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

[UterusUterusGhali]

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?

It's all relative, compared to your income and the amount of equity you have.
Ours is about 1/6th of our net income, and we owe about 1/4 of its current value.

£298 per month for 3 bed semi in London Borough

Was very lucky to have bought in 1995 before the prices went mental.

£730 on the house.
£180 on the flat.

about £700. Has been close to £1K though when interest rates were higher.

We have a two bed terrace in a shit area!

No it definitely doesn't have stables, squirrel. We've got a shed though! It's just a three bedroom town house. I really thought mortgage payments were much more than rent! Maybe it's just the average compared to prices where I live.

Am soooo at everyone paying less than £500 p/m.

£1500 here for a bog-standard 3-bed mid-terrace.

We have paid ours off.
But only because my dad died. I'd rather have my dad around.

We bought a three bedroom house 16 months ago for £175,000. We were lucky to have a deposit of £100,000 so we only pay £313 a month. Income monthly about £2000, our mortgage is 30 years so I'm planning on upping the payments and getting it down to 20-25 years. Should be manageable but money seems to pour out on bills (some very big ones), etc.

Before we bought we paid £675 a month rent on a two bedroom flat.

We are in an unprecedented set of circumstances with the 0.5% rate, given that historically interest rates have been on average circa 5.5%. Personally, I would do 2 tests. 1. A third of your income (ie £800)s the most you should be looking to pay, assuming interest rates were 5% because they will get back up to this level. If you put this into loan calculator, this will indicate how much you can realistically afford to borrow. Anything else is storing up trouble 2. Do the test for what if interest rates were 10%, what could you cut back and could you still afford your mortgage?

I would be surprised if you have a willing lender where you would pay out over half your income in mortgage. Owning a property is not a God given right and if the numbers don't work out you may regret never owning property, but if you go ahead and it all goes wrong, you will definitely regret being so silly as you drown in the ensuing misery.

We're on interest only - we went on to it a couple of years ago as we had constantly re-mortgaged and couldn't afford repayments. We pay £450 a month just in interest. We can see no way of ever repaying what we owe before DH is 70, so will have to sell up and get something smaller, hopefully when the DCs have left/are at uni. Basically we screwed up - with myself.

Just seen the post directly above mine about drowning in misery! We're not that bad, but its a shame we couldn't have sorted ourselves out. We may really just as well have rented.

All paid off now but in 1989/90 I remember paying about 650/700 for £54,000. When we bought our current house in 1994 the mortgage was £80,000 and I think we were paying about the same. Since then we have paid bits off regularly and our last mortgate payment was £19.00. All ours now. Please don't forget how low interest rates are and how quickly things could change. My first mortgage was £23,000 and my take home pay was about £497 pcm. With a lodger I can just about remember making ends meet for the first few years.

£110k, £700 payment but we pay £1k which has taken the term down from 20 years to 10 in the 2 years we've had this particular mortgage.

3500

All Paid off now, but paying 10k a term on school fees instead (would like to have gone on holiday & got a new car)....Sigh.....

Have I got this straight your household income is £2500 but you are looking at a monthly mortgage of £1,400 per month? Sheer madness.

Know the feeling chickydoo!

We pay £680 a month, just a bit more than we pay on childcare a month for our 2 dc 3 days a week!

There isn't a lot spare - certainly not enough to consider private school fees.

Wow, thanks for the replies.

Hairy, yes, probably madness!
I will have to go back to work F/T, so our income may be higher in the next few years. Not much though as I work in the public sector.

Novice, owning a home is not a right, but one would expect on a joint income of nearly 50k to be able to buy a place to live. My pension will be worth bugger all the way it's going, and it would be nice to have something to show for all our work.

We may have to look at moving to a crappier area, or waiting until the DC have left home & get ourselves a small shag-pad.

Mine is only 330, has meant we can have a good lifestyle on a low income. It was 6x my income when i first took it out but im much better off than if id have kept renting.

£220 a month. Since it's so low, if we've been able to afford it at the end of the year, we've been overpaying, so after 8 years, there's only 8 years left on our 18 year mortgage.

Don't do it.

It's too much. My parents overborrowed, my dad got unexpectedly ill, lost his job and their beautiful house they worked so hard for- gone.

I know it's really awful to say, and I sincerely hope it doesn't happen to any of you guys, but that was quite possibly one of the worst years of my life.

Our mortgage is equivalent to 550GBP per month on a property that's worth v.roughly 250k (with about 150k of that already paid for and 17 years remaining...) Household income would be equivalent to about 48k a year.

No way would I consider commiting to the monthly repayment that you're mentioning with a similar income to ours!!!

We pay £168 Per mth got 78k morgage on a tracker, Aghhh dread when rates go up tho.