To ask your income and mortgage payments??

[Desperatetobeamummyonedaysoon]

I ask because im remortgaging! I think they say 20% of your income should go on mortgage max. I know ourgoings are a factor! My income is 32k. I have no other debts but may take out a car finance soon for say 250 a month. If u were me how much mortgage would u repay monthly? The bank are lending me 180k which is great but i need to decide what term to pay it off. ie in how many years... im 37. Would u pay around 600 a month on my salary or more or less?

I take home around 2000 mortgage is nearly 800
I’ve earned less and always managed to pay but never able to overpay or accrue savings
Found out tonight cat needs surgery which is not covered by his insurance which is going to be around £1500 -he’s not yet 2 and I will not have him PTS so will have to be interest free credit card which will cost me an extra £100 pcm 😞

24% here! It does make things tight but we live in the SE and only managed to get on the property ladder 5 years ago at 35 so didn't have equity built up on previous properties like many of our friends did.

We have just paid off our mortgage (hurrah), but if it helps our monthly income is around £2200 and our mortgage was £600.

I was single on 39k paying a 930 a month mortgage, so on par/ about the same as 32k with a 600 + 250 car loan.

I found it okaaaay but there wasn’t much fat in my budget and honestly when I got a pay rise I breathed heavy a sigh of relief...

If you think your pay will improve (ie you are youngish and riding through the ranks) is crack on. Otherwise I’d think long and hard about it.

Also if it’s a 2 bed you can always rent a room out!!!

Joint income £90k and mortgage is £550 per month here

We earn roughly 60k between us at the moment and pay 850 for the mortgage and nearly 100 in life /critical illness /income protection cover. At the moment it's comfortable and I can afford to save a bit each month and go on holidays etc.

But due to go on mat leave soon so will be a different story!

mortgage is 1800 a month.

Our basic mortgage payment is 17% of our income but we pay to 24% as an overpayment as we are shit at saving, so it’s better to pay something off...

About 25ish %.

Mine is 17 % of income, and includes an overpayment each month. Its a lot more than my food bill but less than I spend on my horses!!!!!

Joint income of 95K, mortgage is £1380

I've just deliberately put mine up to 35% of our income as we can easily afford it

Ours is 19% but 40% when I’m not working (babies and such)

I have never bought a car on finance, £250 a month is a lot when after 3 years you have noting to show for it. how much deposit are you planning on spending on a new car? Could you buy something outright?

Pressed enter too early- Ours is 19% but 40% when I’m not working (babies and such)

Income each month (after tax) is 8340, mortgage is 1550. Income is 3785 when I’m not working

Ours is about 20% of joint net income but we have a short term on our mortgage, a nice house that we couldn’t afford if we were renting and we have all outgoings covered.
In your situation I’d look at the longest term you can get, at repayment levels that are under local rental prices. Ideally get a mortgage with no overpayment / early repayment penalties then you have the choice to overpay.
You need to look at variable expenses as well eg council tax, petrol/travel, food.

1000 a month mortgage here on a joint 100k. We live in a relatively cheap area for property and do pay 400 a month on my car.

Mortgage £942 (although we pay £1400) income around £6000.

And I have a car on finance. Interest rate is 0%, my old car was ten deposit withs scrappage.

It works for me, it’s new, gives me a lot of pleasure to drive, I don’t have to worry like I did with my last car as it’s covered by warranty and when I want a new one I have an asset to trade in rather than a heap of scrap that broke down all time.

Ours is about 40%. Not fun.

We're one of those mortgage prisoners.

Joint income of £3500 after all deductions

Mortgage is £570 p/m on a 40 year term, but we overpay to £750 p/m which will bring it down to a 30 year term

We would overpay more but our childcare bills are £1300 p/m

It's fine as long as you cut that car finance right down. You can get a pcp for £100 a month if the cars not new and still have a warranty or buy a good second hand outright for £3-4k. £250 a month is far too much

Ours is 30% of joint income after tax. We don't have a car loan and we have about £1k in childcare fees a month which will disappear in under 18 months. We're ok with it for now as we know it's a short term stretch.

We've been paying rent of £1250 on an income of £4400 (after tax) for years which is 28%.

Close to getting out house deposit now (£35k) and our mortgage would be about £1450 or 32% of our income. I thought that was going to be fine seeing as we're used to paying out the £1250 and saving £1300-1500 a month into the deposit fund.

Joint income of £85k ish - so about £5.5k per month take home. We pay £750 over 25 years.

Planning 3 children in close concession so didn’t want to overstretch financially