How much do you pay for Mortgage?

[wanderlove]

We are starting to look at moving in the Autumn. At the moment we pay about £1000 a month but we are overpaying and trying to get ahead. We've just looked at a beautiful house but our mortgage payment would be about £1500 a month. We do need a bigger house as we have 4 kids in a three bedroom. It's fine at the moment but as they grow we will need more space. At the moment we manage to save £1000 a month on top of paying the mortgage. I don't mind scrimping to do this; I shop at Lidl, get the kids clothes second hand and we generally go on uk holidays and camp. I guess for me I enjoy spending money on a home rather than other things to make me happy. However I am also very careful with money so thinking about taking on a big mortgage makes me very nervous. By moving I will reduce my commute to nothing so will save a tank of petrol (approximately £70 per week) and also have to pay less in childcare as won't need to use the 7am breakfast club (approx £40 a week) so the move could save in other areas of our budget about £400.
I am feeling really anxious and have no idea if it seems like too much. Would you mind telling me how much your mortgage is and perhaps more importantly what % of your income it is?
Also any things I need to think about consider when taking on a big mortgage particular when working out if I can afford it.

When we had a mortgage it was 12% of our combined wage after tax.

It was £1500 a month.

I think the norm is 30% of your wage

We pay 1600 which is c. 25% of post tax income. Bear in mind that bigger house also equals bigger bills- out council tax is twice what it used to be. So it's not just the mortgage that increases.

I would be very nervous if I thought our income wouldn't increase over that period as currently I don't feel like we are rolling in money- I'm very careful about what we spend.

£450

£380

£270. Not sure how this is helpful to you.

£945.15

52p

Paid it off except for a small balance - to completely clear it early would have incurred a £50 charge. I Love that the admin costs more than the 52p that I pay.

25% of income

We pay approx £700 which is 15% of salary. Not sure id feel comfortable taking on a bigger mortgage right now but it sounds like a move will cut down your other costs significantly. Suppose it comes down to how secure your income sources are likely to be during recession.

33% of income! £600

550 + 350 overpayment a month

Roughly 20% of our combined take home pay

Bear in mind how low interest rates are now. In ten years will you be earning enough to pay 5% interest? 7%? 9%?

£450 per month.
Approx 18% of my income ( single parent)- mortgage is still in joint names, currently divorcing but ex moved out 2 years ago and hasn't contributed to mortgage since leaving so I factor in my wage alone.

Approx 20% of take home

£1300 plus we occasionally overpay. It’s around 25% of our net income but we spend a lot of time in it. We’ve reigned in the foreign holidays (for obvious reasons) but don’t mind at all. If it gives you space to work and play, plus reduces travel time it seems a good investment. There are definitely bigger utility/council tax bills to pay plus new workmen seem to increase their prices.

Paid it off years ago but it was £150. They get really shirty when you pay if off early. I cancelled all the insurance policies too and they threatened me with all sorts of shit. Made me laugh.

£305 in Glasgow suburb

850 approx 20% of take home but that was a 100% mortgage. We were very keen to keep it low as interest rates are so Tiny at the moment- the real question is could you pay your mortgage on 10% interest rates?

We pay £725 which is approx 20% of our normal income, or 60% of our current income.

£2067 (reduced mortgage term to pay off earlier). About 20% of combined salary. But recently separated. So about to change it to 30-40% of my monthly salary.

12% of our take-home pay. Mortgage ends in 18 months.

You seem to be able to make sufficient savings to cover the additional mortgage costs but I suppose it would be prudent to remember that interest rates are rock bottom. What would the affordability be if the interest rates rose back to 5%?
Mortgages and loans have never been cheaper than since the financial crash one day and possibly in the duration of a 25year mortgage they will rise again.

About half of what you're currently paying. For a larger than average 3 bed, in the north.

You might as well ask how long is a piece of string.

@MaggieMay1972 by all sorts of insurance policies, do you mean buildings insurance? I wouldn't be laughing at that.

Around 10% (Single soon-to-be-parent)