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???

£950, 23 years left, £220k owed on a 4 bed detached in a village in Midlands.

£980, 6 bed house an hour from London. £500k. 34 years left on mortgage.

We pay 30% of our take home pay. It’s just a 3 bed semi but we bought with only a 5% deposit so it’s really high interest.
Our last house was a 40 year mortgage!! We were young and stupid and didn’t realise we needed to shop around when the deal ended so we actually never cleared any of the debt. Just get good advice when your deal ends.

£420. 8 years left on 3 bed semi detached in East Midlands

About 21% of our net income - just under £1000. 85% LTV on a £255k property,. But that's a new mortgage on a 20yr term and as we have capital to increase our equity we should get that down to under £800 (hopefully closer to £700) at remortgage time in a couple of years.

The question is a bit "how long is a piece of string" though - my brother pays less per month on a much bigger mortgage because it's over 35 years...

£865 but it's fully offset. DH does contract roles so we're not paying it off until we have a healthy buffer.

How do you calculate rooms? Is 3 beds meaning bedrooms to sleep in? Or? And how do calculate the size of the house? Ours are 130m2 but what do you use of terminology in the UK?

£300 for 4/5 bed townhouse in Essex, we was lucky enough to be gifted money though so paid off nearly 250 grand in the first year.

Ha ha. No we don't have a castle! $8k NZD pm gets you a 3 bed 2 bath detached in Auckland. Amazing views though and a private beach at the bottom of the garden. First time buyers. Very Low deposit.
We were spending 4K on rent and saving 4K a month so thank god we've finally bought.

Our actual mortgage is £900 odd but we over pay so pay £1400.
It's approx 60% mortgage.

£670. Was £800 when interest was higher.

3 bedrooms (a 4 room house in DK!) and 103 square metres, if that question was to me Scandilady ?

And yes, we’re on Amager

£375 for a 3 bed semi. It’s was over £600 originally as we took a 95% mortgage with a ridiculous rate, then it dropped to this after 4 years.
It is over a very long term though while the DC are little.

£900, which is almost exactly 25% of our take-home. Three bed in SE - our interest rate is quite high, though, unfortunately, as I was on a fixed term contract when we bought the house and it limited our choice of lenders. It would be less if we could have chosen from the best deals on the market. We were overpaying on the mortgage before DS but we stopped when maternity pay kicked in, and I don't think we'll start again until our childcare costs go down.

Ours are 130m2 but what do you use of terminology in the UK?

UK doesn't care about m2. everybody is talking the number of bedrooms. much better here to have an extra shoe box sized room than one room less but having a bigger room with the same m2. as this is an 'extra' room and supposedly increases the value if the house. odd, I know.

24% of our income for a house in a South East city

785 for a 3 bed detached. We have always had a shorter term and when the fixed period is over We knock as many years as possible off with the remortgage. Currently 14 years left i think. Maybe 12.

I know people who have done the opposite and got it over a longer period but ensured they overpay by 100 a month so that it is ok if they have a few bad months but they are still paying it off quicker. I think most let you pay 10% extra per annum without charging.

£360.01 which is cheaper than our council rent was. Feeling lucky after reading this thread haha

£580 for 2 bed terrace, which we are looking to sell. We’ll be paying about £800 if/when we move.

I’m rubbish at maths but I think currently it’s about 14% of our take home and if we move it’ll be about 20%

We currently spend more than that per month repaying old debts. Once we’ve cleared those it will feel comfortable.

£500 4 bed house in Manchester suburbia. About 12% of take home pay.

836/mth. Three bed flat in South East. 8 years left on mortgage and will be paid off the year I turn 40. I don't tell anyone in real life. No plans to move. Did nothing special, just got a 100% mortgage when they were available and kept payments the same when interest rates dropped.

£340 for a 2 bed semi near the sea on the south coast. I'm a single parent though, so despite my payments being low compared with most, it does still worry the bejeezes out of me in case I get ill / lose my job etc.

We should pay 500 but deliberately chose a mortgage where we can overpay as much as we like and do so every month by quite a bit. It means we are lowering our mortgage much faster than anticipated but have a cushion if interest rates rocket.

£2800 London zone 2