even so I feel like you'd be limiting your life just for the mortgage.

the 30 funded hours will be from 9 months old from September 2025, and it’s 15 hours from 9 months old now, It changed earlier this year. Even so, childcare costs are still high and need to be factored in, and also the possibility of reduced hours at work if wanting to go part time once back from mat leave.

120k left on mine and I wouldnt consider higher. I’m 38, my husband is 45 and neither of us want to be working to the last minute to pay off a mortgage. We have 12 years left and I can’t wait to be free of the chain.

he lost his job 6 months ago and hasn’t found a replacement yet (niche work) and it’s starting to get stressful. But it would have been stressful from day 1 with a bigger mortgage.

I discourage you to spread to thin - my uncle battled to pay for a too expensive house finally paid it off and dropped dead.
He missed out on memories for a house he never enjoyed.
Plus also if you are even considering children definitely think twice.

I'm 36, dh 44. We have a tiny mortgage thankfully, 62k, payments £560 a month. Combined salaries £92k.

On ours I think 15 years but I rent out as small house and I have ten or eleven left on it so that will help to clear ours (I rent it out)

Pretty high repayments but you know what your spending pattern is.

Mine is paid off (was 49 when I paid it off)

Ah good to know.
Mine are already here so sadly wont benefit. Its a good scheme though!