To ask how much you spend on the mortgage every month

[carol1234568]

I'm considering buying a house.

The monthly repayments would be £1100ish, is that a lot compared to the average?

This isn't a question I can ask people in real life. Our monthly income is about £3600 after tax plus overtime.

I'm worried we are stretching ourselves. We haven't reached our full earning potential yet and I'm happy to earn more money in the future.

1500, it’s a lot and council tax is about £300 on top as well. Bills also really high as big place. We’re finding it a stretch and our income is around £7k a month

We are paying £742 per month on a 5 year fixed rate its a long term though

How long is long @Hermie12 ? Longer than 25 years?

We pay £350 a month but put down a huge deposit!

You are going to get loads of people.on here saying their mortgage is a few hundred a month or they've paid it off when they were in their mid twenties and you're mad for even considering it.

The main thing is can you afford it which depends on how many other expenses you have. Are you renting at the moment and paying similar?

A house is good. If you bought a flat you'd have Council tax, service charges and ground rent to pay in addition to mortgage

How old are you both? Any children?

It doesn't sound bad to me.

@Blankscreen yes renting at the moment but it's £750pm and bills are low etc as it's a small and well insulated flat.

@NotSuchASmugMarriedNow1 late 20s, and no kids yet

Ours is £700. We have a similar income to you, maybe a bit more, but it leaves us plenty left over for leisure so we could pay more if needed. I didn't want to pay any more than £700ish as I wanted the freedom of having extra money and not having to worry.

It's worth thinking about whether you would be able to pay if interest rates were raised, if one of you lost your job or couldn't work due to illness, etc. and also what it means for your lifestyle. Everyone's circumstances are different; what I need to live is not what you need to live, etc.

@carol1234568 - we're similar to you, in terms of income and mortgage. It's OK. No real scope for overpayments at the moment, but knowing income will increase in future makes me feel fairly comfortable about it.

Go for it!!! it's a perfect time.

Ours is just under £1k a month. We have twenty years left on the mortgage and a household income of 80k.

I agree with Blankscreen
If you can afford it then go for it.

For the record we are ancient, and therefore don't have a mortgage.

Mine is £1570 a month

313 pm
I had a huge deposit I could have nearly bought outright got the mortgage to cover the last little bit and the cost of a new kitchen and bathroom

I think this is a question with thousands of different answers and it all depends on your personal situation. Our mortgage is 625 a month but you will have others that are way more and some that are a lot less.

You'd probably be best asking it as a percentage of net income. Ours is just under 25% of our net income and we manage just fine though we have no other debts. Just household bills etc. Yours would be 30% and whether you are stretching yourself would depend entirely on your other outgoings.

That's quite a lot. If you don't have any other debts and the house doesn't need much work, you'll be okay but might need to think hard about holidays etc. Both the salary and the mortgage are proportionally more than mine but the gap's the same. I'm just one though. It's all fine until the effing car breaks down, or similar.

Less than a third of after-tax income doesn't sound high to me.

That seems quite a lot in relation to your income. We pay just over £1300 but joint monthly income is over £6k. That said the bank wanted to offer us double what we needed.
Is it similar to what you're paying in rent? Have you paid this much before on a regular basis? If it's a lot more than you're used to, you could be in for a big shock.

It was a 35 year mortgage but we’re about 5 years into it now. £900ish a month. Much less than we paid in rent!

It's all relative. You'll have people say yes easily, you'll have others with 3 children who will say no. It depends on where you live, your bills, your outgoings like petrol, food, clothing, holidays etc.

For example:- When my bring home was £3200 plus dp was £1600, it sounded a lot but we were paying £1600 in debt every month (car, loans, credit cards etc), plus I could put in £150 a week in petrol (at the time petrol was at around £1.50 a litre and I was field based covering the UK). So once we deducted those, we realistically had £2000 left for bills, 2 children, food, clothing etc. So not doable for us, but could be for you.....

Joint income of £3100 pm and mortgage of £760. Council tax is £210 over 12 months rather than 10.

It can be a stretch some months and ok others. Kids are hugely expensive and I have 2 of them - luckily no childcare costs as I have a flexible p/t job but this has significantly affected my income. Hobbies, food shopping, petrol & utilities leave little left at the end of the month but we manage 2 weeks abroad most years.

If you think you can afford it then go for it!

Hi, yes Carol 30 years. Although hoping to shorten this as we are due an investment payout in 4 years which was originally to pay off the mortgage on my first house purchase of many years ago

If you are worried intead of rushing in then why don't you live for 6 months netting off the difference to savings and see how comfortable it is.