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???

£345 3 bed detached north east, we put down quite a large deposit

We pay £2200 on a house that's now well over a million in the East Midlands. We add another £500 on that in overpayment though.

£1289 for a large 4 bed semi in NW. Roughly 25% of income. We had a large deposit but took out a slightly larger mortgage to free up equity for house improvements when we moved in. Its a lot but manageable, and its the forever home.

That's really useful thank you! I use money saving expert for lots of other things but hadn't come across that!

1200 a month. Zone 6 train outside London. 25 year term.

Should also say for those who find it impossible - we thought we’d never be able to buy. Started with shared ownership 5% mortgage on share we were buying. (Used mortgage adviser which I had previously thought was waste of money, worth every penny for us)
Then our circumstances improved and we purchased the rest of the house through mortgage.

£1600 a terrace London zone 3 house. Used to be £2000 and nearly broke us

I rent at £850pm for a 2 bed flat in SE. My mum in the same area for a 3 bed detached is paying £2100 mortgage, only 18yrs though.

Such a big difference! Dh paid around £900 on a small one bedroom house zone 6 London with decent deposit. But with overpaying managed to pay off entire mortgage in about 12 years.

Rental in London outskirts- 2 bed flat
34% of my income
Single parent
Cant get a mortgage as I am in my own with 2 dependants and homes here are too expensive

(Council flat)

Our actual payment is £735, but we overpay anything between £300 and £750 depending on which month it is and what else we have going on. We have 10 years left and owe just under £80,000, but with over payments this should come down considerably.

Dh struggles to get his head round why we pay such different amounts to our friends when we all live in similar houses. They don’t overpay and have extended their terms to get the monthly payments down, whereas we have pushed ours up to reduce the term.

£253 for a 3 bed in Yorkshire

Four hundred and something. We're in London but have had the house a very long time, hence smallish mortgage now.

Just under 25% of joint take home earnings

South east commuter town,

33% of take home.

Not been here that long so this will improve with time.

I anticipate being here for a good few years.

Is no one on an interest only mortgage ?

£1500 per month for a detached house in Surrey

1500 for a five bed detached in a London borough.... but we had a good deposit

I see you and raise you.

£3600. 23yrs to run. 24% of income. 60% LTV. 4 beds London. Zone 2.

Intermittently terrifies me.

320 substantial deposit NW England

Flavourflav is your mthly income £15k ? Wow !

£635 for 4 bed (or 3 bed and an office) 2 counties outside of London.

£1,600 for a 3 bed house in Greater London. We put a 25% deposit down. It’s 14% of our combined take home pay.

Mortgages are based on an income to lending ratio - normally around a multiple of 4.

You want to lend 30% over 30 years. This is extremely high. Interest rates are still low and will only go up. Do you have a plan in place for when that happens?

We’re looking to buy and it would be just over £3000 a month for a basic terraced 3 bed. With a 100K deposit 😱 We live in Crouch End.