Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
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:
SanAntonio · 12/01/2020 12:04

£4003 a month- that includes a small overpayment, Mortgage term was 17 years when set up.

heroineinahalfshell · 12/01/2020 12:12

Ours is 25% of our combined take home pay, and at times that feels like a stretch thanks to other outgoings. We don't have a huge amount of other debt (a couple of thousand on credit cards), but struggle to put much in savings per month. I worry about affording mat leave and nursery fees (currently pregnant), which feels ridiculous given we're on good salaries.

lovemenorca · 12/01/2020 12:14

Single parent with total income of about £58,000
Mortgage of £800 a month but I overpay by £200, so £1000

Frenchw1fe · 12/01/2020 12:15

Rule of thumb is mortgage should never be more than a third of income.

lovemenorca · 12/01/2020 12:15

That’s income after tax I.e. take home

I don’t feel it’s a stretch at all

Hagbeth · 12/01/2020 12:18

£500 or 6% of our monthly income.

NotStayingIn · 12/01/2020 12:20

Mine is less then 1/4 of my monthly salary. But when I first got it, it was over 1/3 of my salary.

There are just so many other things to consider. Also some people are risk adverse (me) while others like to take a bit more of a risk with a higher mortgage, and could well reap greater rewards as a result.

NemophilistRebel · 12/01/2020 12:28

33% when I am on maternity (which will feel like a struggle) and just over 20% when I am at work part time

bluegreygreen · 12/01/2020 13:08

27% of take-home - we overpay to 30%

Feels like a stretch sometimes but I had to move city for work and for a while was paying both mortgage at home and rent here. When we bought here we deliberately decided to go for a mortgage payment that was the same total as the mortgage + rent from before - this has meant that we hope to be mortgage free in 4 yrs

ghislaine · 12/01/2020 13:35

We overpay by more than twice the original repayment sum, which makes our mortgage 35% of take home pay. By overpaying we’ve taken 14 years off the 25 year term. We have enough left over for pensions, children’s ISAs and children’s pensions. I think my financial approach has been very influenced by having parents whose own parents went through the Depression.

iolaus · 12/01/2020 13:49

Mine is less than 10% of my monthly income - but when we brought it (nearly 20 years ago) it was more like 20% of my salary alone

However when we brought the house we looked at could we afford it on only one salary, we deliberately went for a cheaper house than we could have got a mortgage for. This also then enabled me to go to uni for 3 years and that we could cope financially during maternity leave etc - had we stretched to what the bank were willing to lend it would have been a lot tighter

Daftodil · 12/01/2020 14:59

Mine is about 42% of my net income (single wage). It was a smaller percentage when I originally took out the mortgage, but I dropped my hours when I had my DC, so it is now a much bigger chunk!

FullOfJellyBeans · 12/01/2020 15:19

£1k a month. It's about 10% of income after tax.

blue25 · 12/01/2020 16:35

£300 a month. Annual household income of 110k.

Dontrainonmyparade · 12/01/2020 16:45

£1250 pcm, joint income approx 160k.

mybrilliantmind · 12/01/2020 17:27

My mortgage is 41% of my take home pay and I'm not going to lie...it's a struggle. My 'D'H left me last year but I'm determined to keep my home.

NeverTwerkNaked · 12/01/2020 21:46

@mybrilliantmind I have been there Flowers it was such a struggle.

Member869894 · 12/01/2020 22:34

£76 a month. Have approx £3k left to pay. Am trying to put as much as I can into a pension as am 54 and only started to pay into a pension two years ago

tigerbear · 12/01/2020 22:41

£1500 a month between DP and I.
Joint income is around £130k per year

Pippioddstocking · 12/01/2020 22:49

8 percent of income .
Single parent so chose a smaller house in a nicer area to keep costs low .

Didyousaysomethingdarling · 12/01/2020 22:50

Hello Linguaphile, I'm guessing you're not in the UK if you have a 20 year fixed mortgage? I hope you don't mind me asking. I wish they were available here.

RainMinusBow · 12/01/2020 22:51

Still bloody renting after 6 years!!

£900p/m for three-bed, £30k joint income pa (both working ft).

It's a struggle but we have to manage!

Linguaphile · 13/01/2020 07:32

Didyousaysomethingdarling yes you are correct! We’re on the continent. We love it as it gives us such peace of mind, especially as early repayment is penalty-free (perk of DH’s employer).

Slazengerbag · 13/01/2020 07:46

We take home about £3100 a month between us and our mortgage is £874 a month.

RachelEllenR · 13/01/2020 08:07

Ours is £1100 about around 30% of take home pay and we add an extra £300 to this in overpayment. I'm now at risk of redundancy so will mean a stricter budget until I find a new job (and no overpayments) but we can manage on my husband's salary- we could manage on mine so would have to sell if my husband lost his job long term (his is very secure).