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.

940 in a mortgage that was 210
It’s hopefully less now !

Just to add, are you thinking longer term with the property? We did some very loose maths, if we bought more affordably and moved in 3-6 years and realised we may end up spending more. So that was a consideration

Similar income here and pay £1250. It's a stretch some months but worth it. My theory is my salary should only go up....

£950 on income of £3300. 25% council tax reduction for one resident adult means this is £145 a month (single mum) but childcare (nursery and bfast club/after school club) is 550 a month after 3yr olds' government subsidy.

Someone told me to stretch myself a bit when I was young with no commitments as wages typically increase a little bit each year, so things get easier over time. It might not be as simple as that these days but I still think it's fairly sound advice to take a calculated risk when you're young. Good luck OK.

OP* even! Sorry

Ours is a similar salary and we pay £795 fixed for 5 yrs but are saving £500 a month as we did help to buy. We have a child both working and still can afford the odd meal out, shopping trip!

£1350 and 22.5 years to go. Net income £4400 a month. Earning potential for me will increase (due a small pay rise of about £80pm net now). Was £1350 on about £4K but I changed job a couple months ago. We stretched ourselves for this place because it could be a forever home if we want it to be.

All the people overpaying, isn't it a set amount you can overpay?

£1750 per month but we pay £2000 per month to overpay and act as a bit of a buffer when interest rates rise. We have £6000 per month joint income and three years left on our fixed rate. Hopefully we’ll pay it off before we retire.

It’s manageable, but sometimes a bit meh considering our income. We just live in an expensive area and needed a large house as my DH has 4 DCs still at home when we married.

I pay 37% of my take home pay & it's tight - but I'm a single mum with two teenagers so a different stage of life to you.

Yours sounds perfectly doable to me.

£650, plus a small overpayment. Income post tax of around £3k at the mo, but has been lower and higher.

@userxx you can get mortgages with no overpayment limits but there can be hefty early repayment charges you have to look out for.

Our income is roughly £3000 a month. Pure mortgage is £220 a month.

What interest rate are you paying, fixed or variable, and what's the LTV?

Ours is just under 700, our post tax income is just over 5.5k I think. With kids nursery fees etc I wouldn't want the mortgage to be anymore.
Will u ever have to pay nursery fees? Because you won't have any money left if you do.

£2200 a month with take home of £8k a month

Ours is £250 a month. Take home pay about £2100.

Our mortgage was only £75000 against a value of £85000 before you get too excited - we’ve paid off barely anything!

Pure? * our

We went for a £1100 mortgage when our household income was £3600 per month and 2 pre school babies. (dh also paid £500 per month fares and our CT was about £150).

We now have a £2k mortgage and CT is £280 per month. Still with the same fares for DH but our household income is more but it's still tighter than we'd like. It's totally worth it tho. We are currently remortgaging. So it should be better in a few months.

I'd go for it if i were you.

@Smellylittleorange Thanks for that, might try a no limits one when I remortgage depending on early repayment fees.

£995. Net income 4100 pcm. 2 teenagers, 2 car loans.

We're moving house in a few weeks and our mortgage will go up from about £500/month to £800/month. That's with a net income of about £3200, a 25% deposit on a 27 year term. This will be our final move though (hopefully).

The answers you get on here are far from the average OP. You only need to look at the figures in this thread to realise that. I only know 1 person who has the sort of income and mortgage payments at mentioned on here. Most people are on a much more modest income and lower mortgage payments.

In your position, without having children yet and interest rates will only rise, I think I'd say it's too much. When they calculate affordability, I think they set it as if you can afford 7% interest rate to determine affordability. We had a massive deposit (over 50%) and mortgage was going to be less than our rent but they stupidly decided we couldn't afford much of a mortgage, which turned out to be rubbish.

Our mortgage is about 10% of our household income, our total outgoings are around 50% ofmour income, we could overpay now if we wanted to but we are usually saving for something, DIY stuff, a big holiday, now DH has student loan to pay etc etc. There is always something and having a low mortgage means all of these things are not a stretch at all, which I like.

819 but we over pay

£350 per month. 81% LTV currently