Age/Salary /Mortgage?

[Whyohwhymewhy]

I would like to buy a bigger house in a few years time but it would mean getting a bigger mortgage. Got me thinking what is the norm?

I’ll go first
39 years old
£3000 joint salary
£250k mortgage

both 45
monthly net £11k
£300k left on mortgage. Repayments are £2,500 per month including a couple of hundred overpayment. Another 10 years till it’s paid off.

46 + 49
Take home: £6.5k
Mortgage: £79k

Looking to buy but it would be 250k mortgage and over half my salary in repayments (over 2k) so carrying on renting. Just me, single mum age 46 take home salary is £3500 net

43 & 43
About £5.3k net pm
£213000 roughly 17yrs left
Property may be worth £700k. London flat. We would like to get something bigger but the prices are rather bonkers here.

Some of these net monthly incomes are impressive!

38
Joint net income £7.5k
Mortgage balance £160k

36 x 2
£70k x 2
£250k (£300k paid off)

I wonder how many of these are London salaries?

Also I suspect those of us with modest incomes are staying quiet about them.

I have no idea about the value of our house because all the houses on our street are quite individual. The house opposite (4 bed detached) sold for £575k last year but it has stunning views across the valley and ours doesn't.

40
£3.7k
£235k left on mortgage

Really proud of this and feel super lucky to be in this position. No help from family. I can see others on the thread who are doing much better, but comparison is the thief of joy!

Years ago I couldn’t have dreamt of being in this position. I’m lucky to own a house in an expensive area and not have to rely on private rentals which are completely unaffordable.

Count my blessings every day.

42
Solo mum
Take home £2600
Mortgage £171k but I’m about to downsize which will enable me to bring my mortgage down to about £141k

@Mydogmybestfriend yes we are in part of outer London we love near green space and a good primary school so we couldn’t have got a house here without borrowing what we did. Just looking through all the much lower numbers makes ours seem scarier than usual (as do all the rate hikes since we bought it!)

32, £49,000.00 (me) £40,000.00 (DH who is 41),

£40k left (live in yorkshire, house prices v reasonable in our area)

for a 3 bed mid terrace.

We've been together 6 years and have a 4 year old.

51 and 45
Joint salary £65k
Mortgage £19k remaining

@RampantIvy we're East Mids.

Grads where I work start on £35k gross with the expectation of being on £50k gross within 2 years. Me and DH are both in software/tech and we're not even particularly well paid compared to the market.

Tech pays incredibly well, but we will definitely all be automated out of a job at some point 😅 so there is that.

44
joint income 3700
Mortgage is 66k left of 88k

• Turned 38 this week.
• Single
• Bought my first house this June (£277,500)
• Salary of £52K (pre-tax and student loan)
• Paid about £115K deposit (did overtime for years, no holidays etc)
• Have only been in a high paying role about 2 - 3 years though. Was at minimum wage from mid-2017 to mid-2020 and a student / not working before that.
• Mortgage is just under £800 a month
• Trying to overpay when I can. £2K so far

It’s very odd that most
of these wages are way above the average. What jobs are people doing?!

31
86k salary
160k mortgage balance

Next month we will have less than £100k to pay back which feels like a big milestone.

I do wonder how it will feel to make that final mortgage payment - will it be monumental or a complete anti-climax?

I do love threads like this as I'm nosy and you can't ask in RL!
Age: 45 and 50
Income: £7.5k net
Mortgage: £104k left. Will be paid off in 4.5 years as we overpay.

Welcome to mumsnet! 😂

Re the high salaries-
ours feels high to me now! £6k monthly,
if you have asked me even five years ago it would have been around 3.5. We were skint for a long time. We’ve always had a nice, big enough house because we bought in the 90’s when we were in early 20’s, but we’re in the red every month for decades.
my mum always said it will all come together, late 40’s ish (she has bailed us out a lot!) and she was right.

Age: 44
Joint net: £17k-ish
Mortgage: £650k! (LTV <50%)

26
Varying salary (usually between £3000-10000 joint)
No mortgage (as in own outright)

You're right, most of the salaries posted here are way above average:

https://www.forbes.com/uk/advisor/business/average-uk-salary-by-age/#:~:text=The%20latest%20government%20data%2C%20published,months%20from%20May%20to%20July.

38, £4.5k (joint), mortgage paid off already