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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask how much your mortgage is per month?

33 replies

Metalgoddess · 12/12/2013 14:02

I have put in the amount we pay per month (£460) ino the following link

www.bbc.co.uk/news/business-23234033

And it says paying what we do per month at a "mid priced for the market" 3 bed property would enable us to afford 0% of housing. I appreciate our mortgage is relatively low but was quite shocked by this outcome!

OP posts:
Original poster
Metalgoddess · 12/12/2013 14:02

www.bbc.co.uk/news/business-23234033

OP posts:
Toodarkhere · 12/12/2013 14:04

But mortgage payments will vary depending on how much deposit/equity you have.

WaffilyVersatile · 12/12/2013 14:05

ours is about to go from 690 a month to 450

Did you put in 0 deposit?

Original poster
Metalgoddess · 12/12/2013 14:08

I put in 12000 as deposit and it came back as being able to afford 3%!

OP posts:
CrohnicallySick · 12/12/2013 14:08

It says that if you don't have at least a 10% deposit it will come back as unaffordable due to not being able to get a mortgage over 90%.

However, as we have an existing 95% mortgage, my mortgage company says I will be able to transfer it so get over 90% LTV that way.

PS- my mortgage is roughly the same as yours, we took it over 35 years though.

CrohnicallySick · 12/12/2013 14:09

So on a £12,000 deposit, you can afford a house up to £120,000 max as that would give you a 10% deposit, regardless if you could afford a higher monthly payment.

SantasLittleMonkeyButler · 12/12/2013 14:09

I can afford to live in 2% of housing apparently. In England, I can only afford Blackpool Grin. Odd, as I don't think Blackpool is the cheapest place, but hey ho!

ILiveInAPineappleCoveredInSnow · 12/12/2013 14:10

Ours is £800. We have £245,000 equity, and mortgage is £120,000 over 17 years.

I know my brother and sil pay £900 for a 30 or 25 yr mortgage on £200,000

FruitSaladIsNotPudding · 12/12/2013 14:13

Makes sense, the calculator is basically treating you as a first time buyer. I think it's a fact that there are many many people who could not afford to buy their houses today if they were starting from scratch.

Binkyridesagain · 12/12/2013 14:14

I can afford to live in 38% of housing, that's with using the deposit I would have from selling this house and our mortgage payment which is double what is required. If I drop down the mortgage payment to what we have to pay then I can only afford 8% and that's with a large deposit.

SantasLittleMonkeyButler · 12/12/2013 14:14

Oh, I was wrong - it seems Blackpool is quite cheap! 4 bed house.

Maybe I should move Grin.

greenfolder · 12/12/2013 14:19

we pay £2400 per month. we have 230k equity, pay it off in 3 and a half years. in theory that would mean according to any calculator that we could afford to live in a much more expensive house than we do. we just want to be mortgage free as soon as possible.

bluebluecow · 12/12/2013 14:20

SantasLittleMonkeyButler, I know that road and there is a very good reason why that house is that cheap!

Butkin · 12/12/2013 14:21

This seems to be flawed. It says I can buy 98% of property which is really not the case round here. I just put in the value of our property (we've paid off the mortgage) and said 500 quid a month on top - obviously we'd only move for somewhere nicer.

nobutreally · 12/12/2013 14:23

I can afford 96% of the housing market apparently. It's a shame I live in one of the 4% of places I can't afford!

WelshMaenad · 12/12/2013 14:25

Ours is £200 a month. It brought up the place where we currently live !

SeaDevilscanPlay · 12/12/2013 14:25

Am I being thick?

We had a £30000 deposit on our 4 bed house and we pay just over £500 a month. But it says I cant afford anywhere in the country.

Confused
Joysmum · 12/12/2013 14:25

House prices are high compared to average income but mortgage rates are really low. I think a lot of people are going to have a big problem when interests rates aren't being suppressed. Hands up who else remembers the late 80's early 90's!

elvisola · 12/12/2013 14:27

I can afford 97% but that is based on
our 85k deposit. The most expensive area for me is actually where we live.

Ticktock80 · 12/12/2013 14:29

Haha! I can't afford to live where I do...or any of the UK apparently. Better deport myself then!

Groovee · 12/12/2013 14:30

We were paying £700 a month until our FA got us a new desk for £387

greenfolder · 12/12/2013 14:32

oh yes. we can afford to live in a 94% of the country. as i am chugging through a mortgage in the south east, this is hardly news

ComtesseDeSpair · 12/12/2013 14:32

Supposedly we can afford 95%, which I fully expect we could if we ever wanted to take out a 90% mortgage. We wouldn't.

MortifiedAnyFuckerAdams · 12/12/2013 14:36

Six years ago we had a 5k deposit on a 95k flat. Paid 530 (35yr term as we were young). Now down to 450.

stickyg · 12/12/2013 14:55

We pay £368 each month, we have around £100,000 equity and 8 years left on the mortgage.

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