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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:
GinisLife · 12/01/2018 20:53

Should be £640 ish I think but I've always paid £750 and I'm paying another £300 per month overpayment. £180k on interest only with no means of repayment with about 9 years left. Just had to rejig my pension to increase its earning potential so I can draw down at retirement, about to sell a 2nd house and pay down a chunk and got half of another house for future. I should just about get to zero at retirement. 🙏

G5000 · 12/01/2018 20:53
  1. 8 years left.
RatRolyPoly · 12/01/2018 20:54

£350 pm repayment. I had a big-ish deposit.

Not overpaying as we have one in part-time nursery whilst I'm on mat leave, which will rise to two in full-time nursery when I go back to work - and no free hours until Autumn! We'll overpay when one or both are at school.

AnnieAnoniMouse · 12/01/2018 20:54

Some of you have terrifying mortgages, some in terms of actual £ and some in terms of % of income 😳. I wouldn’t sleep at night.

Mine is quite low, but I choose to over pay it. I’d like to move to a bigger place, with no bloody neighbours, but I prefer having a mortgage that I could easily pay with a very small amount of casual work if I walked out of my job. I prefer the freedom, to the bigger house. (Doesn’t stop me whinging about wanting to move though!!)

LittleLaura1 · 12/01/2018 20:55

You all seem to have on the whole very cheap mortgages. My DCs pay £750 a month and £1800 a month respectively for rent in the south east. Here you can't buy much for less than £250K a 1-bed flat, or £500K in central London. Even being higher tax earners they can barely afford to buy and not in central London.

dianemorgan · 12/01/2018 20:56

£800 for the one we live in, £420 for the first rental property and £240 for the second, although we have tenants in both of those bit it doesn't fully cover the cost, I'd say about another £200 on top,.... so £1000 Confused

mewkins · 12/01/2018 20:57

£700 a month on a 400k house. About 30pc of my net pay. I need to remortgage soon though as it will just be me paying it off on my own. I will need to extend the term but hopefully keep it at around this level and may even be able to make the odd overpayment.

Whatsnextthen · 12/01/2018 20:59

£1k and about 55% of my income. I have no rainy day fund. I try not to think about it!!

imonaplane · 12/01/2018 21:00

We pay £1000 per month but are over paying to reduce our term. Owe about £200k on an £850,000 house. It's about 10% of our income.

GinSolvesEverything · 12/01/2018 21:00

Converting to pounds - approx £3,000 per month, which is about 22% of gross monthly salary. We overpay a bit, I’d like to overpay more as we will add to this in the next few years as we need to extend.

SleepingBooty · 12/01/2018 21:01

£594. Only £98k to go. Planning on overpaying later this year an extra £1k per month. We could be mortgage free in 5 yrs if we really knuckle down.

Tequilamockinbird · 12/01/2018 21:02

£670 a month. House worth circa £225k, owe £150k. Feels like we'll never pay it off!

ButchyRestingFace · 12/01/2018 21:03

Converting to pounds - approx £3,000 per month, which is about 22% of gross monthly salary.

You earn £15,000 a month?

I knew I shouldn't have done a stoopid Arts degree. 😔

Newmrs22 · 12/01/2018 21:03

~1400 per month which is 35% of our take home pay. We moved to this house last year and it was quite a step up!

Triskaidekaphilia · 12/01/2018 21:03

£290 but it's going down a bit when our fixed rate ends next month as we had a 5% mortgage so interest was higher than the standard rate

dontcallmethatyoucunt · 12/01/2018 21:03

£0

If you knew me it might be interesting well I'm quite nosey as we are all perfect strangers, it's a bit meaningless.

However, I wonder what people have in assets other than their home. Seems to me a lot of people have very imbalanced finances. ... perhaps I should start a thread, about a thread, about a thread or perhaps they would ban me

Spartaca · 12/01/2018 21:04

650, which is around 20% of post tax salary. We normally round it up to £800, will probably do the same this year.

Hushabyelullaby · 12/01/2018 21:06

£460 per month, with £80K left to pay over 18 years. The house is valued at £210K.

Jazzybeats · 12/01/2018 21:09

About £1800/ month. Wish it was lower...

Curlyshabtree · 12/01/2018 21:10

£468. Just under half of my income. House worth £78k

LoneRangerTime · 12/01/2018 21:13

£220, house worth £120k, 8 years and £19k left on mortgage. Original mortgage was for £40k

It's about 5% of combined income

cheminotte · 12/01/2018 21:13

£1400, which is about £100 more than the minimum payment. If we need that overpayment at a later date we can use it.

ThroughThickAndThin01 · 12/01/2018 21:14

We’re overpaying a lot each month as it’s interest only.

But it should be around £270 and mortgage left is about £320,000. We got a stonking lifetime tracker %.

We need to up our game on overpaying though as only have about 8 years left to repay the £320,000 (was £499,000 when we took it out. Crazy). But it’s great to be able to pay that little if we need to. House value around £1million.

AntoniaCaenis · 12/01/2018 21:14

As high as many of the amounts on here are, as a percentage of salary, I'd be interested in a comparison to those that rent? I have a feeling that the proportion or rent to income would be less favourable?

dementedma · 12/01/2018 21:15

£300. Flat worth about £80K. £46K remaining on mortgage but I am in mid 50's so going to have to keep on working. Our mortgage will only let us overpay in £500 pound chunks which is really annoying as the chances of us saving up a spare £500 are non existent but we could manage a few extra quid a month...