To ask how much mortgage would you pay...

[Purplepinkpurple]

With a joint income of £2300?

Posting for traffic for opinions.

At present we pay £500. Obviously it all depends on what other outgoings you have, but just wondering if we should be aiming for paying more ?

Our joint income after tax is almost double that. We pay just over £1,200 pcm. But obviously if you have any non-negotiable large outgoings (as we do - family care) then this would impact it pretty significantly.

Thanks for your response pink i would like to pay more as sooner its paid the better, but just wondering what other people did/ thought :)

We pay about a third of our joint income at the moment. It feels like a lot! But we are trying to overpay as much as we can right now in order to shorten the (currently very long) term.

Take home £3500ish.

Mortgage is less than £280

I wouldn’t be comfortable committing to more than £650 I don’t think.

I really want to move house however its in our interest to pay as much as we can on our current mortgage, so I'm keen to try over pay if i can .

I'd commit to no more than £600 (this is what we had to start on the same income). Got a good deal after that fix ended and now on £510. It's easier to overpay a bit when you can without tying yourself into a heftier payment if things get tight for a month or two

Start saving the amount you think you could overpay by monthly and see how it goes for 6 months before committing. You can keep the lump sum for moving costs.

I think it is difficult to answer without knowing about other outgoings such as commuting or childcare costs. If you pay a lot on these then i would not be comfortable paying much more than you already do.

Joint net income £3200 (including after excellent employer pension payments), mortgage £795. I’d potentially push to £1000 but no more as saving for home improvements.

Our mortgage is £600 a month but we over pay £500 a month, so total £1,100.

I overpay by about £225 per month and it really is the only form of ‘saving’ I do because for some reason it’s much easier to do that than just set up a SO to a separate bank account.

I’m sure Martin Lewis advises overpaying over saving (over and above a rainy day fund) as it massively reduces interest and helps lower LTV for future purchases which can mean you get much better rates.

I would take some advice, if you are looking to move, would it not be better to save up the deposit?

Our joint income is about £2,800 and our mortgage is £500 however we’ve got nursery bills of £900 so I wouldn’t want the mortgage to be any higher, we will over pay a bit once we’re not paying for nursery.

As little as possible but it depends where you live and the cost of housing. We pay £600 on 5kpm. We wouldn’t have been happy paying a huge amount, we’d rather both have nice cars and holidays but that’s a luxury we have because we live somewhere cheap!

Check your interest rate. You might be able to get more interest than you would save by putting it into savings instead. Especially if you can put overpayments into a regular saver - these pay up to 5% and your mortgage interest rate should be a lot lower than this.

Also remember that if you overpay the mortgage rather than saving, you will almost certainly not be able to get it back if you need it, so make sure you have a rainy day fund and are saving separately for any big purchases.

Ours is a third of our take home and we overpay by 10% each month I think. At one point it was half of our take home.

Our takehome is over double of yours, and our mortgage is £570. We’re currently saving around £1000 a month in order to repay our Help to buy loan ASAP, once that’s paid we likely won’t formally increase our payments but much, but will be remortgaging under better terms to make decent extra repayments to hopefully bring the overall term down.

Although our mortgage repayment represents less than 15% of our after tax income, we wouldn’t want to commit to regular repayments above this incase of changes in circumstances... when we took our our mortgage, our income was somewhere around what yours is, and it wasn’t easy when one of us found ourselves rather unexpectedly out of work 2 weeks after we completed

They say not more than a third of your income, we currently do about 25% this will drop to 18% after our remortgage so we are going to over pay as we are used to paying the 25% we want to move in the next 3 years so the more equity we build the better!

I think a £500 a month mortgage is more than enough on your income

Our take home pay is around 5k. Mortgage is 1k and we overpay £500 each month. We want to get rid of it ASAP!

If you want to move, it's best to have savings set aside to cover stamp duty, fees, surveys, removals etc - can be £10k plus to move. After that, see what is leftover each month, and as long as you have a cushion for repairs etc, you can overpay excess either in lumps or a regular overpayment depending on your mortgage provider. Check small print for any restrictions on payments to make sure there aren't fees.

We pay about 15% on mortgage, but have large childcare bills and a small loan to clear, once childcare bills reduce and debt is clear I'd be happy going to 25-30% on mortgage.

If you can afford to pay more & can do it with your mortgage then it's def worth overpaying - I started doing that as soon as I could afford, even just a little bit made a huge difference overall.

This thread depresses me, we are saving for a house and looking at £1,500 per month mortgage payments

Who is your mortgage with? With HSBC I could easily amend the overpayments from month to month if I needed yo, far better interest saving than putting a bit into a savings account each month, plus there wasn't the temptation to dip into it.

Princess ours are more than that! I dont think you can get a house in the se with a mortgage munch less!