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?

25% here. It’s quite uncomfortable. We have a car lease and childcare on top which means we save about 10-15% a month.

Around 25% of our joint income. When we were both working full time it was more like 15%.
We are on a 5 year fixed with 3 years left to go. 30 years left to pay off :(

I think another poster was right regards the variables. Most people have quoted a two adult earning household figure. OP is a single parent on around £2000 a month, so in my opinion a mortgage of £600, plus car finance of £250 doesn’t leave that much to pay the rest of her bills, food, childcare if needed, etc.

We’re just over a third of take home. This should be the most it’ll ever be as a percentage. It’s completely fine in terms of having enough left over to pay for other things (we have a 4K a month after the mortgage is paid). It’s pretty terrifying in terms of what if I lost my job.

Honestly it’s a bit of a gamble but I think we’ll be ok. We’re pretty unlikely to go into negative equity so I think we would be able to sell in an emergency.

Joint income of nearly 40k, mortgage is £300 a month.

Oh and we’re a one income family too,

One of the positives about getting older, joint income £65k, mortgage nil (paid off in our 40s). .

Our mortgage is just under 6% of our income

One income family and about 25% of our income. No childcare or other debts though and its fine as long as we don't go mad. I always thought you shouldn't go higher than a third of your income.

About 24%, £750 / £3000. This is over 30 years, deliberately chose this to keep payment down so we can always afford it. It feels manageable but our childcare bill is low (£300 a month) and we have no car loan. OP some ideas for you that I did when I was single on similar pay and taking on a mortgage of 160k. Overpay your mortgage so it’s paid off quicker. Get cheaper car or save up for a car and buy it cash instead of an expensive car loan. Ensure you have an emergency fund of 3 months pay saved up that you don’t touch. Consider taking out income protection cover so you can always pay your mortgage even if you are sick. This has stopped me getting into financial trouble when made redundant/sick and unable to work/boiler and car break down both requiring expensive repairs.

Ours £1000 and is just under 20% but we have two kids at university and only get min loan so may need to borrow extra, the government thinks we have a spare £10k a year to give them! (We pay a lot more tax as dh earns most of it plus he has a good but expensive pension)

Joint income of around 5200 per month and we pay £880 and overpay by an additional £150 pm.

Just to add a point, I work in social housing and our affordability criteria states that rent should be affordable and we deem that to be no more than 35% of the net income.
Believe it or not even in social housing I've seen some unaffordable rents and people cannot always afford them.
So whenever I moan about the amount we pay on our mortgage I remind myself there aren't many cheaper options out there xx

Our joint pay after tax is £4k per month and our mortgage is around £1400. It feels manageable and is only £100 more than we were paying in rent (we live in inner London).

@PooWilly where can I get one of those PCP 4X4 fancy cats? I wonder if they like whiskas?

Household monthly take home £5910 between two of us, mortgage £733 but we have set the payments to £833 to overpay monthly 😊

Wow... joint income of £4,700 net and mortgage is £1,300 - also pay out £800 ish a month on childcare.

We don’t have much spare money for savings etc but day to day we’re fine.

When baby gets the 30 free hours and I go up to full time our net income will go up to about £6,000 and we’ll be able to save a lot more which will be in about 2 years.

Income: 60k joint
Mortgage: £770

We pay 27 percent ( 12 percent is over payment though as we are old and want to pay it off early)

Around 12 percent on food (which seems to be much more than average on her

25percent on bills (water gas, elec, internet, phones etc)

We have plenty left , eat out and do what we want to without worrying about money and still.and manage to save as well ( about 10-12per cent ) towards DC savings and house improvements.

We don't finance a car but we saved £250 a month towards the cost of a new one for the first 4 years we owned our current car. We now put in less as we have enough for a small family mini but are not ready to buy a new one yet

We have absolutely no debt except mortgage but we also have no childcare costs.

There are two of us earning., though DH earns 2.5 X what I do.

18%ish, depends on bonuses. We overpay a bit too.

I would not want debt to be such a high percentage of my income, especially if I were a single buyer. Is the £250 car finance really necessary? No way it could be a bit lower?

£250 a month for a car is a lot. You don’t need a new / fancy car. Save cash, buy something second hand and thrifty.

Mortgage is £400 but we overpay £200 per month. When we sat down with our mortgage broker it was cheaper to have a 30 year term and overpay than a 25 year term

Our combined take home pay is around 2,350/month, our mortgage is about 320.

It makes such a difference what your other expenses are. We can afford to overpay at 35% mortgage because we have:

No debt
No car payments
No childcare

Our next biggest expenses are £1000 on food for 2 of us (including £280 on takeaways) plus the dog costs £500 a month as she has daycare.

Gosh @silvercukoo I know you are a single parent but if you can't manage financially on take home of over £4000 I doubt living on benefits is going to work either. This is not a criticism by the way.