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???

4 bed house in west of Scotland and pay 6 percent of income to mortgage.

£1600, 4 bed, outskirts of London

I always do the “What If” list, what if you had one salary for 3 -6mths, can you afford the essentials? We took a big mortgage on, but with in 5yrs the property has risen £85k there is no way we could afford it now as our salaries have only risen £5k in that time! Get a deal you can overpay, we took a mortgage that in theory I’ll be 67 by the time we pay it off, but we’ve overpaid average £100 a month most months. We recently looked at either fixing our old car or getting a newer one, we decided overpaying the mortgage meant more to us than a shiny car I want the mortgage clear by the time in 60 or earlier, we are on track with that so far... think about what is essential to you, balance in life is important. Our neighbours moved to get a detached place, I said I preferred to stay put and have a nice holiday & overpay our mortgage instead. Have a 3mth savings buffer where possible, if you have a job like my DH which has no sick pay so we have to buffer for it.

£1250 which is 13% of our income. Gets you a 4 bed in the SW.

£960 per month on a large 4 bed 1920's semi on a private road in the NE.

Thanks all.

Very good point RE:how much would it cost to rent...easily £900+

Also, plan to overpay etc.

To reiterate, yes, pretty irrelevant asking as down to personal circumstance, however, mentally, makes me feel more confident to see the variety of different situations people are in. I felt sure it wasn't ridiculous, but speaking to my friend I worried I was way off and setting us up for a fail! There are no guarantees and no crystal ball, however, I feel more like I'm taking a calculated risk rathe than being reckless!

Thanks all!

Over a quarter of our combined monthly income disappears on our mortgage on a 4 bed house in Suffolk. Mortgage is approx 250k😱😱we are both in our 40’s.... my husband was married before and lost everything to his ex wife. Down to me that we could start again although it’s tough with 3 children between us. Every situation is unique but I always think that we’re lucky to be buying our own place. If you can afford it go for it. Remember some folks have had a mortgage for many years, it’s not always good to compare👍

We just bought out first house (south east) with 10% deposit and pay £760 a month. Seems to be the average of people I know in our boat right now. Jealous of some of these tiny mortgages!

Just under 25% of our current take home pay. We overpay a fair bit on top.

£1470 which I didn’t think was all at much for London but now I’m thinking it is, having read this thread! Still less than renting though.

£430 for a 3 bed semi. It's about 25% of our income. But our income varies from month to month due to commission from dh job. It's about normal for round here I imagine. We only moved in 3 months ago from a 2 bed terrace house, we were paying £370 a month for that mortgage so it wasnt a massive jump considering the difference ein space

3bed semi - east midlands - 370 per month

Christ, we pay £850 in rent for a house that wouldn't even cost 200k to buy.
Looks like it would be much cheaper to be paying a mortgage on it but that's not going to happen while we're paying so much in rent

We are buying our first house and if everything goes through then the mortgage will be £860 which is about 24% of our income I think. We chose a 30 year mortgage fixed for 5 years to get the cost down a little in case one of us lost our job. We will be overpaying each month as much as we can instead.

£360 for a small 3 bed terrace, in the south. House was £117k, I bougth it in 2013 just before house prices started going up again.

£820 24% of current income but that will decrease soon as childcare vouchers stop and income goes up!

About £900 with 21 years left. Zone 4 in London

£1,441 a month for a small 3 bed semi about 45 mins outside London 😫

£500ish for a 3 bed semi. About 10% of our combined net monthly income.

I really want to move but would have to pay twice what we pay now for the kind of house we'd like, which I know is affordable on paper but DH and I are a bit spendy so would have to rein it in

£60 (yes,£60) a month for 3 bed detached bungalow in the Western Isles. That's with a slight overpayment as well. Will be paid of in the next year or so.

300.... 3 bed house/garden/garage etc - nice area, commuter town.

I got lucky :)

@dontdribbleonthecarpet how?! where

I need to move!!

Ours is about £900 for a 4 bed detached in NW. Only had 12% deposit though.

Property hasn’t yet completed but when it does I’ll be paying £2600 per month for zone 2. Ridiculous really. Back home my mortgage was £650 a month (and that was high because it was only a 10 year mortgage).

My post divorce mortgage on my own is 20% of my take home pay, now that my ex husband no longer financially abusing me, I afford it easy. As to rent the same property would cost 6 times the mortgage , my emergency plan is to move back to my parents and rent it out, even allowing for wear and tear I'd have the same money in the bank.