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?

Just under half our monthly income. I'm not giving an exact figure - only our parents and my best mate know that!

It's a bit squeaky but we only had 10% deposit but good monthly income so decided to push ourselves to avoid stamp duty x 2 on 2 moves to get here. Crap fixed rate at 6%.

£850 pcm
House worth £205,000
(we owe £185,000)

monthly income (joint ) £3900-4000 approx

£1150pcm on a £250K mortgage

It doesn't matter what percentage, though. 50% of a ten grand take home still leaves plenty. 50% on a two grand is hideous.

Nothing. Paid off. And I still feel pleased about it!

cat64 Absolutely!

Can I ask what the general consensus is then, of what constitutes a sensible mortgage payment on a take home pay of £2.5k pm???

£600? £800?

£209 per month

House worth £600K

paid of in my mid thirties now i am selling 2 properties and while i wait for them to go, saving for Tilly Towers.

OP there is no standard answer because everyone spends their money differently. DP & i live simply so the £££ piles up. if you want to work out where your money goes, i have found moneysavingexpert v useful.

The point isn't about income but about risk and what happens if it all goes wrong. A poster said on a recent thread that there was a generational divide between those who are over 35 and can remember the devastation of the last recession and the record level of home reposessions and those who are can't. The former group are now generally much more cautious about risk when it comes to risk, although if people didn't suffer or know someone who did 20 years ago then they are still prepared to take a serious amount of risk.

One of the reasons why house prices keep rising is that people are prepared to totally over leverage themselves without thinking of the consequences not just of reposession but of the stress and impact/devastation on the family both before and after a reposession. I just think people should think of the ultimate consequences if it goes wrong before they unwittingly inflict that on their kids.

On a take home pay of 2.5 k I wouldn't consider paying more than £800 a month tops.

So buy a cheaper house or go interest only.

Becaroo, I would say £800 being one third. That's what conventional wisdom is anyway! But not one third based on the curremt low interest rates but based on 5/6%.

Our take home is similar, maybe a touch more but from 2 incomes rather than one. We have just bought our first house and our mortgage payments are 470 ish per month. 650 would be about the max I would feel comfortable with, for others that figure may be around 800 depending on other outgoings/savings etc. I think above that on that sort of income starts to become a bit risky.

We have next to no savings now we've bought so we made sure our mortgage payments are affordable on one income should one of us lose our job. Equally when we finish our five year fix should interest rates be sky high our mortgage should still be affordable with higher rates.

2 people with a joint income of 50k will have a higher net income than a single earner on 50k because of the tax allowance. It can make a huge difference.

I said same take home income, our headline figure is lower

It is about £1K/month on an outstanding balance of £125K (70-75% equity/15 yr mortgage when taken out). We overpay in lump sums in addition to that though in a bid to clear it asap.

The other thing about having a single income of circa £50k is that the income will take a big dive next year when they lose child benefit. It's £1690 for two children (and of course that's without tax, you'd need to earn a lot more to make up the difference with 40% tax and NI).

Does anyone know when the child benefit goes??

2013 according to this:
www.moneysupermarket.com/c/news/your-questions-answered-on-child-benefit-changes/0010250/
I've seen articles that say January 2013, and it was supposed to be 2012 originally, so maybe it won't actually happen.
There are certainly a lot of question marks over how it will be organised, see this:
www.bbc.co.uk/news/business-11523930

But I certainly wouldn't want to take out a mortgage assuming that I'll have child benefit if I was in a household with a single income of £50k. Of course, we took out our mortgage assuming that we'd have it, as the Conservatives said that child benefit was protected in their budget - when they were campaigning to get elected.

Osborne is a lying bastard and delusional if he thinks we will buy the idea that eventually, when the economy is better, slashing CB will result in lower taxes.

yeah right, we're all thick enough to swallow that one. If it does result in a tax drop, it will be a temporary one, just before an election!

We are mortgage free too, (bought our first house in 1996). Tho we know we are lucky, both in mid 30's, we want to move, we want to be closer to the children's school and also be rural with a large garden, and we then will have to take on a big mortgage again.

I shudder at the thought of it actually! We have never had a mortgage bigger than about £400 a month, and the sort of property we want next time with mean tripling that figure at least. We are in a comfort zone at the moment, I think we are both scarred of finding the right house.

Can I ask people with Buy to Let mortgages this question please?

If interest rates go up, what would happen to that property? Would you suck up the difference? Cut your losses and sell? Put the rent up?

Just wondering how vulnerable renters (me) are if interest rates rise, despite not having our own mortgage.

we pay £620, but it's interest only as we have just been through unemployment, debt and general crisis! Currently have a joint income of £37,000 but have 15 years left on £180,000 mortgage of which we have actually paid um.....£0. Not the best postion to be in, but the house is now worth around £280,000, so if the worst really came to the worst...