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???

£1700 a month which is 28% of our income. Also saving £800 a month into an offset account, which should drop the 10 year term to 7.

£1200/month.

Well, surely this is all relative to household income, area, deposit?
We have about £35k left to pay on ours. We pay £700 a month but top up on it each month.

Our total mortgage payments last year came to 1/10 of our combined income.
We live in a northern seaside town where property isn’t expensive and where our savings paid for a hefty deposit.

580 3 bed bungalow SW

£400

% of going income is about 10%

Mortgage paid off now, but largest monthly payment was £3k

This is a bit of a bizarre question.....the cost will depend on the amount of the mortgage, how recently it’s been taken out, how long it’s been taken over and how long is left. It’s difficult to gauge anything from cost. For example I pay £90 on a 4 bed detached but I’ve had my mortgage 17 years.
One bit of advice from experience is to go to max you can afford and ensure you always have a contingency plan if income changes or interest rate increases. You’ll find what seemed a stretch will in a few years be much more comfortable. We went to top of our budget but now it seems like a pittance as the mortgage came down.

900 for 4 bed East of England

Me and DP pay £228 each. Two bed semi, fairly rural.

£660 for a 2 bedroom garden flat near the beach in Essex

US$2100. The mortgage amount doesn’t upset me - I love paying my mortgage! I chuck extra money at it every month, and love seeing the interest portion go down and the capital portion go up each month. I like to set myself targets each month. There are no restrictions on how much we can overpay. We have 23 years left on the term but I expect to have it cleared in around 15, assuming we don’t sell.

The house insurance bill though is almost $500 a month, and that does piss me off. Insurance is completely outrageous in this area, and before we switched company it was over $700!

£360 for a 3 bedroom in Scotland

960 pcm, rented out for 1260pcm

£40 but I am not rich. Single parent and I only work 3 days weekly on health grounds. Teenager to bring up and only get £100 maintenance.

I left London to achieve this a good few years ago.

Just under £800 which works out at 27% of take home pay per month. Recently remortgaged to a fix for 5 years to try and brexit proof our finances.

£300 for a two bed terrace with a decent sized garden. We're in the north west on the coast. Five minutes from the beach :)

Ours is £1,500 a month. It’s 0.5% of our combined wage.

My sisters is £550 a month and it’s 20% of their combined wage.

1040pm on a 245k mortgage in SW. 25 years remaining. House worth approx 375k now. It's about 24% of our joint income. We have a btl which brings in 700pcm and mortgage is 340.

Once finished renovating and childcare bills reduce, we are planning to over pay to reduce the term by 5-10 years.

20% of our combined take home pay, currently, but that's because I came back from mat leave on reduced hours. Before, when I was working full time, it was around 15%. It's pretty manageable but we don't have a lot of other major outgoings besides nursery fees, live fairly frugally and don't have any other debt besides the mortgage.

2198 but going up slightly in July due to interest rate ending and going onto a new one

I just extended the years so I'm paying a little less each month at £350. But I've taken in a lodger who pays £600 a month for my spare room. 😶 That's the standard for a room around here. I'd like to remortgage soon to do up my loft so my mortgage would likely rise to about £600 at that point (or more if I shorten the length).

Ours is £1,500 a month. It’s 0.5% of our combined wage.

Is my maths very poor or do you have a monthly income of £300,000?!

PS that's for a zone 3-4 flat in London. Technically a one bed but being used as a two bed.