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?

tbf though if you commute to London then you are spending time & money on commuting so it's not a simple as move out & buy.

If you insist on living in London then I'm afraid you know what the score is.

But that wasn't always the case, there are thousands of people who own in London who wouldn't be able to do if buying today.

You can also get 95% mortgages now AND loads of government help. I actually think it has been easier than ever

I'm not sure that 95% mortgages are a good thing personally.

It was definitely easier to borrow for me in the 00s, banks were throwing money at you.

@adaline most people living & working in London will be commuting at least 45 minutes to work.

Ours is 29% of net pay. £1352 a month, which is quite eye watering.

However, it's our second home and we took a 25 year mortgage out when we first bought in 2015 and didn't extend the term. Have a baby on the way now so if things were to get tight we could remortgage over a longer time when the fix is up this year.

most people living & working in London will be commuting at least 45 minutes to work.

True, but living and working in the most expensive part of the country is still a choice they're making. Those commute costs will also be extortionate compared to the same journeys in more rural areas. My commuting costs are £120 per month in fuel. I know of people who spend more than that per week on their travel cards in London.

But every time I suggest that living in London is a choice, I get slammed for it on here. I used to live in an expensive area (SE) and moved because I couldn't afford to buy there. But if it's London it's different and people can't possibly think of leaving!

Currently 8% of take home but we overpay to 14%

Just working it out. Ours is a bit under 25% of my income, about 30% of dhs and about 15% jointly.

I don’t believe in overextending financially and I’m also fortunate enough to live in scotland where I can stick to that.

I'm quite confused by this thread- some people are saying getting on the property ladder is horrifically hard and others are saying its fairly easy.

I have no idea what its like now as we bought in 2006. I presume a lot depends on your location?

I do agree though that 95% mortgages seem like a bad financial decision- if your financial situation changes, you're screwed.

Well I think young people are turning away from London & looking at other areas hence why the likes of Bristol & Margate has seen huge growth. It doesn't help the problem of younger buyers & affordability though just pushes it to another area. Probably why lots of areas of London have seen stagnant prices the last few yrs.

£324.

@beautifulstranger101 I think lending has relaxed a bit again after the tightening from the banking crisis hence why we have 95% mortgages. Like you I wouldn't choose that & there is also now 35 yr terms etc. More government interference I would call it with the likes of shared ownership & H2B which I think you need to be very careful with.

We've moved to an expensive area and our mortgage is just under a third of our combined take home pay. We manage it pretty comfortably, though the term is longer than I would like at this stage of life - we extended the term when we moved rather than over stretch on the monthly payment. Hoping to start over paying this year though.

I guess the problem is that so many people depend upon their houses gaining value, eg to move up the ladder, reduce their payment terms etc. And whilst that has definitely been the case in London & the SE I think the days of selling your property for 300k 3 yrs after you bought it are long gone. This all against a backdrop of low interest rates which surely have to rise at some point?

@adaline I live semi-rural. 10 mins from work, 10mins from closest town, 30 mins to Lake District, 1 hour from Manchester and Liverpool, 3 hour max train to London £170k for a large 3 bed semi. Our family who live in central London say it's boring around here and nothing to do. Totally disagree with them. We have everything we need on our doorstep, live safely and cheaply with no worry about paying a mortgage for the rest of our lives.

They pay £1550 a month rent for a tiny 1 bed flat in an arse rough (actually meant to be a nice area) part of East London and are struggling to find a suitable and affordable properly to live in and raise a family. I know where I'd choose... each to their own mind.

@beautifulstranger101 I disagree. We took out a 95% mortgage 2 years ago. Just remortgaged and our house has gained £20k value (from 170k) so we have managed to significantly increase our LTV and by putting a little extra savings into new mortgage we went from 95% to under 80% in 2 years... I wouldn't say that is a poor choice if you ask me. We've even dropped the term by W other 3 years, and we've done zero work to our house.

Totally depends where you buy etc etc

We’ve just moved and massively increased our mortgage. It’s now 22% of our joint net monthly income.

@beautifulstranger101 DECREASE LTV sorry 🙈

I think lending has relaxed a bit again after the tightening from the banking crisis hence why we have 95% mortgages

Ah ok, that makes sense.

@beau2020x I guess much depends on your location- thinking about negative equity etc

It should be £1,800 a month, I pay £2,183 a month as that’s the maximum I am allowed to overpay. It’s about 30% of my take home pay, so while it’s a high sum it’s manageable.

@Beau2020x sounds like you don't live far from me!

We're about 20 minutes outside the national park on the coast - we own our home, have decent savings, run two cars, go on a couple of holidays a year - and neither of us earn mega bucks.

@Strawberryorangess you have just made me feel ever so slightly less stressed- I thought we were the only ones with horrendously high mortgage repayments

Oh & if i was younger & struggling to get on the ladder then I would definitely consider living elsewhere even though I love London & it's my home town. Id probably look at working elsewhere to as I don't like long expensive train commutes. Life is too short to be spending 40% of your disposable income on rent or mortgage. Having said that we have a service economy & many peoples jobs depend on people shopping, eating out, etc.

18% of joint take home pay

Hi, we made a similar step up past year, going from 3 bed terrace to 5 bed detached.
It felt v scary. Circumstances changed a tiny bit for the better snd it already feels a touch easier.
I'm 10 years time, the payment will be the same but with inflation will feel much smaller and we'll have this lovely home and great investment.
So long as you can still eat and heat, with a little spare,go for it.

Joint take home income of £4200 per month, mortgage £480.
About 12% of our income

Our joint income is about £4k a month, so mortgage is 25% of income.