Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

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 how much you pay a month on mortgage?

84 replies

NoTeaForMe · 26/08/2020 11:29

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.

OP posts:
BaconsLaw · 26/08/2020 12:35

£677 a month for a four bed detached. We have £126,000 over 19 years left to pay. We are about to pay off £12,000 extra and then another 10% in January.

I've not been able to tell anyone in real life as it feels insensitive but I am so proud that we are in a position to do this!!!

Tunnocks34 · 26/08/2020 12:39

15%. We pay £650 for our house. Three bed detached in a decent area (of Salford). Probably going to move next year as I want a fourth bedroom and an extra room downstairs.

SqidgeBum · 26/08/2020 12:40

£580, We paid 267k for our house, but we had a whopper deposit as we sold a house before buying this one.

It equates to about 20% of our wages when both of us are working (I am about to go on maternity leave).

bibliomania · 26/08/2020 12:40

A third of household income - quite a high proportion, but I'm just in the process of remortgaging and it will go down to a quarter.

Pimmsypimms · 26/08/2020 12:51

Our mortgage is 23% of our monthly net income.

JorisBonson · 26/08/2020 12:56

£1150 per month, a billion years left to go.

FraughtwithGin · 26/08/2020 12:57

It was €600 a month, around 5% net income, but I overpaid every month and paid it off 4 years ago.

MrsMarvellous · 26/08/2020 12:59

We pay 20% of our net income monthly on our house but that includes overpaying as well. Our total length of mortgage will end up being around 11 years.

Personally, I'd not be comfortable going any higher than this as I like knowing that should something awful happen all or our outgoings can be covered by one wage.

QuentinInQuarantino · 26/08/2020 13:00

£1000 so a third of our joint household income. I lost my job (covid) and so it's now more than half our household income. This isn't sustainable and luckily we got a mortgage holiday.

We're FTB and have only owned for two years. We spent all our saving last getting the place and had no time to build up a just in case buffer when covid hit. Scary.

MrsBlythe · 26/08/2020 13:23

We pay nearly 40% of husbands (main earner) basic pay. We did this on assumption he would get bonuses and I would get some work. This worked well.

Until it didn’t - he lost job, bonus non-existent. I couldn’t find work. We did have a big cushion of savings (plus redundancy) which helped tide us over. He now has work as do I but not up to old levels. It’s manageable and we have pretty good equity and would be able to remortgage. But close to paying it off so I’m pressing on and scrimping a bit.

uggmum · 26/08/2020 13:24

Ariettyhomily I can see your point. We have a share portfolio that we will sell in chunks to pay off the mortgage. For the last few years our dividends have been around £2k pa. so I am making a profit by keeping the shares and paying the mortgage

MrsJBaptiste · 26/08/2020 13:35

Ours was £300 (10% of our monthly income) but we overpaid and fully paid it off last year.

House is worth £200,000 but bought for a pittance 20 years ago which is why we were able to pay off the mortgage in our 40's Smile

vanillandhoney · 26/08/2020 13:36

£300 a month. It's about 10% of our monthly income.

Kapowsers · 26/08/2020 13:42

1550 per month on a 20 year term, we are overpaying by 100 per month to bring it down to 18 years before we clear it.

We are FTB, and these payments are about a third of our net income, so we can save as well.

Flev · 26/08/2020 13:44

£450 here - about 20% of our income. I'm the only earner as my husband is a student, but that does mean our childcare costs are low. We have no problem coping on this (although it was a bit tight whilst I was on furlough) and still making small savings each month, but we're both naturally frugal and live pretty simply.

Igotthemheavyboobs · 26/08/2020 13:47

550 at the moment, moving to a house 2.5* the size so going up to 746 per month

Heidyx · 26/08/2020 13:48

About 12% of our income

Ohhiiii · 26/08/2020 13:49

Approx 5k monthly income between us and mortgage is £1311. (Took out 365k mortgage a year ago over 30 years). After household bills and food we have 2.5k left (but personal mobiles, petrol, credit card, any personal subscriptions come out of this, and savings for holidays etc) Wouldn't want to pay much more on mortgage as I want to enjoy living but having said that I'm about to lose around £900 a month on maternity leave and we can still afford it between us without going into debt.

MissCalamity · 26/08/2020 13:49

30% of our monthly net income.

LakieLady · 26/08/2020 13:50

You also need to take into account that other bills (council tax and energy bills) will be bigger in a bigger house.

£1,600 out of £5k sounds more than manageable to me, but then I don't know what your other outgoings are. If you have expensive cars on PCP and pay school fees or high childcare costs, it might be tight.

You can only really work it out by looking at what you have left over at the end of each month, deducting a bit for the additional costs of a larger house, and seeing if what's left then is greater or less than the difference between your current mortgage and £1,600 a month.

DollyDoneMore · 26/08/2020 13:53

@NoTeaForMe

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?
Our mortgage is lower than that and our income is higher so that feels like a fair old chunk of your income, but you still have plenty, so what’s the problem?
Misskittyfantastico85 · 26/08/2020 13:53

Like so many PP have said, it's all relative. I pay £195 for a 4 bedroom detached house on the SC. My DH had a critical illness payout last year and it paid all but £50k off our house. We could overpay and have it paid off in 6 years, but we're happy paying less and enjoying the extra money while we can

Orangesox · 26/08/2020 13:55

Approx 16% of net income. We’ve just increased this from 11.5% in order to half our remaining mortgage term - we’ve been very lucky to have been able to take advantage of super low remortgage rates.

When we bought the house though, our mortgage was 20% of our net income which was still more than doable.

monkeytennis97 · 26/08/2020 14:09

About 25% of our income (£1000 a month). DH and I are teachers. Mortgage free (hopefully) in about 9 years... can't come quickly enough!

RainRainGoAway12 · 26/08/2020 14:15

@NoTeaForMe That’s our joint income and the mortgage we’re looking at taking out Shock Scares me to death as current one is half that but if we want to take the next step, housing wise, that’s what we need to do. It’ll seem more manageable when we stop paying nursery fees for two children!