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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:
Missgemini · 15/07/2023 14:48

We’re both 32 and 33.
Mortgage is £2500 a month (The capital obviously). Income is £7400 a month. However, there is a BTL that has a low LTV which we would sell if things ever got difficult.
We’re fixed for 2 years, then hoping rates will be slightly better in 2025, but who knows!

UrsulaIsMyQueen · 15/07/2023 14:50

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?

Fairly unusual, the average is about 30% I believe.

Minimochi · 15/07/2023 14:53

Our joint income is about 5k/month (that's after school fees are deducted). Our mortgage is 1k/month and we are in year 5 of a 25 year fixed rate. So it will continue to stay at 1k/month for the next 20 years.

Paxosnaxos · 15/07/2023 14:56

2k per month. Income is 8k. We overpay and mortgage will be paid in 9 more years. House is worth 1m in a very desired area.

summerfireplace · 15/07/2023 15:00

Income £4k
Mortgage £600 but overpay to £950, we have a few years left on a lowish rate but I'd rather get it down as low as possible before we get to that.

Echio · 15/07/2023 15:01

Bit of a reality check here how affordable everyone has their mortgages. Anyone in rented sector must be feeling pretty flabbergasted!

I take home £1600net a month and mortgage is £550 on 4%. I feel pretty comfortable at that, I'm careful but have no issues - how incredibly all these people with so much free cash!

Sugargliderwombat · 15/07/2023 15:01

Take home pre maternity of around 4500, mortgage 1150. Got 3 and a half years of the fix left. Wish we'd fixed for 10 as got childminder fees and part time pay about to hit us hard.

CPHB2021 · 15/07/2023 15:01

Joint income about 5.5K. Mortgage is £2k ( just shy of ) 😳

summerfireplace · 15/07/2023 15:03

Also, I'm always amazed at how many reply high earners there are on here (if what is said here is true). According to this, we are better off than the average family of 4, but 4k a month household income seems low on MN!

https://ifs.org.uk/tools_and_resources/where_do_you_fit_in

Your household's income : Where do you fit in? | Institute for Fiscal Studies

When you think about your income, do you feel rich, poor, or just plain average? Find out where you lie in the UK income distribution.

https://ifs.org.uk/tools_and_resources/where_do_you_fit_in

summerfireplace · 15/07/2023 15:03

really*

TinyTeacher · 15/07/2023 15:04

Joint income just under £4Kpcm, mortgage at £800. Childcare for 3 costs us a fair bit, so couldn't really afford for mortgage to go up much. Half of the mortgage will need to be redone next summer, I hope interest rates aren't too bonkers at that stage!!!

Alexandra1991 · 15/07/2023 15:06

Ours is £802.10 a month, our income is about £3100 ish (unsure of DP's exact take home as he just had a small pay rise) and I have a second job that I do occasional hours at. That is on a 5.19%, our payments almost doubled when we remortgaged in January. Thankfully the remortgage coincided with me going back to work after mat leave, we managed on 1 income plus smp but that would not be the case now!

plasticwallet · 15/07/2023 15:07

Bit of a reality check here how affordable everyone has their mortgages.

it's not representative, lots of people in their 20s don't even have mortgages for one.

DrManhattan · 15/07/2023 15:07

£0

justanothernamechangemonday · 15/07/2023 15:07

£1500. Luckily were fixed til 2026. Hope it comes down!!

Pammela · 15/07/2023 15:08

Joint income of about 5k, mortgage currently 670. Although we have a 0.9 rate so will really feel it when we have to re fix in 18 months.. hoping by then that the rates are around 3/4% as that will take us to around 1k ish..that is doable. It would be about 1.2k if it were 6%. Although we do have 60% LTV, so hoping we would always get a competitive rate. But we are already adapting our spending.

Covetthee · 15/07/2023 15:09

Joint income of about £4.5k.

our mortage rate ended end of last year just as the rates went up 😩

we’re paying £1450 now. We were paying £900 😩

at the time i wasn’t working so couldnt afford to remortgage and had to go with what the current lender was offering.

plasticwallet · 15/07/2023 15:10

Fairly unusual, the average is about 30% I believe.

for young people?

Original poster
idontlikemybutteflycushions · 15/07/2023 15:10

summerfireplace · 15/07/2023 15:03

Also, I'm always amazed at how many reply high earners there are on here (if what is said here is true). According to this, we are better off than the average family of 4, but 4k a month household income seems low on MN!

https://ifs.org.uk/tools_and_resources/where_do_you_fit_in

Tell me about it! According to that we’re in the 80th centile for earners…. Does not feel that way on here

OP posts:
Original poster
idontlikemybutteflycushions · 15/07/2023 15:11

DrManhattan · 15/07/2023 15:07

£0

Then why comment

OP posts:
DrManhattan · 15/07/2023 15:12

Minimochi · 15/07/2023 14:53

Our joint income is about 5k/month (that's after school fees are deducted). Our mortgage is 1k/month and we are in year 5 of a 25 year fixed rate. So it will continue to stay at 1k/month for the next 20 years.

@Minimochi I didn't know you could fix the interest rate at the start for the full duration of the mortgage. Every day is a school day.

DrManhattan · 15/07/2023 15:13

@idontlikemybutteflycushions
If the op is gathering evidence surely they want all the information they can ?

Lemonyyy · 15/07/2023 15:14

Our mortgage is about 20% of our total take home. We fixed last year for 5 years at 2.1% so feeling ok at the moment but not complacent. We took 5 years off the term when we fixed as the rate was so low, which in effect is permanently overpaying compared to the previous fox so we’ve put ourselves in a good position for whatever state the market is in in 2027, worst case scenario we extend the term a bit. We’ll see!

Xenia · 15/07/2023 15:15

I just checked for when I was 30 (a long while back) and joint income was 4500 including some rents, loan costs £2144 (and childcare £913). (average mortgage rate then was about 14% back in those old days).

So mortgage costs about 50% of net pay which was pretty common in those days.

Sennenandolive · 15/07/2023 15:16

Household income take home around 4k a month, mortgage is £650, fixed until December 2026 at 1.3%. £130,000 left on mortgage on a 300k property - I’m 31.