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?

Ours is a third of our take home pay - I wish it was lower but we had no option if we wanted to stay in our city (we bought in London).

Even percentage of pay can be misleading.

You'd find it a lot easier to live on the remaining 60% of your income if you earned £5k per month and your mortgage was £2k pm than you would living on the remaining 75% of your income of £2k pm and a £500 pm mortgage payment.

Around 29% of my net income. 40%LTV.

Ours is about 16% of all income

Take home £4300 per month. Mortgage £737 (200k, 30 year term) but round it up to £1000.

105k house, deposited 30k, monthly re-payments of £261 over 35 yrs and earn under 20k a year.

About £536 I think. It's about 23% of our household take home monthly income (we both earn but both on around 17k pa pre-tax)

% of take home will be more useful for you than actual numbers I think. I was told previously that mortgage/rent should be no more than one third, with other bills a second third. My mortgage is about 25% of my take home.

The likelihood of one of you losing your job (I'm a civil servant for example so its fairly unlikely) will help you decide if you need to plan for one salary. You could also look at mortgage insurance

835

Which is 19% of all money we have coming in.

22% of our joint income. Less than we use to pay in childcare every month though so feels very affordable since we no longer have significant childcare costs. We bought last year (second house so plenty of equity) and were told by the mortgage advisor that they would have lent us double what we were asking for! Find that slightly horrifying. Last house we'd been overpaying significantly for several years so although on paper our mortgage had increased we actually didn't increase our outgoings all that much.

Thank you Linguaphile your name was a giveaway! I'm hoping Boris delivers on his promise of 25 year fixed mortgages in the UK.

714 which is around 11% of our take home pay after pension contributions etc.

I earn quite a bit less than DH but know I could run the house on my income so if either of us lost our jobs or if interest rates rise steeply we will be okay. Find work far less stressful when I know I’m there by choice!

£4600 😭

Our take home is about £9000 per month. We have two houses, one my son lives in as just bought for him and our house. The total mortgages are £2050 per month.

@lalafafa your mortgage per month?!?!
Please tell me you live somewhere amazing

We've just bought. I'm self employed and my income fluctuates and DH has a steady and safe as a univ lecturer but our average take home probably about 3500k on a good month and our mortgage is 1100k + 100 community fees.

We're struggling tbh we have credit card debt having done some work on this new house and being very naive about how things add up.

NemophilistRebel lovely London neighbourhood, not a mansion by any means.

£512.23 on a monthly take home pay of around £3750.

My mortgage is £1150 per month and it works out at about 1/5th of our combined monthly salary.

Our rent before we bought was £1750 and that was a killer.

Mortgage is about 40% of my take home pay, with other household bills it is easily 60%. It wasn't when I bought the house, but life has changed since then due to another child and job loss.

My honest view is balanced. In your situation there's not so much of a jump. And you cut back in other areas. And you have two potential income earners. Having said that you have to be willing to do with less in other areas as it will impact your ability to have holidays, meals out etc. For me priority was to keep the house for stability for my dc and I've not regretted it yet. It has also had the huge bonus of the house value going up significantly. Worth the short term more paltry disposable income for sure.

Be smart but also be clear on what you are willing to cut back on. It will let you know if you can do it confidently.

(just added up, with all the bills my housing is currently 75% of my take home income)

DH and I pay £514 a month and our joint salary is about 42k per year.

19% of our take home salary

Take home pay (as in net, not gross) for our household is around £80,000 (self employed so not exact salary) our mortgage is £380,000 and we pay £1800 a month. (Deposit was £80,000 and not the best deal as it's harder when you get a mortgage using business accounts) Our take home is 6-7k a month. It's a repayment mortgage

Our old mortgage was £850 for the time it was fixed. For the last year it was £250!!! But was interest only. Quite a change when we moved!!

We can afford the 1800 but obviously has affected our lifestyle. But realistically it just means I'm not spending money on shit and we save less.

I was terrified of the amount, I am currently not working independently of the business. Even if I went back to my day job (teaching) full time I definitely couldn't afford the mortgage. We've been married 15 years....not planning on leaving but can still be scary to think about the what ifs!!

We pay 2800 dollars a month for our mortgage. If I'm calculating it correctly it would be 2100 pounds a month