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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

What is your mortgage payment?

345 replies

HaggisMcNeepyFace · 12/01/2018 20:11

On the back of the thread about wages, where a couple of posters have said that what constitutes a good salary depends partly on how much your mortgage is, just wondering what mortgage people pay per month?

DP and I pay 1800 a month which I think must be quite a lot... it takes a big chunk of our salaries!

OP posts:
SabineUndine · 14/01/2018 06:47

My flat is shared ownership. Mortgage, endowment policy and rent between them come to about 45% of my salary, but I’m single so I pay as much as a couple would on my own.

juliesaway · 14/01/2018 06:52

$0 here. We sold a property in the Uk and bought a bigger place without a mortgage in Melbourne. It’s so nice to be mortgage free.

meltingsugar · 14/01/2018 07:31

£1350. Between DH and I.

londonista · 14/01/2018 09:59

I'm very heartened by the number overpaying. Absolute best strategy.

Is there a rule of thumb about what percentage of salary rent or mortgage should be? I would think we'd have a serious change in lifestyle if it went above 33%.

PuddleOfInk · 14/01/2018 10:30

They say no more than 25% iirc but we'd never have been able to buy. Ours is 30%. Most people I know irl are the same or a bit more.

MerryShitmas · 14/01/2018 10:57

I've always been told one third for housing costs (be it rent or mortgage) one third for everything else (bills etc) then one third for fun/investments or non essentials is the way to go. I try to stick to that. I'm sure that's impossible for many though!

Fluffy40 · 14/01/2018 11:09

Nothing. We are lucky people.

TeddyBee · 14/01/2018 12:11

£1400, but over pay by £250 a month. It is a huge chunk of my take home pay (half of it) but we have over 60% equity in our house. DH is self employed and it means that I pay all the bills etc and then we have to live off his variable earnings. So much fun. Not.

Summergarden · 14/01/2018 14:37

£1200, 26% of our income.

We aren’t overpaying exactly but opted for a shorter term the last time we remortgaged. So it will be paid off in just under 10 years when we are aged 47 and 49.

We tend to throw spare money into our S&S ISA as what we have been earning on it is way more than our mortgage interest rate for the last few years, though I appreciate this could change.

AmazingBouncingFerret · 14/01/2018 15:23

Currently pay £600 a month. This will be increasing due to taking out an additional loan in order to pay my ex-husband money I owe him for the house.
Whilst applying for that I was able to reduce the term from 15 years to 10 though so it’s pleasing to know that I’ll be mortgage free at what I consider a young age.

Myheartbelongsto · 14/01/2018 16:04

I pay €1800 per month.

CountFosco · 14/01/2018 16:13

We pay £1200 pcm but that's including overpayment, we only need to repay about £500 a month, the house is worth about £200K (we're in the NE). As a percentage of our take home pay it's about 25% including the overpayment. But the house is too small for us and we need to sell it so will hopefully be increasing our mortgage to being £1200 with no overpayments.

Minniemountain · 14/01/2018 16:14

£805 a month on an offset as DH is self-employed.

rogue8 · 14/01/2018 16:22

We'd offset our mortgage to

Itscurtainsforyou · 14/01/2018 16:48

I am also overpaying (although only slightly) just to shave 6-12 months off, then reduce the term by ) months each time we remortgage. We have 9 years to go and ideally I'd like to pay it off in 7.

The good thing about our mortgage is that I can access the overpayment account and withdraw from it if we need the money.

Lloyd45 · 14/01/2018 17:05

Mortgage is £70k, house is worth £600k, we pay £1000 a month and should pay our mortgage off in 5 years at the age of 50. Should we keep a small mortgage over another 10 years or just pay the lot off?

StopCallingMeShirley · 14/01/2018 17:13

Surely the OP is the wrong way round Confused
Mortgage HAS to depend on income, not vice versa. If you have a low income, you either have low/no mortgage as you can't get a large mortgage, if you can get one at all. In order to have a high mortgage, you have to have a good income.

People can choose to have a smaller house/mortgage on a high income and thus control their net income one hell of a lot more easily than someone on a low income whose mortgage is maxing them out.

Babyroobs · 14/01/2018 17:18

I'm amazed at the salaries people must be on to afford some of these massive monthly payments !

PuddleOfInk · 14/01/2018 17:22

Depends what you consider massive baby

We pay £1400. Our monthly income is just over 5k.

Lloyd45 · 14/01/2018 17:42

Our joint salary is £4000 after tax, most people we know earn similar or more, we are not well off at all as have no savings

CountFosco · 14/01/2018 18:09

Depends what you consider massive baby

The average salary in the UK is £27000, equivalent to a take home pay of

Leigha3 · 14/01/2018 18:21

£350 a month. Which is less than 11% of our combined monthly income before deductions.

StopCallingMeShirley · 14/01/2018 19:16

Our joint salary is £4000 after tax, most people we know earn similar or more, we are not well off at all as have no savings

Net income of 48k a year and you think you are not well off. Absence of savings does not necessarily equal being 'not well off'. It just suggests you spend all your income and maybe need to look again at your budget and expenditure.

Ragusa · 14/01/2018 19:33

£4000 after tax in London or south East, if there are childcare and housing costs, is not loads. Full-time childcare ( in the absence of family help) for a child in nursery is at least £1400 pcm. Housing costs for a family are going to be at least £1100 pcm. And that would be somewhere cheapish. Commuting, about £120 pcm from zone 6 in to c London.

I don't know @Lloyd45 location but that is an example of how £4000 pcm could be eaten up.

Ragusa · 14/01/2018 19:34

That is one person's commuting costs BTW.