Wondering how much people pay per month for their mortgage...

[Northernlassie1974]

We currently have our house on the market, looking to move to a new build property nearby. New mortgage has been quoted as being £805 per month. That's more than we are currently paying but actually less than I thought. It's a bigger property and to move up a size the prices go up considerably around here. We aren't well off, don't have a fat pot of savings or equity in the house so, as I see it, that cost is about what we expected. We know of lots of people with mortgages more than that.

A friend asked the other day what it is likely to cost per month and commented it was a lot of money. So, out of interest, I'm wondering what people are generally paying for their mortgages???

1/3 of our income which equates to £900 on a 3 bed semi in Essex... bought 2 years ago

Shadow You are correct that £1500 is 0.5% of 300k, but I took that comment as either a ridiculous exaggerated piss take, or possibly that the £300k is the annual salary. Or of course they could earn about £7M per year.

Any of these is possible, judging by the rest of the thread.

13% of take home income. We're mid range earners and overpay to shorten the term.

My one bedroom flat is shared ownership so I pay a "fair rent" of £900 pcm plus a mortgage on a third of it of £700 a month.

Annually I did it on not monthly.

Ah, could have been a deliberate piss take BarbaraofSeville - i need more caffeine, slow on the uptake!

Sorry cross post ANiceLuxury

That's 41% of my income and I'm in central London.

£389 a month. We’ve been here 18 years.

£1800pcm for a 4-bed in Brighton. But we bought it in a right state and now have quite a bit of equity, so should be able to bring it down next time we remortgage.

Use the calculator on moneysavingexpert website to see the effect of overpayments. We have always taken out as long a mortgage as we could, but have made monthly payments the same as for a shorter term. That way we figure that we build up a buffer - overpaying can mean that you won’t suffer if rate rises, and as you’ve overpaid here is always the option to lower payments if you are struggling and still be within mortgage term

We pay £305 a mth on a 3 bed ex council house in the midlands

£940 a month but we overpay to £1000. We only had 5% deposit and bought it last August. We’re looking to remortgage in two years when fixed term ends.

It’s not crippling us but it’s certainly a chunky sum. We were paying £650 to rent in this area and it’s where we want to be so have to pay for it. We’re on the outskirts of a city in a lovely village on a relatively new estate. All very nice - rec ground across the road, driveway and small conservatory. 3 bedrooms. I love it here and am happy to pay it. Plus once we get the free childcare sorted in September that’ll be £300 a month we can save or use as extra.

We were looking at buying a new build and it worked out £1800 per month (390k) I’d be very happy with £800

£1100

£2200 - 2 bed flat, London zone 3

We have to pay over a shorter time as we're getting on, so mortgage is higher (can't have mortgage past retirement age).

Our actual mortgage payments are £600 but we overpay to £900.

£700. It's under 20% of monthly income so we've been saving for lots of house improvements like landscaping, new windows, boiler etc. Debt free bar mortgage.

Made a decision to stay in our boring but perfectly fine 3 bed semi-detached, overpay the mortgage and have nice experiences and holidays with the kids instead of the big house.

I'd rather be comfortable here (we could manage on one income in case of redundancy for a bit) than stretched every month.

We were stuck on a rubbish mortgage for 5 years at about £790 per month we remortgaged recently and now it’s £512 a month as our house value went up by £50,000 it meant we could get a better rate. Ours is a 3 bed semi in the south west

Isn't the orignal question a little "how long a is a piece of string"?

All of these prices and ammounts quoted, do we know what the orignal loan amount was?, over what time peroid, is it intrest only?, repayment and quite a few other varibles.

And even then you have to know in what context its taken in, ie how much is it in relation to the income of the mortagee etc.

We pay approx 25% of post tax income.

Ours is £630 - 30 years on a 4 bed detached. We had a 40% deposit too.

We are planning on overpaying when we can afford to, in the hope of paying it early. But better to have the choice rather than a large amount.

£2100. £575k mortgage on a £920k 5 bed detached house. We live in the South East, 30 miles from London.

Ours is £1374 per year for a 3/4 bed in Bracknell, Berkshire, had a 5% deposit and bought it last year so got a long 29 years left on it... Incredibly grateful to have finally been able to get on the property ladder though.