What is your mortgage payment?

[HaggisMcNeepyFace]

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!

Keep meaning to look around but also keep meaning to sell up 😢 £2100 a month, £300k left on mortgage, worth about £650k I think. I could get better couldn't I? Self-employed though and earnings very variable due to health, so bit of a faff.

Now that interest rates have gone up, payment has gone from £1 a month to £2...

(Several years ago I paid off almost all the balance, left a tiny bit to avoid early repayment charge.)

£520 about 25% if overall monthly salary

£1100 for a £325k mortgage

Oh and in Home Counties

Our mortgage is around £675pm but we overpay so pay £1350pm. House is worth about £330k I think we owe £155k. 20 years still left on the mortgage but if we stay here and keep overpaying we could be mortgage free in around 9 years. We want to move at some point though and will probably borrow more but at least we will have more equity...

Oh our overpayment takes us to c. 25% of our combined pay

£366, I bring home £1300 after tax etc. Single parent family, Yorkshire.

1800. House isn’t big.

I would love to be mortgage free.

Mortgage free until a month ago, now 560 pm for a 1250 sqft semi. Significant upgrade in both size and location but only got the sqft with both plenty of savings during mortgage free period and living on a main road.

£750 a month, 25% of our monthly income. 33 years to go! We bought 19 months ago with a 5% deposit.

We will be remortgaging in Feb though. Because of the extra equity and the slight increase in house value, new payments will be around £800 a month but will only be a 25 year mortgage.

Riledandharrassed - Over 10 years, we are in our early fifties !

£700 a month on a 220k house. It comes to about 15% of our combined salaries but we have about 60k left of student debt and graduate loans to pay back first. House has gone up in value a lot though so hopefully we can move somewhere bigger in a few years without putting the payments up too much.

Agree about overpaying being sensible while interest rates are low. we won't be doing that again for a few years, currently have half a roof which is going to take 9k out of the remainder of our savings - dormer bungalow so complicated!

Once the structural and cosmetic work ( everything in the house is a little bit borked) is done, though, we'll get back to overpaying.

Only secured a mortgage term until my 70th birthday, mind, so kudos to anyone who secured further.

This is thread is stealth boat central!

£400

Its all relative to salary. Despite a big deposit, good job , double income and relatively middle of the road area, its clear that may people have mortgages several times our £350 a month one. I can not contemplate a £1500-300O mortgage.. Just makes me think I'm in wrong (ethical) career!!

Mortgage free here at 50. But I can't emphasise enough how much overpaying is worth it. I wish I had done that earlier. But even £20 or £50 each month DOES make a difference. Don't fall into the trap of thinking it's not worth overpaying as long as your terms allow this as it is 100% worth doing so.

Mortgage free due to age - took out an endownment policy when in early 20s when buying 2nd or 3rd house (bought 1st when 18, having worked 3 jobs a day to save deposit), this paid out a few years ago and having overpaid the mortgage over the years had enough ££ spare to put Solar on the roof which covers the cost of all our energy needs.
Over the years have upgraded house & area, & bought this with 50% deposit - but could not afford to buy our house now with 50% deposit as it's now an expensive area!

Btw it is not worth overpaying mortgage. Instead save up overpayments and use that with savings to buy more buy to let property.

Nothing. We paid it off about 5 years ago. Not wealthy but dh made some money on a property he owned before so we only had a mortgage of 45k which we managed to pay off by saving hard!

When you're talking tens of thousands per few years, you're not going to be buying many properties. If your mortgage payments are bigger, then you're not, either.

Plus, it's not that likely that prices will soar in most areas, over there next decade, plus it's hard to even break even with your average rental, under current conditions. Renting out is not a simple case of buying and renting with no effort involved.

This is to double aces, btw.

I only had a mortgage of £100
And I paid it off by saving hard and not being a snowflake
and felt very smug