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 is way too much in relation to your income. Rates will rise eventually and you will have no life outside the house if more than half is mortgage!

I would have thought "what percentage of your income" is more useful than "how much".

Cat £2,500 take home pay sounds about right for a £50,000 annual salary. I think it's because of 40% tax once you are past a certain point.

When I was a kid, if someone had told me I'd have a family income of £50,000 a year I would have though I'd be rich, but of course it's not £50,000 by the time the government have had 'their' share.

£477 permonth still owe £109000 bought 3 yrs ago but now on SVR so used to be more than this.

I'm in Scotland so lower property prices.

We pay about 40% of our take home pay on the mortgage, but that's overpaying it by quite a bit and we live frugally. Whenever DH gets a raise we put the extra as overpayments on the mortgage to get it down, but not at the expense of having savings. We keep detailed budgets on a spreadsheet to keep track of everything on the bank statement, then use this to budget what we can cut or overpay. You should be doing this before considering a mortgage. Try a few months living on what would be left after the mortgage before thinking about buying. If you can't do it, at least you haven't got a house to lose, and if you can, you'll have some savings to put as a deposit. Win win

ratspeaker :( so sorry for your loss

Another oldee so £0 - managed to pay off mortgage in our early 40s .

Agree that mortgage should be more more than a third (max) of your household income.

We pay about £430 a month on a repayment mortgage,we started off on an endowment but were warned it would face a shortfall so we changed to repayment,we have 7 yrs left on our mortgage.

We kept on paying the endowment & we'll have a lump sum in 7 yrs time.

Can't wait for our mortgage to be paid off,we'll save that same amount afterwards towards ds further education or his own house.

I feel really sorry for anyone starting off now,it is so expensive to get your foot on the property ladder.

632 a month for 142k on house that is rented for 700 a month - house is worth 135k
213 a month for 112k on a house that is rented for 1000 a month - house is worth 165k

300 a month on huge lovely holiday home in france - i think mortgage is about 80k

a new mortgage of about 1300/1400 a month when we find a bloody house

"£213 a month on a house that is rented for £1000 a month"? Bloody hell, you are raking it in.

This thread confirms my suspicions: people buying up properties for rental effectively price the rest of us out of the market, firstly by pushing up the cost of homes for sale, and secondly by inflating rental costs. How nice.

Obviously the housing shortage and high property costs have multiple causes, but this is certainly one of them.

I agree with Speedy. I can see why people like the 'buy to let' market. It's an investment etc, but when you're stuck at the other end it feels like shit. For us we're well aware that we're paying £1100 pcm on someone else's mortgage which is costing them about £400pcm.

I'm not bitter, as we do choose to live here rather than in squalor and save up, but it feels like we've completely missed the boat and if the timing was different we could be in such a different position. We're not though, so that's that!

900 plus another 180 approx on endownments which won't even cover mortgage.

I can confirm that £50k pa equates to £2,500k pm

I too would have thought this a HUGE salary in my youth, but dh pays 40% tax and after 8 years of being a 1 salary house and 2 dc later, and it doesnt feel like a lot!!

We used to pay £1100 pm on 250K mortgage then we paid our get out clause (7K) to then pay £200 pm - it was worth it. Sadly that ended when we upped sticks and sadly its no longer that but am not sure I would do that amount of our salary...........

Where do you live pinkytheshrinky? That's a great ROI?
No mortgage atm but in renting limbo. Recently paid £650pcm on £88K 10yr mtg PLUS £1600 rent pcm which really did hurt since it took us 10 mths to complete the sale (won't bore you again with the details). Suffice to say, it was stressful. We are also looking potentially at a £150K mtg over 10yrs for our next house which comes out at approx £1400pcm. However, we have over twice your household income so I think that you are mad/will be severely stretched to pay even your fixed bills. Here is where you can calculate net income.

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. Public sector pays equally as well/better than private, in the majority of cases.

...My pension will be worth bugger all the way it's going... Ditto everyone except the very top of the private sector.

It's funny isn't it. If you start a thread on Mumsnet saying you're feeling a bit poor on your household income of £50,000 you'll be virtually stoned to death. Come on here with the same income stating your ambition to own your own modest (ex-council) family home in 25 years time and apparently you're not only being totally unrealistic but displaying a sense of entitlement for even considering it ("owning a property is not a God given right" etc). Something seems to have gone very wrong.

£595, £92K left on the house. We brought and sold at right time so made 40K of sale of first flat, brought this one cheap and got on tracker at right time too.

Yes cat, but my point was that a £50,000 family income is generally considered on Mumsnet to indicate great wealth, and yet apparently it's nowhere near enough for a basic family home. Which rather suggests that salary is no longer a very good indicator of wealth. And maybe that the government should be looking at raising taxes on property rather than income.

You need to extend your mortgage term to reduce your monthly payments or buy a cheaper house! It's possible to live on that without DC but still pretty miserable. Actually, it's not rocket science - you must be paying all the normal bills apart from building insurance anyway. Can you live comfortably with the added difference in the rent that you pay now and the potential £1400 pcm mortgage?

£190 a month with 14 years left to go on a house I bought for £40,000 and is worth £120,000

I bought at exactly the right time locally when house prices where at their lowest, was sheer luck.

Our income is a wee bit more than yours and i wouldnt contemplate that much. you either need to move areas or accept renting as a long term option.