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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask you how much your mortgage repayments are each month.

181 replies

UterusUterusGhali · 08/09/2011 20:48

I probably am. Terribly vulgar etc etc, but I've been looking into it and I'd be paying £140000 ish per month. (We rent atm. Would need a 3 bed)

This sounds a lot. Is it?

OP posts:
Groovee · 09/09/2011 08:05

£650 a month on an 80K mortgage with 11 years left to run.

Laquitar · 09/09/2011 10:19

As Cat64 said it is not so much what you are going to pay for your mortgage but what is left for the rest.
£1,100 pcm should be ok in rented accommodation but bear in mind that if you buy you will have to replace or fix things yourself.

Sn0wGoose · 09/09/2011 10:20

About £550pm on 110k. it's a tracker though, it was £800pm when we took it out and we're anticipating it going back up at some point...

Indith · 09/09/2011 10:27

Ours is around £500 a month. House cost around £130k, we had a pretty decent deposit. Mortgage was fixed for 5 years, have 3 years left to go on that, considering how the economy went we would probably have done better on a tracker but rather nice in uncertain times to know that it wouldn't change for 5 years! Personal rule of thumb is to not pay more in mortgage repayments thant you would consider paying in rent as you probably can't afford it, especially not once you add other expenses such as life cover on the mortgage, buildings insurance on top of your contents and teh fact that if anything breaks you have to replace it and not smile sweetly at your landlord for a new boiler.

attheendoftheday · 09/09/2011 11:41

We pay £417 pm (but our house is only worth 100k). About 25% of our income. Some of the sums on here are making my eyes water!

iskra · 09/09/2011 11:51

We pay £221 a month, mortgage of £80k. Fixed rate for 2 years. It's 12% of our income. I expect it will go up when the fixed rate ends, but our income will have gone up by then too (probably along iwth the cost of everything else, hmmm)

encyclogirl · 09/09/2011 11:59

?900 per month, but that's only about 10% of our monthly income OP, I think yours is a huge percentage of your total monthly income.

pippala · 09/09/2011 11:59

We bought 12 years ago and our house has more than doubled. We are on endowment and have a £70,000 shortfall.
We got £6,000 compensation for being missold.
we were told in the late 80's our endowment policies would pay off the mortage and give us several £0,000's as a lump sum.
We owe £330,000 and pay £1,000 a month, with 6 years left to pay and then still owe £70,000 or more!
We are on a tracker after being on fixed rates for years which never worked in our favour! we always ended up paying more that the rate but it gave us security that we could afford the mortage.
In the early 90's the mortage rate hit 13% and our repayments were £2,200 so we feel well off now!

Cocoflower · 09/09/2011 13:16

OP I personally think with a salary of £2500 pcm you should not pay more than £800pcm on a mortgage, which is roughly 1/3

I would really caution you agaisnt this strongly

whackamole · 09/09/2011 13:19

£420 on £78K. Am remortgaging right this minute thoughs o hopefully will go down to £320.

cat64 · 09/09/2011 13:20

This reply has been deleted

Message withdrawn

5Foot5 · 09/09/2011 13:32

Nothing after next month!!! SmileSmile]smile]

One of the advantages of being an oldie. I bought my first house in 1985. We have topped up the mortgage a couple of times since then with each house move, but it is now less than £10K and when all our ISAs mature later this month we are going to use the funds to pay it off.

Tra lah!!!!

giveitago · 09/09/2011 13:50

We on £870 pm two bed flat London.

But cheaper than renting here for sure.

SecretSquirrell · 09/09/2011 13:56

Gosh, we pay £1400 and we earn a good six figure salary.

I wouldn't dream of paying that sort of money in mortgage on what you are bringing in.

I wouldn't sleep at night. Interest rates will rise at some point and you will be right royally fooked.

mollschambers · 09/09/2011 13:59

£0.

And £0 on childcare. Which makes us really quite well off on a relatively modest income.

Some of these figures are Shock

FunnysInTheGarden · 09/09/2011 14:05

£2200 pcm on a £450k mortgage, but it was £3500 before interest rates went down

bigfatcath · 09/09/2011 14:05

We are overpaying ours, it could be £400 but we are paying £1,200 per month, we should pay it off by next year, then we need a bigger house!

Spamspamspam · 09/09/2011 14:09

£385.00 a month on a £400k mortgage
£680.00 a month on a £300K mortgage

Rental on second mortgage comes in at £1,000 a month so currently pay £65.00 a month on £700K worth of mortgage.

Obviously we overpay Grin

michelleseashell · 09/09/2011 14:20

I'm shocked! I thought I was getting bummed renting but I'm happy to see that I'm not. I don't know why I had it in my head that rent was more expensive than a mortgage!

Anyway nothing helpful to add but wanted to say Best Name Ever

MrsTittleMouse · 09/09/2011 14:23

I agree that:

  1. It depends more on how much money that you have left to pay everything else.
  2. You need to assume that interest rates will go up.

We pay (counts on fingers) 42% of DH's net income on the mortgage, and that's because we overpay. We could go down to 36%, but we are overpaying to give ourselves a bit of a buffer. It is tight. And DH earns a good salary!

The other thing is that it's not just the mortgage. We've just forked out £300 on insurance (we shopped around too, and increased our excess), plus we've had to pay for a new washing machine and fridge (both broke within a year of moving), plus we've needed to call out the central heating chappy twice, plus it's astonishing how much you can spend in B&Q just on essential stuff (not decorating - external painting to stop everything rotting, that sort of thing).

I would think very carefully about whether you'd be able to sleep at night. How much would you have in savings in case the boiler blows up or the cooker packs in?

SecretSquirrell · 09/09/2011 14:53

Michelle, depends what you're renting.

My mortgage is on a six bed house with land, stables etc.

Equivalent rent would be a 4 bed modern detached.

fedupofnamechanging · 09/09/2011 14:55

Ours is £838 and we have approx £136,500 outstanding. But the insurance is £131 per month, buildings and contents insurance is £38, insurance for heating/water/drains is £15. These things bump up overall cost of owning a house. I can't afford to do repairs or get the hedges cut and buy school uniforms and dh is not on a bad wage. So my advice would be to not forget about those extra costs when deciding whether you can afford a mortgage.

giveitago · 09/09/2011 16:44

Oh if we rented our flat we'd be paying about £1,400 pm so we're OK - but it still aint cheap.

Depends where you live.

ratspeaker · 09/09/2011 18:16

Nowt
paid it off early thanks to my mum, well what I inherited, it's what she wanted me to do with the money, then had enough to replace windows and bathroom

tbh I'd rather have mum around and pay a mortgage but it wasn't to be.

pollyhelene · 09/09/2011 20:01

700ish