To ask what your monthly mortgage repayments are?

[Jessesgirl13]

Sorry if this has been done before, but I just want to get an idea of what other people pay for their monthly mortgage repayments.

DH and I are looking at buying a bigger home. We've fallen in love with a house but it is over our original budget. We have our mortgage in principle for it but our monthly repayments would be just over £1,000. DH thinks thats fine but I tend to worry about money more than he does. Our current repayments are around £650 which I know we could manage on just one wage if one of us was out of work.

Anyone care to share?

Its all relative to what you earn, so asking for repayments wont help you.

Why not look at the average house price of those sold over the last year of so? That will give you an idea.... it’s roughly £500pcm per £100k borrowed.

Knowing what people pay is pointless without a load of other info.

I currently pay £350 a month, which is a much bigger stress and issue for me than when I paid £4200 a month 15 years ago due to all sorts of other factors above the actual repayment figure.

Well DH and I earn £50k joint income (approx £3300 a month net total) and our new house which we will move into shortly the repayments will be £750 a month, under a third of our joint takehome pay - surely that's what matters, otherwise I could just say oh we pay £6500 a month and you'd have no idea if that was high or not. Currently £500 a month.

My mortgage is more than my rent. Very slightly.
Thankfully dp earns more.
We bought when I had a better paying job.

So I suppose I'm in the middle of the worst case scenario in a slightly less dramatic way than being entirely out of work.

Hopefully starting more hours at the end of the month.

We manage but we don't have a lot of spare cash.

We paid off our mortgage a few years ago. It was a 15 year loan and the payments were about $1600 per month.

It's really all totally determined by your income after taxes and other withholdings and your other fixed costs, like a car loan, student loans, etc. that must be met every month.

If your in a stage in your careers where you expect your income to increase in the years to come I think it's okay to stretch a bit as long as you have an emergency fund that would see you through a period of unemployment or other financial adversity.

Our is about 1300 per month, so about 16% of our salaries.

If I lost my job or decided to give mine up, it would be about 24% of his.

That’s on a 20 year term.

Mine is 28% of my salary (single homeowner)

Ours is £1300 so about 25 % of joint net income (after tax and pensions etc). We do have decent equity in the house and v secure jobs though. So the amount and % of mortgage can be hard to compare unless you know all the variables

Mine is 29% of my salary after deductions

Mine is 26% of my take home pay. But if I added my maintenance to my take home pay then it's 22%.

Mine is £580 per month. We take home around £4200. We have overpaid in recent years and now have a very affordable repayment which allows us to save for other things.

Mine is about a third of my take-home pay.

£200 pm, we are very low income though, surely you need a mortgage you can afford, irrespective of what others choose.
Someone could think £1.5k pm was the norm and be paying this, doesn't mean you could afford it.

Ours is £380 pm, but I have no idea how that will help you afford your mortgage.

Presumably either you earn more than we do, or will have less disposable income.

Ours is around 30% of DH’s take home pay at the moment, but will be less when I go back to work. Bear in mind, though, that percentage of income isn’t always the best indicator of affordability. Higher earners can afford a higher percentage because what’s left over is plenty to live on and enjoy, whilst for others that same percentage going to housing would mean there is not enough in the rest of the budget to have much quality of life. The rule of thumb I think is to have no more than 30% of take home going to housing.

Ours is just under a third of our take home pay. SE (huge) mortgage.

DP and I both earn 30k (just above) and our mortgage is about £400 pm

Personally, I would be hesitant to put myself in a position to pay more than a third of your net household income on your monthly mortgage payment. If you don’t have secure employment for the near future due to the likelihood of job loss or reduced income due to planned maternity leave, I wouldn’t even contemplate it.

£300. We have a combined income of around 40k.

I should also say, not all mortgages are alike. Ours is a 20 year fix, so we know the price will never go up. Situations vary as well. If your job is insecure, lower monthlies are better. DH has the equivalent of tenure at his job, so we don’t need to worry about redundancy and can take on the 30% because we know his salary will keep going up whilst payments will remain the same. Finally, we have a very good LTV (we have about 40-45% equity in the house), so can sell if disaster strikes. At the very beginning of ownership, having a razor thin LTV ratio makes it a riskier proposition as any downturn in the market could leave you in negative equity and unable to sell without losing more money.

£391 a month. Have lived here for nearly 19 years though so our mortgage is a lot less than buying a house in the current climate. Basically our house has increased in value to £160,000 more than we paid!

£1,900 a month. For a pretty small two-bed in a very expensive area.

It’s eye-watering for the size of the property, but to rent it would be closer to £3k so we’re relatively lucky.

Works out at about 19% of monthly income.

At the moment our mortgage DD amount is 16% of our joint, net take home pay. We over pay though so the total amount we pay is 22% of our joint, net take home pay.

We are fixed for 5 years (actually maybe 10?) and still have 24 years and 10 months to pay off.

We have very little other debt and are paying a good chunk into our pensions too.

My job is secure until March 2022. I don't know about DH. We both have jobs where we can freelance if need be. (I do atm for extra income).

Expensive area in Scotland. We were in negative equity for many years but have come through that. We shouldn't need to move again. This house will have to do. (Its a bit small, but we make it work with a squash and a squeeze)

£950, but that was only 15% of our income ... it's not how much it's what you have left. Due to marriage break up my situation changed and now I'm looking at 25% ish but due to higher combined income take home is more