How much mortgage to pay each month?

[erhsla14]

How much do you pay per month either as a figure or % of net income?

We are FTB and trying to decide what to do (used to paying a lot on renting, especially when living apart renting separately)

We pay 27% of net pay on our mortgage. We upped our mortgage a year and a half ago to move up the property ladder and it feels a lot.

Won't it depend on your income and your other outgoings?
If you are paying for childcare, you will be able to afford to pay a lot less on your mortgage.
If you have been used to paying 2 lots of rent, then you know you can afford to pay the total of that in mortgage.
Other people telling you their mortgage is £145pm or £1450pm isn't relevant to your income and outgoings.

13%

About 18%. We bought last year, both earn about the same amount, and tried to make it so that if needed, we could afford mortgage & household bills on just one salary. So really %s depend on your other bills/commitments and incomes.

22%

28% currently but only because we have recently increased it by taking out a significant amount of equity to extend our house. Although it’s higher than we’d like, we need the extra space and to move to a new house with the space we need would have been significantly more expensive so this is the least bad option.

Once the work is complete we will have the house revalued which will hopefully bring our LTV down and decrease the interest which will help a little. We are seeing this as short term pain, long term gain.

Aiming to pay max 20%, but also considering that interest rates are shooting up.
You might also consider overpaying your mortgage if you can afford it

20% but if I were to be buying my house now with 10% deposit, my mortgage would be 45% of my income.

I'm a single parent so just one income obviously.

We overpay as we intend to pay off the house in 10 years. We are three years in and going well so far.

But it will depend on what you can afford.

I’m not sure % are always helpful as a higher salary obvs means a greater amount left over after mortgage comparatively to a lower salary.

work out what you need to live comfortably and ensure you can meet that from your net salary after mortgage and bills.

Repayments are 22% of my net income. I wanted repayments to be less than 30% when I bought. After 10 years, my income has gone up but repayments haven't changed too much. With lower interest rates, I'm paying the difference between my initial repayments and current required payment as an additional payment. That's building a nice little buffer which isn't noticed as additional expenses.

My advice is to borrow what you can afford, not what the bank will lend you. The bank would have loaned me much more than I borrowed. Remember to leave room for property expenses and repairs when thinking about how high you want repayments to be.

Around 30% but wouldn’t recommend that much if you are younger, plan to have children etc. Especially not in the current economic climate.

This. Ours is just under 10% of net income but seeing as you have no idea whether our household size, lifestyle preferences, income and other basic essential expenses are comparable to yours, it's just a random number.

You need to put together a comprehensive budget, including costs that you won't have faced up to now such as buildings insurance, boiler servicing and replacement, big DIY/home improvement projects etc etc.

And definitely consider the financial impact of having DC in the next few years, where it is likely you'll face loss of income and/or significant childcare bills.

If this is likely to be in your future, perhaps include a nominal £1000 pm (sounds enormous, but might be less than what you need to pay depending on what type of childcare you need and especially so if you end up having more than one) in your budget and save that money so you have it available towards parental leave/going part time/childcare costs in the expensive preschool years.

£336 which is just under 10% of our monthly income.

30% including overpayment, 25% without.

But we’ve recently bought and stretched ourselves.

22%. It's still chunky but more comfortable than it has been. Was over 30% and that felt uncomfortable.

24% of net income but out outgoings are 64% of income including all bills childcare and monthly savings but not including food petrol and other ad hoc living costs. We would like to be able to save more as we don’t end up with loads of unspent money at the end of the month.

Sorry I mean mortgage alone is 24%, all bills 64%

Ours is 6% now but when we bought it it was probably closer to 15-20%.

23% but that leaves us with 7k for everything else which is plenty. As others have mentioned, %’s are not particularly helpful due to differences in income.

I pay about 5%. I bought a small house when I earned less and was a single parent. It's too small but the thought of paying 2 or 3 times as much as I do now gives me anxiety.

I really could afford to up it. Just need to get myself sorted.

22%, but hoping to move & it will be a lot more, which I'm torn about, but really need more space.

20% now which feels comfortable enough.
We were once paying it on one salary, so it was 32% which felt very tight and stressful.

About 25% but with bills I’m less than 50%

Our mortgage is about 15% of net pay now but it was about 20% or maybe more last year. Due to remortgage and increase in salaries it has dropped.