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?

About 25% of our take home pay

More important than what you can afford now is what you can afford when interest rates return to their historic average of 5%. That will add literally hundreds of pounds per month to a repayment of £1000 at today's rates.

Rule of thumb: one third of your net income should go on housing costs, one third should be spent on living, and one third should be saved.

Couldn't get our mortgage over more than 25 years - DP too old!

Ours is 18% of our take-home pay and if my DP were out of work (mine is secure) then it would be 29% of mine, so still affordable.

Assuming you have no other significant debts to be paying OP, 25% should be fine.

I never get these questions.

It depends on so much. If you bought a long time a go in a cheap-ish area you will be paying 10% of what someone who bought more recently in the South East is paying for instance. It’s all relative.

Is the proposed mortgage less than the combined total of what you pay now plus monthly savings?

And FYI we pay a lot more than 1k a month. Multiples of that.

£3800 a month.

Currently £79 per month. Will be paid off by Feb 2021.

We pay 15-18% of take home income including dla. We could afford more but I like the flexibility and leeway the spare cash gives us. I try and make overpayments as often as possible. I’m very much of the opinion don’t over stretch yourself if possible. Having a nice house but rubbish quality of life and no money to maintain it isn’t for me

Big one here £2000 plus for 26.5 years.
It's about 25% of our income and our forever home which we are nearly finished renovating.I'm currently part time but could increase if necessary. It's 200m from a great state school which means travel and other fees shouldn't be necessary.
We are not particularly extravagant on other items and we normally manage to save quite a bit. I'm going to throw everything at it in next few years though to reduce the term

About £1130 and we earn £5k a month.

We take home £5k a month sorry after tax.

Just saw your update. Your leftover money will be similar to ours so you should be fairly comfortable depending on outgoings and council tax etc.

Ours is 11% of our joint net pay and we have about 12 years left. The house has increased in value by 100k since we bought it in 2004 and we hope to have paid it off within 5 yrs with overpayments.

It doesn't make sense to ask as situations are so different - £1400/month but that's less than a tenth of monthly income so easily affordable in our circumstances, but would be dangerously high for others.

Don't overstretch yourselves, as interest rates are as low as they can go at the moment, and will at some point in the next 5-10 years, go up, possibly significantly. They had 18% interest rates in the 1980s, so model what a 15%+ interest rate would mean for you as a worst case scenario. I've colleagues who got stuck in negative equity (couldn't sell as value of house had dropped and was below the deposit they had on it, and could no longer afford repayments due to mortgage). We could afford a much bigger house/mortgage, and the brokers even tried to encourage us to take one, but we didn't want that kind of pressure.

1/7th of my take home pay.

It depends on so much. If you bought a long time a go in a cheap-ish area you will be paying 10% of what someone who bought more recently in the South East is paying for instance. It’s all relative.

Which is why mine is so low.

Mine is £330 but I pay £500 monthly by default because it's what I paid in rent many years ago. I still have 12yrs left but I hope to pay it in 6yrs so I can be fully debt free.

I'm currently on a low income due to more studying though so my mortgage is about 40% of my income. Yeah, I survive on leftovers and cheap meals 🤣

I wouldn't want a new house and high additional costs but I guess if it's your thing?...

£392

DH and I earn over £4100 per month and mortgage repayment is £236 which works out at just over 5%

We live near Glasgow

Mine is about 19% of take home, but I overpay so it's about 25% of take home. Both feel very comfortable, but I don't have child care costs to pay, I think it would feel tight if I did.

25% ish of take home pay. It is less than our childcare per month.

£2100 per month. Expensive but It’s London so probably not unusual.

Mine is £650. I'm glad I opted for smaller house as now its just me paying for everything. My take home is 2k but I'm terrible at math so no idea what the percentage is, mortgage is 200 quid less than renting the exact same (1 bed) so ex is going to have a shock when he tries to move out from his parents

Household income £34,000

We pay £500 per month.

Rent for similar house in the are would be around £650

Ours is 750 approx which is 13percent of our net joint income roughly (not incl OH's bonus so a bit less in fact) and would be about 26percent of my net pay approx. Given we have 3 children, no relatives nearby and both work FT but do have quite substantial childcare costs so that's relevant too. Currently our childcare costs are only about 750 per month but it has been more and will be more in the future as well.

When I first was a single mum paying it on my own was 42% of total income, in negative equity didn't have much choice. Would never recommend it seriously tough. Keep payments as low as you can relative to your income things can change very quickly job loss, illness, etc