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.

It sounds doable. Ours is £222 but house was a good deal and we had a big deposit.

£670 a month. It's a 35 year mortgage though (we are in our twenties so even if we go the full term we will pay it off before retirement). At the moment childcare means we don't overpay but from next spring DS will have 30 free hours a week which will save us almost £6000 a year which will go to overpaying.

700 ish but I overpay heavily.

we have similar income to you and are paying 900ish but we run two cars and have three kids. It sounds quite a lot but I would suggest you draw up a spreadsheet and make sure you have considered all bills and outgoings. Does the house need any decoration or maintenance, do you need to buy any furniture or white goods? How much will you save a month? etc. etc.

Mine is 20% of my income, which is easily affordable, wouldn’t like to have to pay anymore than that but could cope with up to 30% without it being a problem. It might get a bit unpleasant at 40% onwards but that’s never going to be an issue.

Ours is 7% of our household income bills on top including cars probably 25%

£508 a month.. we have about 3800 coming in a month but have no access to earning overtime or bonuses.

I personally wouldn't want it to be any higher than 650 - but we do have car payments etc. and soon will also have 800 a month in nursery fees to find!!

Mortgage here is 30% of after tax (and paying 15% into my pension) income, but overpay so then it’s 40%. This is comfortable and leaves enough for holidays etc but my tastes are simple and inexpensive generally.

We overpay and are paying £600 a month.

Our mortgage is like £350 if we weren't overpaying.

We live in a terrace up north, so a cheap house.

It really depends on your house cost

Similar joint income with a mortgage of £640pm and 16 years left to run.

We still find life expensive! between a home improvement loan and credit card we pay another £700pm in debts and give our DC another £300 or so in support for Uni. We run two older cars and keep a couple of dogs. There's diddly squat left at the end of the month and holidays are uk-based and cheap.

I think that's stretching it if you are planning children - you need to work out what your income would go down to. Or alternativly how much a full time childcare place could be - round here about £1000 so I think that could be very tight (or maybe I just spend loads on crap!)

£1100 out of £3600 is a good bit but not undoable. Do you have any other commitments - car finance and commute costs?

Will you need cash to do it up or is it a new build or similar?

I’d do the mse budget planner to try and work out how much of a contingency you’ll have each month.

Work out if you could afford it if interest rates went up by 1% 2% 3% etc etc and see if you can still afford it. Don't get in too deep in case they do rise.

We are buying a place with £1300 /mth mortgage but will have no other debts, income about £5500/mth. I think it will be a little tight but doable and our current house is far too small. Am planning to over pay whenever possible too; and we’ll have quite a bit of equity in the house (expensive SE)

Not sure, about £3k, I think. DH will have put it on something stupid like 15y though because he is obsessed with paying it off. Paid off the mortgage on last place in 7y then had to move because it was 'a waste of money' to just enjoy the financial freedom. I don't really get involved - we live well and it keeps him happy, so I don't much care. I'm not bloody moving again though!

Joint income of £5500 and monthly mortgage of £740. We overpay by about £400 a month at the moment (childcare is our other big outgoing). When I first bought (on my own) my mortgage was actually similar but income a lot lower (£2kish a month). After bills I had just under £500 left for food, leisure, clothes etc. It felt tight but doable, but I was fairly confident my income would go up at that point. I think the best thing to do is write down everything you spend for a couple of months, see what is essential spending and where economies could possibly be made. You also need a bit of contingency money if at all possible, just in case of sudden washing machine breakdowns, boiler repairs etc.

We earn about the same as you give or take and our mortgage has just increased to £750. We couldn’t afford much more than that but we have a car payment of £250 and childcare is £750 a month so I think our outgoings are higher than you.

Seen threads on here recently about over payment of mortgages which make me think we could actually pay more but we spend a huge amount on socialising and until our childcare bill decreases I’m happy to pay as little as possible

And any bonuses etc obviously go on the mortgage. Well, his do. Mine go on frivolities, but then the scale is rather different!

We pay much more than when we rentef. Joint income of 73k before tax and pensions £1200 per month 18 years left on mortgage by which time DH will be 73. We cope fine BUT no childcare bills, hardly any other debts (no big car payments etc) little maintenance on house required as it is new. As it is new build swear to god heating bills have halved. We can afford to overpay so will start doing that fairly soon. It is a nice feeling having the freedom of owning but renting isnt the god awful terrible situ in all cases...certainly for us enabled many positive things in our lives

About £500 a month but we bought at the absolute bottom of the market in a cheap area and we've been overpaying since our fixed term ran (just left payment levels at what they were from that)

I believe historically banks use to work on the basis that you can afford a mortgage if it was 30% of the highest earners wage. This has since been relaxed.

Our mortgage is 25% of my earnings (I'm highest earner out of me and DH).

The issue is that house prices have gone up so much that 30% often is insufficient (I live in the SE and a 3 bed semi is 550 K round here).

We pay similar and although we do a lot more than the sums you mention I don’t see how we could pay less in our area, as we bought within the last 5 years with a new 30
Year mortgage. Out house would cost 2/3 of that again to rent, so it really depends what sort of choices you have

We're in a similar situation, it's manageable but you need to be wary of unforeseeable costs/emergencies etc. Does your house need a lot of work? Ours does and with our currently outgoings it's not going to be done any time soon

£1,400 after a remortgage on £100,000 combined income. Be very care OP. That mortgage sounds like a lot compared to income.

We have similar income and mortgage is £925. We save 1k a month and have a couple of meals out, run 2 cars, 3 dc do clubs etc. I think it sounds doable.