To ask your income and your monthly mortgage payments?

[PeachesTheFlamingo]

DP and I have a combined income of £77K.
We currently live in a 1 bed flat in Bedfordshire. Monthly mortgage repayment is £560.

Our first DC is due in March and we want to buy a 2 or 3 bed house with garden. I've looked into mortgages and the repayments coming back around £1400 per month. Do you think this is affordable?

On a combined income of £77K, what would be a sensible amount to aim for in regards to monthly mortgage repayments? What would be the absolute maximum?

Interested to know your income and mortgage repayments are, if anyone is happy to share. Thanks.

Ideally your monthly housing cost shouldn’t be more than about 1/3rd of your monthly take-home pay. What is your monthly take home pay?

If the numbers don’t work, look to get a bigger deposit or longer mortgage to reduce the monthly repayments.

On 77k with your current circumstances £1400 would be fine, but you need to take into account how your finances will change with a baby. Will you reduce your hours and need to pay for nursery? Our combined income is 75k with me working part time. Our mortgage is £1200 and nursery £800. It’s doable but we aren’t able to save much.

Before DH was made redundant our total income was £52k pre tax and the mortgage payment was around 20% of the total after tax, its now 30% on just one salary. We were overpaying before which we've cancelled now.
We borrowed just under the maximum we could and over the longest period so we would have some flexibility and that's worked out well for us.

Is 77k gross or net?

If gross I think that's about what we were on when we moved, 4000k take home and ours was 1320. That was ok but as a PP says you need to work out whether things will change with childcare costs etc.

I'd say a third of income max.

A lot of online advice seems to suggest a maximum of 1/3 of you total monthly income - which does seem about right.

Once DC arrives, I'll be on Mat Leave for a year but we have savings to cover the shortfall. I am hoping to go back to work full time on compressed hours.
We are very lucky to have two grandparents very close by who are going to help with childcare which should keep costs to a minimum in that respect.

Ours combined is 72k with a mortgage payment of £1200. Net take home is £4150.

We have just had our first baby and looking at nursery costs of about £1050 from January. Well, depending on if my OH finds another job as his is disappearing at the end of the year due to redundancy.

If not, we will be living off my wage which is doable, but leaves us with £300 after bills, which also needs to cover food.

So I would say seriously consider if you can afford all your bills on one salary if you need to.

Combined income £155,000
Monthly mortgage payment: £1,050
Second mortgage payment: £1,150 (it's rented but we factor in that we might need to cover it at some point)
Plus lots of debt from wedding/house renovations so not as great as it all sounds

Lone parent

I take home £44000 a year
Equity £450k
Mortgage £140k
Mortgage payments £800 but I overpay and pay £1000

Totally doable

Monthly take home fluctuates as my husband is self employed but it's currently around £5-6k a month (it's been A LOT less than this previously!). Our mortgage is £677 for a four bed detached.

@sapnupuas

Monthly take home fluctuates as my husband is self employed but it's currently around £5-6k a month (it's been A LOT less than this previously!). Our mortgage is £677 for a four bed detached.

@sapnupuas

Being super nosy but what field is prospering at this time? Just really curious! Thanks

He has a number of niche websites and they generate an income through ads.

Loads more people are shopping online.

I think. I'm not 100% sure as it bores me.

I'm not really sure that getting random people on the internet to tell you their income vs. mortgage payment is really going to help. Some are happy to live very frugally, some can't manage without a holiday every year.

You need to make a list of EVERY outgoing, including bills, family Christmas/birthday presents, meals and coffees out, holidays etc. See how much you have left and work out the affordability of your potential mortgage payment from there.

I'm not sure about the '1/3 rule'. If you earn £10k pm and your repayment is £3330, you have £6,670 left to pay for everything else. If you earn £1500pm, you only have £1k left. Working out what's affordable for your own circumstances makes far more sense.

He isn't solely earning the £5-6k - over half is my salary. It's not that prosperous!

You need to sit down and do a proper budget. What is affordable for one person is not for another.

Go through your bank statements and list out every fixed expenditure each month - bills, council tax, mortgages etc. Roughly work out how much you spend on non essentials every month and include budgets for annual big cost things like holidays/car services/xmas etc.

And then adjust it based on your new mortgage and importantly for the enormous extra cost of having a kid to feed, and consider if you would cope if one of you loses their job.

At the end, you'll know whether you can afford that mortgage or not.

Agree that you need to do a full budget. Our mortgage is about 30% of our combined income. I budget quite carefully and account for childcare, utilities/council tax/internet/etc., eating out, general house expenses, savings, personal expenses etc etc etc. It's what you feel comfortable with and how much of a buffer you need/want.