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???

365 mortgage on 3 bed semi. In northern Ireland however so prices a lot less. 10 years left. We bought at the right time as houes the same as ours sold for twice what we paid during the housing boom. We could upsize but means I would have to increase hours in work so will stick with what we have

I am always staggered on these threats how little people pay.
We pay a lot, nearly all my part time salary, for a very small house in Surrey.
We have always paid the same and our mortagage will be paid off in a few years, but that's because I'm old!

Around 575 for 3 bed new build but used help to buy so will probably go up with we try to absorb loan when we remortgage. We also got a long one to keep payments at this level as it was similar to what we were paying in rent so we knew we could manage it (for a 2 bed admittedly and they charged new tenants more)

Ours is £1800 but we pay £2k to try and reduce the term. It's 28% of our net income. We have a 5 bed in Sussex.

$3300 but that's AUD.. so £1700 or so.

£1750 for a large four bed, terrific neighborhood.

That's in the Midwest, USA.

£700 a month currently for a three bed semi in the NW, bought for £175k, sold for £375k. Moving round the corner to a gorgeous four bed semi which will be a £1.4k mortgage for 20 years. About one quarter of take home pay if I don’t return to work from mat leave, one sixth of take home if I do.

What others pay is irrelevant, as incomes, outgoings and lifestyle expectations vary so much.

What is important is that you get approved for the mortgage - that means that the bank has assessed that it is affordable to you, including if interest rates go up.

Far more relevant than a small sample of strangers with different incomes, outgoings and house size/deposit etc.

£560 a month 4 bed detached in Scotland . We have 80k of mortgage paid off though .

What others pay is irrelevant, as incomes, outgoings and lifestyle expectations vary so much.

true. Also MN seems generally speaking come come a more fluid demographic. some of the mortgage figures posted here are more than our monthly income (and we are a fairly average family, not rich but not on minimum wage either).

Was paying £1100 in the north east but over 12 years with a huge deposit. Paid off now though

£273 for a two bed end of terrace.

We’re paying £500 though to build up equity with a view to remortgaging in order to extend next year.

The £273 is about 8% of our income I think.

We plan to add about £40k on next year but perfectly doable and we’re young enough to put it to 25 years - it started at 17.

There are houses we LOVE for sale right now but the mortgage would be about £800 and we’re just not prepared to have that much of our income spent on a mortgage. Also with a bigger house come higher costs for gas, electricity and council tax is a major one to consider for us too. That could go up by £200 or more as well.

£900 for a 3 bed detached on the outskirts of a major city. Property prices in my area are absurd - 20% higher than the national average.

448pcm, approx 29% LTV, 31 years left. Zone 5 London (Surrey).

Just under £300 for flat in Central Scotland. About 10% of income and overpay when we can. 10 years left

15% of our take home. I'm miserable at work, DH wants me to quit in which case it would go up to 20%. But then we wouldn't have childcare or commuting or a cleaner or FAR to many takeaways cos tired so it probably wouldn't be too much of a problem...

£1200 on a £163000 mortgage, 14 years left. We've just reduced it from 19 years to 14 so we can be mortgage free by the time I'm 50 (also making overpayments)

Approx £500 per month. Lovely 3 bed family home.

A definite improvement from when we were renting a 2 bed London flat for £1700 per month!

£313 14 years left
2 up 2 down in Manchester. Big deposit and fantastic mortgage advisor

£1500 for a small 3 bed house in zone 2 London.

£1500 per month, but that's with a small overpayment. We then pay another couple of thousand a month. We will be free and clear by November, over two years early, and we had already gone for a 15 year and not 25 year term when we remortgaged last time.

£766 on a house that was 185k. We only had a 5% deposit though which increased the interest.

Our base payment is £700 a month, which is 15% of our net income but pay an extra £150 a month to bring the term down/save on interest.

£800 on a 3 bed semi
40% of my take home
10 years left unless I manage to make any overpayments