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 ?

We owe £7 so I am the wrong audience.

Seriously though we have a smaller one for the kitchen and bathroom and the repayments are £400 a month, we pay £1,000.

Joint income of £5k

£7 is on the original mortgage.

My rent is 68% of my take home. It's a fucker, but doable, i just don't get much left over.

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.

Great advice from @howabout.

We pay £1350 on joint income of £4600. Council tax and food etc are likely to cost similar amounts for many people so I'd not necessarily be happy spending the same proportion of £2300 but it would depend if you have many vices etc.

Mine is 1,250 and I'm a single homeowner. The monthly cost does worry me, i'm hoping when I remortgage I can get the term extended so I can bring down the monthly repayment.

Thanks folks. Probably paying what we should be. We are lucky that it's interest free. So it Is in our interest to pay it back as quick as we can before moving as we won't have that luxury again.

Is the cost of moving really 10k ?

An interest free mortgage? I'd like one of those...

Our moving costs were 17k, but the amount obviously depends on your stamp duty.

:O 17k !

Oh yes the every popular interest free mortgage

www.moneyadviceservice.org.uk/en/articles/estimate-your-overall-buying-and-moving-costs

Obviously only a guide, but there are a lot of costs to moving that all add up.

How is it interest free?

Definitely start calculating your approximate moving costs, and add a bit of a margin for unexpected things as well

Do you mean interest only?

Joint take home pay £6000. Mortgage we have to pay £710. We pay £1200 pcm. We only have less than 5 years left to pay now. We have no childcare to pay but we do help with dgs's childcare bill. We could have paid it back by now but instead we chose to buy a holiday home in France and saved really hard for four years and paid for this outright with aid of moderate inheritance. Only you know what you can manage but do not leave yourself short of money for having fun with your children. It is not worth it.

Tracker mortgages tend to work out cheaper as they track base rate. I only pay 0.74% as 0.50% above base rate. I have had this for 13 years though.

Impossible to answer without knowing other commitments. If you have children or debt or high commuting costs then £500 could be unaffordable. If you have none of those costs then paying up to £800 a month could be possible. The general rule is around a third of income on housing costs but of course bear in mind interest rates could rise so the payment would increase unless you are on a fixed deal.

surely you don't actually mean interest free?

agreeing with PP - keep your actual commitment as low as possible but then choose to pay in whichever is larger out of (a) one third of your combined take-home income (b) the amount you would be paying in rent if you didn't have a mortgage.

overpaying is vital - interest rates are definitely going to go up and it will be those who have been overpaying who will survive the fallout once the numbers start spiraling.

Interest free mortgage? How do you get one of those?

We have a similar monthly income and currently pay 550 per month.
I think for us the maximum I would be happy on our wages paying is 650.

Obviously it depends on different factors and your outgoings like if you have any loan repayments, or if you’re expecting your income to rise in the near future. I’d write all your monthly spending/outgoings down to work out what you realistically would be happy to pay.

interest free mortgage? How do you get one of those

Simple, all you need is a time machine to go back to about 2006 and then you get a lifetime base rate tracker mortgage, the lowest I remember seeing was 0.19% above base rate, but we didn't qualify on the multiple for that, so ours is 0.38% above, so we're paying just above 1% for the term of the mortgage. Obviously in no rush to overpay but if interest rates change so our savings don't beat the mortgage rate, we having savings we can just transfer over, as unlimited overpayments are allowed. Not quite interest free, but very very cheap money.

We've never fixed and have been better off for probably 99% of the past 25 years. However in the current low interest rate climate, I would probably consider fixing, if the right rate was on offer, but the other downside is that you may have to pay penalties if you want to sell, whereas the lifetime trackers were completely flexible and you could pay the whole lot off any time you liked with no penalty.

I suspect stamp duty is the big factor in moving costs, you're probably looking at about £1-2k plus stamp duty, which can be anything from nothing to tens of thousands, depending on the purchase value - there are calculators on the internet. We've bought 2 houses but never paid a penny in stamp duty as both have been below the relevant thresholds at the time.

We're just about to buy our next house. We'll pay about 900 per month. We are renting while selling the old one and getting stuff sorted to buy the new one and are currently paying 1500 in rent.

We have a joint income of £3,600 and pay £900pcm for our mortgage. I want to start paying more but at the moment we are saving for a baby so it’s not our priority yet.

Moving costs are extortionate. We paid about £1200 in solicitor fees, £9k in stamp duty (because technically it was a second property - got £7k back when we sold the first one but still had to have the money upfront) then several hundreds in the actual logistics of moving from one place to another.

I would have been happy about such costs. We've moved abroad and are buying in a different country for the first time. We needed 36k up front, for taxes and estate agent fees. Then also 2.5k for the solicitor. It's been eye-wateringly expensive. Buying our house in the UK had been rather straightforward in comparison.

We pay £1000 on an income after tax and pensions of £4800, so I overpay every 3-6 months by calling with my debit card. On track to pay off 4 years early.

@Princessmushroom Yes, we only just got our first home, and our mortgage in SE is 1400. Fun times!