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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:
Lobsterquadrille2 · 11/01/2020 20:12

I'm paying £41 per month but I'm on zero income at the moment as I'm taking a career break. I massively overpaid over the last few years when I was earning decent money, in lump sums to reduce monthly repayments so I wouldn't worry in months like the last couple. Property is worth £350k so I could downsize if I really needed to.

motherofawhirlwind · 11/01/2020 20:15

20% of our combined income

beautifulstranger101 · 11/01/2020 20:16

Ours is approx £850 a month.

PepePig · 11/01/2020 20:18

23% of our income. Wouldn't want to go any higher than 25%.

BoxedWine · 11/01/2020 20:25

We take home a bit less than you but our mortgage is only about 15% of income and I would feel uncomfortable with much more. Me and DH are both like you, though. We like the flexibility to use that extra money to overpay or for other investments or just if we're having an expensive month. It's a different mentality. I don't think either of you are right or wrong.

greenfieldsofrance · 11/01/2020 20:25

Ours is 23% of net incomes. Probably going to go up soon if we move.

Chocolateandamaretto · 11/01/2020 20:27

23% of our take home.

Atilathehunter · 11/01/2020 23:49

£3k per month. £700k mortgage. Think we have either 20 or 25 years left.

BoxedWine · 12/01/2020 09:02

Is there an increase you might feel comfortable with OP, like is £800 when you move your personal barometer, for example? I'm just wondering could you get a bigger property without it necessarily having to be such a big increase, or are you in the position where there's not much middle ground in terms of prices?

ANiceLuxury · 12/01/2020 09:05

We have paid ours off now but it was £1,526 a month.

My sisters is £540 a month

Apparently the average is £650

Retroflex · 12/01/2020 09:17

My car payment is more than my mortgage payment each month, and it's a standard suv.

ChocolateChipMuffin2016 · 12/01/2020 09:26

Ours is about 25% of our take home but we also pay a lot of childcare which equates to over 25% of our take home! So it would depend on your personal circumstances. We actually brought the house before kids but made decisions knowing that we had hoped to have children and the cost of childcare etc! We’re big planners Blush

pondering45 · 12/01/2020 09:42

Most people on this thread must not be in London or are older & got on the ladder before the craziness. When an average 3 bed terrace is now 1m I'm not sure how younger generations can hope to have payments at a low percentage. You need to be earning 250k plus to "afford" a 800k mortgage.

Festivecheeseandcrackers · 12/01/2020 10:02

£800/month. When we rented it was £1,400 per month!

Retroflex · 12/01/2020 10:18

@pondering45 I'm in Scotland, and definitely wouldn't pay some of the outrageous prices I've saw in London! You get a lot more for your money here! Grin

adaline · 12/01/2020 10:29

When an average 3 bed terrace is now 1m I'm not sure how younger generations can hope to have payments at a low percentage

London prices are just ridiculous, but I've read so many threads on here where people insist that that they just have to live in London...

We have a two bed terrace with a garden, five minutes from the sea and 15 minutes from the Lake District and it cost us 60k.

RandomMess · 12/01/2020 10:30

5% of our net income... had a mortgage for 20 years, relocated to a cheaper area and reduced mortgage size.

Originally it would have been 40% of net income and we had 4 DC 😳

beautifulstranger101 · 12/01/2020 10:32

Most people on this thread must not be in London or are older & got on the ladder before the craziness

Which is why most people I know who work in London, dont actually live in London. If you insist on living in London then I'm afraid you know what the score is. That said, we got our mortgage in 2006 and it was much more relaxed then, I do feel for people trying to get on the property ladder now as its so much harder.

Beau2020x · 12/01/2020 10:32

@pondering45 definitely not London no but I don't agree with the rest. We are late 20's first house in North of England and we borrowed the maximum we could and that equates to just under 26% of take home income on a large 3 bed semi. And we didn't have a large deposit either. I think most on here are pretty general.

I agree with the last poster, certainly would not pay London prices!!!

Beau2020x · 12/01/2020 10:35

That said, we got our mortgage in 2006 and it was much more relaxed then, I do feel for people trying to get on the property ladder now as its so much harder.

I agree it IS harder now but I wouldn't say it is particular difficult? We just bought our 1st house recently and was surprised how easy it was! You can also get 95% mortgages now AND loads of government help. I actually think it has been easier than ever. The only harder part is the financial scrutiny/affordability checks but this should again be easy if you have all your finances in order.

beautifulstranger101 · 12/01/2020 10:39

he only harder part is the financial scrutiny/affordability checks but this should again be easy if you have all your finances in order.

This is sort of what I mean. When we bought, we self certified as we put down a very large deposit so noone checked our finances. That would never happen now, so if you're self employed (i know a lot of people who are) its much harder to "prove" your income as you have to provide accounts for a few years. I'm glad its not too hard for people as renting often way above the cost of mortgage repayments so its a bit of a vicious cycle when you get stuck renting.

GuyFawkesDay · 12/01/2020 10:42

Ours is £680, which is 15% of income. Feels comfortable.

pondering45 · 12/01/2020 10:51

I was fortunate to be a Londoner & be able to get on the ladder early in London hence why my LTV & repayments are much lower than what my house is worth. However I can recognise that had I been 5 yrs younger I wouldn't be able to afford it.

adaline · 12/01/2020 10:53

I do feel for people trying to get on the property ladder now as its so much harder.

I don't think I necessarily agree with that.

I think lots of people want nice first houses and don't want to buy fixer uppers, or live in not-so-desirable areas, or buy in places that will result in longer commutes etc.

We bought our house for 60k with a 5k deposit. That's more than doable for most people, especially couples who work full-time. Our mortgage is £300 a month.

But people don't want to live rurally. They don't want to commute 45 minutes to their jobs. They don't want to live in towns that don't have hundreds of shops, cafes and bars. I have many people telling me they feel "sorry for me" because of where I live - in reality it's fab here. But people don't want to live rurally and away from all the conveniences they're used to.

But that's the sacrifice we made to get on the housing ladder. Out of all my colleagues, only three of us own our homes. Two of those are in their 50's/60's. I'm the only one under 50 who owns a house. I'm also the only one who is willing to commute longer than 20 minutes to work!

StopMegxit · 12/01/2020 10:54

Just under a quarter of our combined salaries per month.

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