To ask how much your mortgage is?

[idontlikemybutteflycushions]

I think I need a reality check. These rates will add £500 on to our mortgage. I’ve had a number in my head that I never wanted to pay more than mortgage wise and now ours teeters on the verge of that. Affordability for the mortgage says we’ve got still a lot more wiggle room but those numbers feel crazy

so if you’re in your 20s/30s how much is your monthly mortgage and if you don’t mind your household income?

Mid 30s.

Joint income of between 3k-6k a month depending on bonus.

House worth 400k. 130k mortgage. Thank fuck fixed a couple years ago, 5 year fixed at 0.84%. We pay £700 a month.

In 3 years when it expires I should hopefully have enough to pay it off, as I've been buying Rolex watches over the last few years, the market took off and I've doubled my money. So I've got 5 watches currently worth over £100k. Totally by accident, have a great relationship with our local jewellery shop, wasn't planned investments and we wear them all so will be sad to sell!

We pay £330 per month and our house was just 55k when we bought it eight years ago. It's small and in need of some work. The kitchen and bathroom both need upgrading though they're perfectly usable as they are. We have a decent size garden, garage and additional off-road parking.

We also live in a fairly undesirable location according to most (our town often appears on the "shittiest places in England" threads on here) - even though we're five minutes from the sea and 20 minutes drive from a national park.

You can buy a brand new 4-bed terrace with a yard and off-road parking for 170k. A 3-bed semi with a garden and double drive is 150k. It's a cheap area and if I said the town (I won't) most people would say they'd never want to move there.

I love it though.

Income around £4k/m. Mortgage was £850/m on £200k loan but going up to £1,250/m at 4.95% in October. Another year of nursery firs go go too. It's going to be tight!

Around £600. £4500 a month in wages. Smugly locked in 1.81 for 5 years until January 2027. Will have it paid off by then.

To be fair this is fairly recent, previously I was crippled in Uni Debt and on a single income- I worked my arse off and managed to double my income to around 4900 but only in the last 2 years. Prior to that rent + bills were around 70% of my income! It’s been a slog but hopefully a light at the end of the tunnel. Pay off debts first and then save. (I’m 40 so no spring chicken!) also generally made poor financial decisions! Just putting another perspective in, income isn’t always the full picture 😊

5k income (I work PT) and ours is about 1k. We are 2 years into a 5 year fixed.

If you can afford it should you ? Did people buy their first home considerably under what they could afford to have lots of spare cash . I always had advice to buy as big as you are comfortable with as house prices go up .

is it not better to spend more early on to have a higher value house later in life that has appreciated . many report here report high incomes and very small mortgages ! Worried I’m going about it all wrong

True. Take heart though that it is possible for you even in the south, now you are on that

£320 a month and about 80k p/a. We have massively over paid for years and aim to be mortgage free in 3 years time.

Joint income roughly £5k p/m and mortgage £886 currently. Fixed term until end of 2024….. goodness knows what will happen then.

the blessing is that we only have one more month of extortionate nursery fees before youngest finishes and starts school which will free up some money.

Income of £5500 month mortgage £1100 but only 5 years left thank god!

Solo net income £3845pm 2 houses no mortgages on either property.

Ours is £800pm (£660 + £140 additional borrowing for home improvements).

We bring in £7k a month between us. Looking at an increase of around £500pm when our 5 year fixed term ends next year.

We currently save a lot towards holidays and other frivolous things we could do without. So it will be doable for us, but will obviously mean cutting back on the non-essentials.

I’m also hoping to finally get my student loan paid off next year, so that’ll be another £300pm that can go towards it.

And for another answer to @AnxietyLevelMax, we did up a grotty 2 bed flat, bought for £116k with a 10% deposit in 2010, and sold that after 4 years for £155k. We then bought an even grottier 2 bed terraced house for £189k and did that up too, before selling it after just 3 years for £285k.
We used all of that equity gain to put a very large deposit down on our current 4 bed detached house, which we pay only £600 a month for.
We just got lucky that the city we happened to live in (not London) got trendy 🤷🏼‍♀️ and we made a life changing (to us) amount of money as a result.
The madness of the UK housing market!

Solo income of £2100, mortgage £490 fix ends in feb 1.68% I want to cry! £145k left about 32 years

I'm really surprised at how low these figures are for the majority who have posted so far.
We looked into moving recently and for a mortgage of less than 250K, our repayments would be 2000 a month, and that is with a relatively low LTV.

about 80p last time I looked - I paid the bulk of it off about ten years ago, but there was a spate of house selling fraud and I read somewhere that your property was less vulnerable if there was a mortgage on it.

Income of about 4.5k pm however I have a 2yo and am a SAHM with no childcare costs. House worth about 350k and mortgage is £500 pm.

Our mortgage is £220k and is £871 per month. We’re fixed at 1.48% though.

5 year fixed in 2021 at 2.39%, first time buyers. Borrowed £250k ish and pay £890pm.

Age 28 and 30, combined household income before tax of £90,000.

Mortgage is £1,340pcm and monthly incoming is £7,000. Have 2 kids in nursery. Live in London. It's ridiculous that we feel the pinch when our earnings are so high.

£410mth, 3 bed semi.
41k income.

Depends what you mean by afford. The people in my area who took say £50k equity and borrowed £400k to get a 4 bed detached probably thought they could afford it because the payments were £1400 at 1.89%. Now they're paying £2300.

£795. Single parent of two. I earn around £75k plus £600 maintenance pcm.

Yes we've massively undercommitted on housing.
We bought what we could afford as first time buyers. There was very strict lending criteria in place in 2010 when we bought our first place, following the 2007/8 crash, so we could only get 3.5 times our combined salary. We have then refused to have higher monthly outgoings ever since.
So we've moved 3 times - each time upsizing but using equity gained from refurbing the last house - and my motto is "Buy the most affordable property that you'd be proud to call home".
As such, we still pay the same monthly mortgage payments now (£600 between 2 of us) that we paid in rent for our student digs in 2002.