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.

I pay £700 for a lovely 4 bed detached in an area which won best place to live in the Sunday Times.

Its the north. I get that some people are tied to the south east for work or family but not everyone is. Its a mindset people should try to get out of as why struggle when you don't have to.

Well my mortgage on a 2 bed terrace was over £600 a month in the 90s when wages were a quarter of now for the same public sector job so not any worse now than then.

It depends on the area. In a desirable, central ish area you can get a three bed terrace. If you move out to greater London in some places you can get a four bed detached. In the most central/high end locations you'd probably still be looking at a flat

Ours is currently 1550/1580 (can’t quite remember off hand) at 1.49%. Fixed till summer 25.

If it goes up to 6.5% when we need to remortgage it will be over £3k a month and we can’t afford it. Our income has halved since we bought the house 7years ago so we will be well and truly stuffed. We would have to move out of area.

We live in the SE, village on the edge of a London commuter town. House is a big standard 1970s estate 3.5 bed (4th bedroom suitable for a cot/toddler bed but too small for anything else).

I didn’t check so it may well be a mix of everything. London and parts of the south likely skew it upward. I’m in the north east and it’s far from unusual to have a smaller than £600/month mortgage here. It will undoubtedly be more common than it was but that’s not the same as it being the norm. Median disposable household income in the U.K. is under £35k so that rules a lot of people out of feasibly affording £2k/month on a mortgage.

Yeah but the majority of people in the country don't live in London and the surrounding areas, so it's not the norm for the majority.

We're currently remortgaging and thankfully are only seeing an increase of £180 per month,earning we're still paying less than £1k a month - but we got the rate agreed and locked in earlier in spring and rates have risen since then.

There's no way we'd afford £2k a month on a mortgage, I'd be feeling robbed of the house!

Ours is £600 and we overpay £200 a month by choice. We fixed for 5 years at the start of 2020 so come January 2025 things may change significantly. We have 8 years left and would really like to avoid extending.

I pay £652 for a 3-bed semi with gardens and a driveway... that's not just my share, I live alone. God I love being a northerner :)

I pay £385 for mortgage and £170 management company
Couldn't afford more as I live alone and earn min wage

@Startrekkeruniverse we started off with a mortgage of 180k, overpaid the first 8 or so years and had low % rates. We remortgaged a few mths ago with a rate of 5.48%. Not overpaying atm although we could and really should. I think the overpayments have made a big difference even though it was 'only' £100 extra a mth. We also didn't get as a big of a mortgage as we could have as I'm wary (aka tight )

A million in my very un-trendy part of zone 6 will buy you anything from a 3 bed penthouse apartment to a 4 bed Edwardian semi or even occasionally a detached 4-5 bed doer upper. On the Barbican estate in the City of London it buys a 1 bedroom flat. A wonderful flat if you’re into the mid-century aesthetic and brutalist architecture, but a modestly sized one bedroom flat. There’s a lot of variation in London, but it doesn’t buy you a mansion anywhere in London that I’ve ever come across.

Ours is still on a cheap fix from 3 years ago, and that is £2300. I am in London. Dread to think what it will go up to when fix comes to an end in 2 years

Not in the North of Scotland - I imagine most people aren't paying more than £6-£800 at most.

We have just finished a new build without a mortgage but we were planning to build another, bigger forever house. We would need a mortgage for that so we are going to wait and see what happens with rates before we do.

It's crazy the amount people are paying and I feel so sorry for those stuck in the south with such high house prices.

My mortgage is £400 and I owe £78K. Currently on a 2 year fixed at 2.4% ending 2024 and ive done a calculator for 6.5% and it will go up to £580 a month. Need to move somewhere bigger but ill take money over space at the minute.

Most first time buyers I know in London are now paying that. We pay £2300 on a 2 bed flat after remortgaging. We bought with a 10% deposit after saving hard before our earnings rose a bit, so we’ve always paid almost £2k as we had to borrow a lot and good rate weren’t available to us. At least we have a little outdoor space I suppose…

It massively depends on where you live, my brother and sil live in Surrey and are also paying two grand a month on their mortgage.

The thought of that makes me feel sick and they can't afford it.

Mine is around £500 a month in the south west.

We pay approximately £550 a month. Fixed at 5.14% back in May. We owe approximately £64k & have 13yrs left. We are considering moving to something bigger but hopefully will port the mortgage. We are in the Midlands and bought in 2012.

Gosh 2k! Mine is £390

for a 3 bed

We've got £350k left on our mortgage and currently paying £1.5k a month on a 1.6% 5 year fix. In 2 years that is likely to increase to £2k (we'll owe £320k then). We are seriously considering moving tbh. We're in Surrey in a 3 bed semi so not a huge mansion or anything!

Sorry £330k

Yes nearly 2000 per month, in the home counties

We are going from £800 to £1600, thankfully we've had some significant career advancements since we bought or we'd be getting very nervous now, it would have been unthinkable 3 years ago. The main thing I tell myself to console myself is that we live in a decent sized 4 bed detached on a lovely cul de sac, we would be paying the same amount for a much small house in other areas of the country, so whilst our interest has gone up a lot, I don't feel robbed due to the fact I love our home (and it would be about the same to rent even in this area).

Ours is £2300 on a very large mortgage (Greater London). Luckily fixed until 2027.