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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask how much your mortgage is?

310 replies

idontlikemybutteflycushions · 15/07/2023 13:46

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?

OP posts:
user14728317878988988688775 · 15/07/2023 14:18

Early 30s, joint net income is £2,700 per month and mortgage is £680.

Stressymadre · 15/07/2023 14:18

Single parent, take home pay of £2600 per month (after tax and student loans). Mortgage is set to go up by £700pcm after xmas, to £1500. Bought the cheapest 3 bed I could find in the local area, just under two years ago during a messy messy divorce. No idea how I'm going to cope. I work full-time, have no childcare to pay as I work from home and only recently got a pay rise. I earn a good salary but student loans are taking their toll. I'm looking at taking on a second job evenings and weekends. It sucks

LittleGoose000 · 15/07/2023 14:19

Joint income of £4500. Mortgage is £606, fixed for another 4 years.

Elsiebear90 · 15/07/2023 14:20

idontlikemybutteflycushions · 15/07/2023 14:04

I’m midlands too and whilst not london prices, areas around Birmingham (that you’d want to live in) are crazy expensive. I saw a nice little development by walsall the other day and wanted to have a nose and it’s 4 beds starting at 700k. My jaw hit the floor

Show quote history

700k for Walsall? That’s bonkers! I’m originally from Walsall, now live in Birmingham (not a fancy area, but not awful), there’s a huge development right behind our house and they’re charging 335k for a three bed semi, which I think isn’t too bad considering three bed semis which are newly renovated on our street are going for about 280k, ours are a bit bigger though and come with a garage. 700k for a four bed in Walsall is crazy though, I’m assuming it must be around Aldridge/Sutton way?

MintyCedric · 15/07/2023 14:21

SE…3 bed terrace, £490pcm up from £376 prior to my five year deal ending. Thankfully secured another five year deal last October.

I’m divorced and income has been all over the place due to having to freelance around caring responsibilities for the last few years but from September take home will be in the region of £1700pcm - via working 3 jobs!

Original poster
idontlikemybutteflycushions · 15/07/2023 14:22

cloudchaos · 15/07/2023 14:17

@idontlikemybutteflycushions I'm not so sure everything will be rosie again in 2025.

I don’t think it will be Rosie but more will have stabilised and inflation will be more or less in line with target, and the BR will have started to come down. If inflation is calm then swaps should be calm. So more that it will be better than know. Until recently I used to work for a bank that begins with N and that was the sentiment there

OP posts:
MereDintofPandiculation · 15/07/2023 14:23

idontlikemybutteflycushions · 15/07/2023 13:53

ours was £700 before this and will go up to £1200 and we earn about £5300/£5400 after tax and deductions. It just seems huge now. We needed some additional borrowing for some repairs too. Definitely kicking that can down the road. But if I’d have taken the additional borrowing this time last year the mortgage would’ve been under £1000

Show quote history

In the late 80s, everyone was pushing the idea of putting your savings into your house, by getting the largest house/biggest mortgage you could afford. My memory was that they were reommending you put up to 25% of your after tax income into your mortgage, which was huge!

Of course, that was followed by the house price crash of the early 90s - when we sold in 1991, we accepted nearly 25% less than if we'd sold in 1988.

SquirrelRed · 15/07/2023 14:24

Joint income around 30k/year, mortgage 360pm, Midlands area

NorthWestThree · 15/07/2023 14:24

Our mortgage is 25% of our household income

3isthemagicnumberrr · 15/07/2023 14:24

33, mortgage is £1926 a month. We’ve just got a 5 yr fix at 4.22%. Se London/ Kent border. Joint income is about 9k a month.

Flipflopflopflip · 15/07/2023 14:24

Mortgage price is £425 pcm, although we actually pay £500pcm to overpay a little. In addition to the minimum of £3K we overpay in lump each year. Total income approx £3K pcm

Original poster
idontlikemybutteflycushions · 15/07/2023 14:26

Elsiebear90 · 15/07/2023 14:20

700k for Walsall? That’s bonkers! I’m originally from Walsall, now live in Birmingham (not a fancy area, but not awful), there’s a huge development right behind our house and they’re charging 335k for a three bed semi, which I think isn’t too bad considering three bed semis which are newly renovated on our street are going for about 280k, ours are a bit bigger though and come with a garage. 700k for a four bed in Walsall is crazy though, I’m assuming it must be around Aldridge/Sutton way?

