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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).