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???

£1400 3 bed terrace southeast England. We only had a 10% deposit. It’s about 20% of our net income

@ttcno12334 that seems high for the area. We're also in Essex (one of the more expensive areas) and pay £860 for a 3 bed semi with 25 years to go.

£231 per month, overpay by an extra £500 a month. Outstanding mortgage of £49k. Purchased for £80k 5 years ago. 4 bed semi in East Midlands, totally renovated.

£300 per month in North West for a 3 bed extended semi .

£647 for a 2 bed end of terrace in the southeast.

£670 a month for a 3 bed detached in Yorkshire. Really happy at that price because it's our dream home, put a lot of deposit down though.

@ZippyBungleandGeorge also in a dearer area. We purchased the property three years ago and paid £850 per month on a 35 year mortgage. Reduced the term last year to 25 years and increased the cost of monthly repayments.

1550 for rent 😭😭😭 in zone 3 London
Wish I could have a mortgage but won't ever be able to afford it nor save enough for a deposit

@ZippyBungleandGeorge also in a dearer area. We purchased the property three years ago and paid £850 per month on a 35 year mortgage. Reduced the term last year to 25 years and increased the cost of monthly repayments.

Mine is £1139 but I pay £2050 to overpay as well

£250 a month for 4 bed detached in rural Beds. But that's only because we paid a massive chunk off the mortgage last year when we had a windfall. It was £640 before that.

£506 in NI but going to start overpaying after the summer childcare expenses are out of the way.

£500 rent 1 bed flat Sussex

@ttcno12334 ah it's probably different LTV, I owned a flat before so the equity from that went into the house we bought together in 2016

£550 for £150,000 on a 5 Bed House @ £450,000.

£450 3 bedroom Terrance in north of England. It really depends on a lot of factors though, deposit, interest rate, length of mortgage. We did a 20 year mortgage. Some of my friends have much bigger/nicer houses than us but are paying similar because the have got 30 year mortgage or in one case 40 year mortgage!

£650pcm on £160k over 35 years. 90%LTV and shared ownership, so had basically only one lender willing to lend it at all. I pay another £800pcm in rent/service charge, so at £1450 all in it’s almost 50% of my net salary every month - with childcare for two on top of that I definitely can’t afford to overpay right now!

It sounds mad and it’s a huge stretch BUT to rent in the same area would cost about the same and I wouldn’t have anything to show for it. As my childcare costs come down I’ll start overpaying and hopefully be able to remortgage (although I think at the moment I’d not pass the affordability criteria - need to consult a broker when the current deal is nearing the end and see what’s possible).

About £2500 per month but it's about 20% of our net income

It's all relative though right? We bought a 3 bed house in zone 2 London, near good schools. We are stretching ourselves a bit but we also have very good jobs that pay well. We ummed and ahhed for awhile but in the end decided to buy somewhere smaller but more central so that the commute would be shorter.

@ZippyBungleandGeorge yes I suspect so! We bought ours when there was an insane amount of demand for properties so haven't made too much on it yet sadly!

£250 pm we brought 25yrs ago so mortgage is finished next month
Rural village in the midlands .Ours was an endowment so interest only but we made sure we had the endowment in place and put money away each month over the last 25yrs to make sure we could pay it when it became due for payment .We brought when prices were low to buy in our village now you wont get anything cheap prices have gone really dear .

£1360 pm 4 bed semi in London zone 3. LTV below 25%. 6 figure household income.

Compare it to how much you'd be paying to rent the same property.

Just under 1k a month

£900 a month. 4 bed, 3 receptions house in Scotland. Got 15 years left on mortgage. About 20% of take home pay