To think mortgage payments of over £2k per month are becoming the norm?

[Startrekkeruniverse]

That’s it really. Thinking of setting up an only fans to pay for it lol.

hah @cinnamonfrenchtoast also in an arse end area of the UK (according to Kirsty Allsop the WORST place to live in Britain) With a mortgage on our 4 bed detached costing under £750 a month (bought in Jan 2020 for £225k) Fixed rate until Jan 2025 but i've just done a calc and switching now would send us up to £912 a month.

🤣🤣🤣

We already pay £1750 a month on a 1.39% fixed rate. Its fixed for another 3 years. Will see what the best deal we can get then will be. We have a lot of equity and will only have 11 year left by that point. I'm not extending it!

ours is well over £2k but we can afford, it is fixed at a low rate for another 3.5 years and is high due to it being on a short term to allow us to pay it off earlier.

@Startrekkeruniverse

We are also in Surrey (expensive innit 😀) we were paying £1,500 twenty three years ago.

Not where I live.

My mum pays £350pm for her mortgage. 3 bed house worth £150k. She'll be paying it until she's 70 mind.

Like PPs though it's a pretty undesirable area (near Mansfield)

We pay £1800 per month but that's because we only took an 18 year mortgage when we bought this house. H has health problems and is unlikely to work full time after 60 so we had to have it finished by then.

Fixed rate is 1.2% and fixed until 2025 at which point I am hoping to have paid off a significant chunk so the interest rate increase will be less impactful.

I moved from a desirable area to a non desirable area for this reason. I had to live away from family which was hard. But I am a single parent so just my income.

However mine is £340 pm. Bought over 5 years ago and a 10 year fixed rate.

I earn really good money but over £2k on a mortgage would really impact mine and the kids lives.

Ours is £365 a month. First time buyers in the north at £165,000 with a £45k deposit. It's over a long term but fixed for 5 years now thankfully so changing interest rates aren't going to shaft us... yet.

In certain areas of the country for people on certain income brackets, yes. The norm is relative to where you live and who you hang out with.

Mine is £975 a month right now, 15 years (ish) left and expecting it to go up to £1250pm when my current fix ends in 2025 - that's assuming it'll be 7% (I like to plan for the worst!).

A few years ago I faced a decision: to stay in London and take on £500k+ mortgage (my MIP offer at the time had been for anything up to £600k) - or leave for the Midlands and buy something worth half that. I'll never make my fortune through property speculation, but I am very frequently glad I went for the second option!

I'd hate to be facing these increases on a much bigger mortgage

We're due to remortgage soon. 800k mortgage, 200k equity - the rates are well over 4k a month. I do live in London though, the rest of the UK is much cheaper obviously

Yes sounds about right. People who think it's unreasonable clearly live in very cheap parts of the country. Taking on a 400K mortgage as a first time buyer is not unusual in London and surroundings for example, if you have the salary to cover that. And it would most likely just buy you a standard 2 bed flat.

Many people are part way through their mortgage term and will have equity or bought property when it was cheaper or live up north so no not the norm. It may be the case for first time buyers in the south though.

The average UK house price is 287k according to the land registry.
An average mortgage will be less than that.

Let's just say they are becoming the norm in the south east and London then :)

I was paying around £900 (with two friends) for a flat in London in the late 80s on a mortgage of around £80k. Interest rates were high, and we couldn't borrow much. We're now nearing the end of our mortgage and paying around £350 a month, so our low payments are balancing up someone's very high payments. Cheap borrowing has obviously contributed to very high house prices.

We bought a 3 bed ex council house in east of Scotland. It's a decent size house, we have 3 bedrooms, 2 bathrooms, a utility room, front and back garden and we are semi detached in a good area of town.

We pay £440 a month. We could have got a house in a private estate etc which would have been a bit more, but I like my house and I like working part time and spending time with my kids! ☺

We are FTB, bought in April. Our mortgage is £300k with monthly payments of £1,500. If we’d taken it out today it would be £2,000pcm. We live in a small town in the Midlands, not particularly desirable compared to the surrounding areas!

We are just about to take on an £1800 mortgage, when we first started looking, the same house would have cost us around £1200 a month. We've had to extend the term to 33 years and fix for 5 years - I will be going on maternity leave in November .... so fabulous timing!!!!

Depends where you live. Not round here.

401 for 3 bed semi here. Thats fixed for remainder term (7years).

We are paying £700 a month, fixed in 2021 for 5 years. It would be nearer £1000 if we were mortgaging now. Scotland. About £110k left on our mortgage house worth about £200k

What do you get in London for that kind of money?