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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask your income and mortgage payments??

154 replies

Desperatetobeamummyonedaysoon · 22/03/2019 21:39

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?

OP posts:
MrsPworkingmummy · 22/03/2019 23:10

We earn around £5000 a month and have a killer mortgage of £1410 monthly

BenjiB · 22/03/2019 23:12

Our income varies massively month to month as my husband is self employed. No mortgage we paid it off.

adriennewillfly · 22/03/2019 23:15

33% of our post tax household income. Annoying but we have a nice sized terraced house in London bought at the peak of the market.

olderthanyouthink · 22/03/2019 23:32

Well this is depressing!

Joint income of 58k (I think) when I was working but on mat leave at so more like 39k and our rent is £1400! Cant buy round here though, flat next door would be about the same in mortgage payments if we had £100k deposit (80% ltv).

Llareggub · 22/03/2019 23:43

My income is 3400 ish per month and I pay 695pm in mortgage repayments.

huggybear · 22/03/2019 23:50

Ours is just under 20% but we overpay.

NorthernSpirit · 22/03/2019 23:52

Joint income of £165k per annum gross. Mortgage is £1,550 over 23 years.

NeverTwerkNaked · 22/03/2019 23:56

Take home pay is about £5k pcm and mortgage is £1.3k so 26%. We live in expensive SE though and have a big family so needed a big enough house. We own our little cars outright. And get generous work place pension contributions. And zero childcare costs as we work flexibly. I think what I am saying is that it is hard to compare what people can afford based on income alone. So many other variables come into it - other debt, childcare costs, family size, other dependents ...

BirdieInTheHand · 22/03/2019 23:58

Ours is 45% but we have a large income so what's left after mortgage is plenty

Mydressinggownismybestfriend · 23/03/2019 00:01

£3500 income, mortgage £272.

AFPH123 · 23/03/2019 00:01

10% roughly

blackteasplease · 23/03/2019 00:16

Mines about 30%. I thought that was normal!

HermioneKipper · 23/03/2019 00:18

Jesus where do you all live?! Joint income of £70k here and our mortgage is £950 but overpay £200. Small house and looking to buy bigger meaning potential payment of £1400. No choice if we want 3 bedrooms. Live in south east and bought at peak of market though. Am now part time after baby number 1 and hoping for baby number 2 relatively soon. How we will also afford a new car I don’t know!

Winenotttea · 23/03/2019 00:27

Joint take home income of approx £7500, mortgage of approx £1500. Sorry CBA to work out the percentage.

DogInATent · 23/03/2019 00:54

i need to decide what term to pay it off
Put it on 25yrs and over-pay up to the amount you're comfortable with. This gives you the most flexibility for future changes in circumstance.

PregnantSea · 23/03/2019 05:09

That sounds reasonable, but I'd sack off the car finance and just buy second hand outright with savings, or a short term bank loan.

But I'm just one of those people who doesn't get why anyone would want car finance lol

flumpybear · 23/03/2019 05:37

Ours is about 23%, but rental of a house my size in my area would be over 2k a month, plus added bonus that our home is worth a lot (expensive area) so you redeem this when selling

I have lo childcare these days (3 nights a week after school club between two kids) plus no other significant debt

Fizzyhedgehog · 23/03/2019 05:54

Ours is about 25% of our monthly net income. However, we bought it in January and it's already gone up in value. It's an expensive area. We got it for 270k and it needs doing up - a lot. We're putting about 150k into it. Most properties this size (and especially once it's all done) are about 600-800k round here.

We're currently renting and paying 500 more a month than we'll pay for the mortgage.

SomewhereInbetween1 · 23/03/2019 06:17

Just shy of 4k take home a month. Mortgage £880.

Tobebythesea · 23/03/2019 06:30

Take home is £6k with a mortgage of £1.5k a month. Another 27 years to go! We live in the SE.

soupmaker · 23/03/2019 06:44

Goodness. We take home about £3200 a month which seems tiny in comparison to many. Our mortgage payment is 16% of that. We feel very comfortable.

stillworkingitout · 23/03/2019 06:48

Closer to 25% but no commuting costs (walking commute).

Decormad38 · 23/03/2019 06:53

Ours is 25% but we shortened our term. Joint income 85k

livingthegoodlife · 23/03/2019 06:58

Ours is about 30% of net take home pay. It's not easy but we are hoping to pay it off by the time we are 45. No plans to upsize.

silvercuckoo · 23/03/2019 07:16

~£1200 out of ~£4500, so c.27%. Single parent, mortgage and childcare is just killing me - I do wonder almost daily whether it is worth packing it in, claim welfare and just spend more time with the children.