To ask what mortgage payments you'd be happy with?

[lemon88]

100k joint take home (roughly £5000 a month after pension deductions). Nursery fees of around £1,000 a month. Worried we're overstretching!

Mortgage not pet gauge!

#trilbydoll we're already looking at a 35 year term! Have a decent deposit but in the SE so stupid prices - especially in the current market.

Baby isn't here yet so still the whole of my mat leave to go. Plus maybe a second child but we'll wait a few years so we're not paying double nursery fees in full.

Why such a big jump… most people don’t move from a 1 bed flat to a 4 bed house. It seems potentially crazy.

Sensible, you don't want to move often & in this climate imo. If I was a FTB now unless I was happy to stay in a flat I'd skip that stage.

Appreciate it's a big jump, but with 20k stamp duty plus moving costs we don't want to have to do it again in 5 years. We both work from home a lot of the week and will potentially want a second child.

How secure are your jobs and how likely are you to get pay rises? I would go higher as a % of income now and get as big a house as you can. Because it will seem small before a 5 yr term comes to an end. I wd (and did) stretch when at that stage of the buying ladder to get as high up it as poss. I am so pleased now that we did. The numbers that are being quoted on here seem very conservative to me.

yes exactly, we are also skipping a stage. Traditionally we would have gone for a smaller house & then a bigger house but stamp duty makes that prohibitive as I think for most the days of making 100s of thousands on your property in a short time are gone.

The numbers that are being quoted on here seem very conservative to me.

MNs is a very different world when it comes to mortgages. It seems to be normal on here to earn 6 figures but mortgage at 10% of take home. I presume there is a generational difference.

Which is why I said fix for a long term, until you don't (as much as you can gauge) have nursery fees. You'll know your mortgage outgoings.

Jobs are stable enough at the moment. My partner earns slightly more than me and has been with his company 10+ years so should at least get a bit of a pay out if made redundant.

My job is a bit less secure, but I've been made redundant once before and feel confident that will a lot of job hunting I'd find something new again.

We earn a bit more abd our mortgage is only 880 with no childcare fees. However we are looking to move and increase that as we feel we could afford a lot more

It is a big jump but is exactly what my husband and I did and was the right choice for us. You save so much on cutting out a move in the middle!
We have a combined income of around 90k and spend 1120 per month on our mortgage. It's over 35 years and we want to cut it down to 25 once we've been in a couple more years. We are in a similar boat with baby on the way so have been saving manageably with that outgoing amount.

Take a long one and overpay.

No more than £3k a month on our 4 bed detached.

Ours is 15% of our take home salary but we overpay. I'd rather that than commit to more then find myself in a pickle.

Do the bills include savings? 4.3k on mortgage and bills seems quite high otherwise.

It includes HP on a new car (£300)and we usually spend about £500 on the house each month as it’s old and inevitably had things go wrong with it. I commute to work so spend £55 per week on fuel so about (£300 a month on fuel for both cars)
we also have land so some money spent on management of the land. Food is about £150 per week so £700 per month
1420
200ctax
300 car
700 food
300 fuel
250 energy bills
50 water
60 subscriptions
300 various insurance (house/cars/dogs/phones etc)
300-500 house repairs/land management
100 tech (phones/internet/landline)
it all adds up.

the £700 left over is genuine fun stuff/savings but it’s not hard to see it disappear if costs rise

I take home 2200 one income household
mortgage is 1000
it’s a struggle sometimes

Agree take a long-term (long as you can) fixed rate mortgage cos interest rates still v low, but will be shooting up with inflation.

You've asked everyone what they'd feel comfortable paying but haven't said how much your new mortgage will be each month. Dony

*don't get a 10 year fixed rate the ERCs will be ridiculous and you never know what will happen over such a long period of time. Maybe do 5 years.

gaaawd my heart bleeds for you guys!

Our take home is about £8,000 and our mortgage is £2,500. We have plenty left over for everything we need.

However it depends where you are and what prices are like. Our £2.5k is the dog end of a £500k mortgage on a nice 3 bed cottage which we will stay in until we are too old to cope!

Sorry, wasn't deliberately withholding info - just curious to hear everyone else's thoughts first! We haven't applied for mortgage yet so still doing it the sums. Want to keep it under 1500 but even that seems maybe too much?! Even things like house and garden maintenance that I've never had to do - no idea what they'll cost.

Would they qualify for free nursery hours? I thought those with high incomes weren’t eligible?

Would they qualify for free nursery hours? I thought those with high incomes weren’t eligible?

it's if one parent earns over 100k, household where both parents earn 99k each all fine.