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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask what your monthly mortgage repayments are?

180 replies

Jessesgirl13 · 10/01/2020 15:37

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?

OP posts:
Strawberryorangess · 10/01/2020 16:31

£3,450.
Just typing that out makes me nervous.

1990shopefulftm · 10/01/2020 16:35

£667, we have a £33k household income roughly.

Deeandwizzy · 10/01/2020 16:35

Our mortgage is £1100 and we take home £5200 between us, so around 21%. We are overpaying at the moment though and pay £1500.

Original poster
Jessesgirl13 · 10/01/2020 16:38

Thanks for the responses! Should have requested percentages rather than specific values Blush.

Our joint monthly income is just over £4000 (after tax and pension) and thats with me working part time so we're looking at spending 25% of our income, which doesn't seem too dissimilar to others! I just wanted to check that we're not waaaay off the mark with this. We have a good LTV ratio and the mortgage would be 5 yr fixed term.

Like I said though... anything to do with money like this just always makes me nervous! DH doesn't seem to have to same problem though Smile

OP posts:
CharlotteMD · 10/01/2020 16:39

Bought a virtual derelict property when we got married and spent 8 year living in a caravan rebuilding the place as well as working 60 hour weeks as medical,professionals. Bloody nearly killed us but have no debt or mortgage. Full time nanny costs £1200 a month though.

CharlotteMD · 10/01/2020 16:40

Virtually derelict

pumpandthump · 10/01/2020 16:40

you'd be better off looking at percentages.

I read somewhere that above 25% of gross household income (over the year)and you seriously risk coming unstuck.

Ours is about 12% and we are about to raise that to 15 and that is only just feeling comfortable for us.

BlaueLagune · 10/01/2020 16:41

Our repayments were £1300 but we had a 20 year term so they would have been a bit lower if it had been a 25 year one. When my father died we were able to pay off the remaining mortgage which was about £60K by then.

dimdarkashian · 10/01/2020 16:43

My rent is £1200 per month and on top of childcare and travel costs we can't afford to save a deposit to buy. DH earns £70k and I earn £45k.

BlaueLagune · 10/01/2020 16:43

Sorry I should have said, we had a net monthly income of around £4500 by the time we were ready to pay it off. When we took it out it was about £1100 and I suppose our take-home was around £3k then but we also had nursery fees, so not a lot left over.

pumpandthump · 10/01/2020 16:44

Sorry, I should have said net, not gross

helpneedshoes · 10/01/2020 16:44

I thought anything over 35% should be avoided?

MamaFlintstone · 10/01/2020 16:45

30% of joint take home pay. Could have got it for lower monthly repayment over a longer term but wanted to focus on hammering down the mortgage before we hit middle age.

Elletine · 10/01/2020 16:45

Ours is 1350 (we took the minimum 16 year term) which I think we will up when the fixed term runs out - we've both got new jobs and higher incomes and we want to avoid interest as much as possible. But we're both deferred gratification/ pay high now enjoy later kind of people so it works for us!!

speakout · 10/01/2020 16:46

We pay 10% of our take home income.

Batqueen · 10/01/2020 16:49

It really depends on your other costs as well though. At 29% mine is high, but that 29% is after a voluntarily higher than necessary pension contribution and I don’t have any children so no childcare costs. This makes it manageable for me but it would be hard otherwise.

converseandjeans · 10/01/2020 16:50

Combined income of around 50k and mortgage £1,000. Part repayment and part endowment. We have no spare cash as council tax is just over £200. Plus other bills.
So things like meals out, holidays to somewhere hot, new cars are all out. Maybe when mortgage paid off we'll be loaded!

pondering45 · 10/01/2020 16:51

Interesting I was thinking about this recently as we are looking at moving.

It would cost us 1.2k a month which would be about 25% of our net income. We would have about 30% LTV, childcare costs much reduced & income likely to increase (i'm p/t etc). I'm really anxious about interest rates though & worry the longer they delay increasing them the faster they would rise?

Sally872 · 10/01/2020 16:56

We have an insurance policy that covers us if out if made redundant or critically ill.

Maybe that would help reassure you if one of you loses work?

25% of income seems manageable to me.

KaptenKrusty · 10/01/2020 16:57

Ours is £1300 (about 27% if our take home pay per month)

As others have said the percentage is what you need to be looking at not how much others pay - it depends on loads of factors

pondering45 · 10/01/2020 16:57

oh yes forgot about insurance policy, DH has a very good one with work. Thanks!

Beau2020x · 10/01/2020 16:58

26% of our joint take home pay

Elephantslegs · 10/01/2020 16:59

Maximum of 33% of your earnings is what recommended

Whowaswronghere2 · 10/01/2020 16:59

At the moment I have 2 houses and pay about 600 on each. I earn £59k. It doesn't leave much spare!

moonsmarshmellow · 10/01/2020 17:01

We have ours over 35 years Shock we are in our twenties though and hopefully will shorten that term once we are earning more.

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