Show quote history

See I got my house for 300k 4 years ago and now they sell for just shy of 400k - I find that quite expensive too. I live close to sutton but there’s a fee neighbouring shitholes too

it wasn’t too far from the arboretum, it’s herons reach. they look nice but jeez, I instantly felt poor

OP posts:
BlackLambAndGreyFalcon · 15/07/2023 14:27

Joint income £4100 p/m. Mortgage £610 p/m. Most of the mortgage is thankfully fixed through to 2032.

Steppingintome · 15/07/2023 14:27

About 3500 per month and mortgage is 743

RudsyFarmer · 15/07/2023 14:27

We were going to hugely overstretch ourselves by moving around covid and I’m so glad we didn’t. So not in the house of our dreams by any means but affordable. We fixed for five years a year ago. Around 3.2% from memory. Household income is around £6k a month. We overpay the mortgage. I think we were paying around £750 and it’s now around £850. Around £100k still to pay off.

MrsF111 · 15/07/2023 14:29

Mortgage just gone up to £2k but we are about to go onto just DH salary of £5k and stat maternity for me

itsmei · 15/07/2023 14:30

Income £6,500 joint. Mortgage £1050. Fixed for another 4 years.

Original poster
idontlikemybutteflycushions · 15/07/2023 14:31

I’m worrying about ours- the number just isn’t one I’d ever wanted to pay. Basically I want me cake and to eat it too

OP posts:
Motherofkittens28 · 15/07/2023 14:32

Mortgage £2,700 p/m income around £7k.

Bookish88 · 15/07/2023 14:33

plasticwallet · 15/07/2023 14:14

Joint net income circa £11,500. Mortgage £1150, on a 5 year fix since February. We generally overpay an additional £1,000/month.

Where do you live for such high salaries in your 20s but cheap house prices?

We're mid-30s, not 20s. Based in Yorkshire, but both DH and I work remotely for international companies. In DH's case, he's also a contractor, which is why his pay is disproportionately high. But yes housing is fairly cheap in this part of the country, with a typical 3 bed house at around £400k. We had a decent deposit, which helped bring the mortgage down.

MirandaWest · 15/07/2023 14:33

Mortgage about £1,400/month and net income of around £7,000. We have a 5 year fix that ends January 2026 and is 1.9% so whatever we get after that will be higher. Also have DS starting university in September and then DD next autumn…

IhearyouClemFandango · 15/07/2023 14:34

We have a joint income of around £3.2k ish. Mortgage is £625 up from £574 as we refixed as soon as we could 6 months before our deal expired in Jan this yr. We overpay to round up to £700.

whatkatydid2013 · 15/07/2023 14:36

Income of £6.3k and mortgage is £1.3k monthly. It’s fixed till 2027 so we have a while but at 7% interest it would be £2k a month. It’s a big difference but we have a lot of disposable income. If it goes up much above 9% I’ll start to worry a bit more. We are setting aside some extra saving at the moment to be prepared and to have extra to help absorb some of the rise but I suspect for us (& many posting here) it’ll be a question of reducing discretionary spending on holidays, going out, kids classes etc. It would obviously not be great to lose them but I feel fortunate to know we have that option

BumbleNova · 15/07/2023 14:42

Mortgage currently around 5.5k (up from 2.6 😱). We are now on a discount rate for 2 years so still exposed to further rate rises but to a lesser extent. We have just done a complete refurb and it's our forever home. Joint income currently around 16.5 a month, fingers crossed on the upward trajectory in the near future. Our childcare bills are also shortly coming down. It's not great but we will weather it.

InTheFutilityRoomEatingBiscuits · 15/07/2023 14:47

Bring home about £1900 a month and mortgage is £870 a month.

My rent or mortgage has always been just under/about half of my earnings. Is that unusual?