To ask how much you pay a month on mortgage?

[NoTeaForMe]

I know it’s a bit cheeky and therefore not something I could ask people in real life, so I’m hoping it’s ok to ask here!
So, what are your monthly mortgage payments and what do you have to pay off? At the moment we have relatively small payments but we also have a very small house. We’re looking for a new house at the moment and have spoken to a mortgage advisor etc so have all the figures as a guide. The new payments are a lot more but I wondered what was the “average really. I know it only matters what we can afford, I just wondered what others have. Thanks.

Just over £700 and then we overpay by £50. Looking to move to a bigger house and payments will double

It would be more useful to think of it as a % of household income not just a load of people posting figures on here.

It’s not about actual figures, but the percentage of your income which should dictate how comfortable you feel taking on a bigger debt. Ours is about 22% of our net income. Think about whether you would struggle if interest rates rose.

I don't think this will be much help to you op as house prices vary so much across the country as do incomes and living situations.
We pay £700 a month if that helps.we have 20 years left.

I think it will depend on the area op as the average differs depending where about geographically you are. I would maybe include the part of the country you are looking for the average in.

This is a very common thread on MN, here are the answers from June 2020.

www.mumsnet.com/Talk/am_i_being_unreasonable/3937142-how-much-do-you-pay-for-mortgage

I don't think its comparable how much everyone pays. Everyone earns differently. It's a better way of comparing what percentage of income you pay. For instance our mortgage is a fifth of our income.

agree its about % of income. Ours is around 20% now but has been up to 30% (payrises) somewhere between 20-30% of monthly income is fine

Zero. I paid my mortgage a couple of years ago.

Ours is about 25% of our household income.

Even percentage of income isn't helpful as you'd find it a lot harder to pay £500 pm mortgage out of a £2k monthly income than you would a £2k mortgage out of a £5k income because in the latter case you have twice as much mortgage leftover for other things even though the percentage of income is quite a bit higher.

There really is no typical amount or percentage that gives any useful data due to different incomes, family sizes, when houses were bought and where plus the effect of other costs and expectations about lifestyle.

Money leftover for other things that is.

1/3 of net income but a relatively high income (i think it is anyways) and we overpay monthly by an extra 17%. don't have a huge amount of savings but can afford everything without credit plans or whatever and have emergency funds of 6 months.

445. Paid 100k for our house, put down 30k deposit. Got a 15yr mortgage 4ish years ago. It's just a stepping stone home, but it's nice enough.

11% of our household income, but we live in a one bed flat (in london zone 2 mind you). Plan is to buy a 3 bed house asap and our mortgage will jump to 25% of our income at that point.

We pay about 20% of net income including a small overpayment. It's got 30 years left on it but we plan to pay it off before then.

We're quite comfortable with this level, we could afford for rates to rise although are on a 5 year fix so no danger of that in the forseeable.

If you're not sure, try putting away the same amount as your new mortgage would be and see how it feels living with it?

This won't give you any idea of what is "normal"

6,000,000 a month

These threads are just an opportunity to post random numbers

Used to be 10% of joint net income (1 bedroom flat) when we buy our house, it will be more like 20%

When I had one, it was about 25 % of my take-home pay.

You’re right. I should be thinking of it as a percentage not an amount. Thank you.
Would paying £1600 a month if you’re bringing in around £5k a month seem terrifying or reasonable to you?

No, we pay £1700pm with similar income.

16% of net household income.

Cassilis do you find it manageable?

Ours is about 25% with a big mortgage on a 17 year term. I pay about £4K which includes about a 10% overpayment. The intention was to overpay more but life got in the way.

Would you get a mortgage with £1600 repayment on £5k ?