Mortgage anxiety!!

[Dofasurfa]

Hi,
we’ve been approved for a mortgage of 3k per month against monthly take home if 8k combined. I know it’s manageable but I’ve hit. Bit of a mental block of taking on a payment of this scale.
does anyone else pay a mortgage that’s proportionate with these amounts?

I think I’m a bit of a spender but I bring home that some months by myself, not including my husbands wage and I personally would be super stressed over a 3k mortgage payment. Mine is 1600 and I wouldn’t want to pay more than that- BUT we have other larger expensive like horses
so only you know your expenditure and what is comfortable.

hope you love your new house OP!

When we bought in 1989 our interest rate was 16% for the first year (as we had a 100% mortgage) and we earned 1000 between us net per month. Our mortgage was over half of our take home pay but we managed. You just do.

Sounds perfectly normal to me OP.

Do you have childcare costs / future childcare costs is my only question.

As £3k in £8k ok. Let’s say £4k inc bills.

But with a child in nursery that might become £6k of £8k etc

My take-home is £8.1k and my mortgage is £1.8k. I wouldn't fancy the mortgage being much more tbh (I'm the sole earner).

We are about the same and it's doable.

We have combined take home pay around 5500 and mortgage 2300. Its doable but does make me worry about unexpected bills and we have to budget for family holidays a long way in advance.

What's the interest rate?

Me and my DH bring home a combined £7.5k per month and our mortgage is £1300. No dc (all adults) and I would stress at a mortgage that size.

Our combined take home is £9k and would be concerned with a mortgage of £3000 incase of redundancy/job loss
etc. My recommendation is to ensure you have at least 6 months saved for rainy days.

Our take home is 7k, and our monthly bills total £3.5k.

It's really important to us that we keep our lifestyle within that of the lower earner, but we're lucky that we've always had relatively similar earnings.

Our take home is about £6k and mortgage £2k so about comparable. We don’t have lots of money for things like holidays etc. but we’re fine and it’s a long term home for us.

What if interest rates double? What if it needs a new roof? What if you get pregnant with twins? What if one of you lost their job? What if one of you became ill?

If you can manage all those scenarios...

Yes. Ours was over half our net income in the 80's on a two up, two down terraced which was all we could afford.
There was literally nothing left over once the bills, food and petrol had been paid. No going out, no takeaways, no holidays.
Our emergency fund was the £100 limit on my Barclaycard and Littlewoods catalogue.
It's all relative. Always has been and still is😊

Can you take the mortgage out over a longer term to reduce the minimum payment? If so then you could still overpay to a total of £3k per month (or more) but it would give you the comfort of knowing that you don’t have to pay the full £3k in any month if something unexpected happens?

My take home is circa £4.4 k and I'm about to up my mortgage to around £1.7k

That’s sounds like a lot. Although it’s affordable, would it be if mortgage rates went up? Are you planning on having children? And what about unforeseen expenses. I would consider finding a cheaper property if I were you. Is the mortgage so high because the area you live in or because you ware pushing yourself to get your dream home?

Before I sold up 6yrs ago, my mortgage was £750 pcm and my take home was £1350.

Our take home is £3.1k and mortgage of £600. I would be more than happy with having £5k left after I'd paid my mortgage!

We earn less and our mortgage is less but it’s proportionate. I did worry a bit when we moved house but we needed somewhere bigger and because we are in our 40’s we needed a shorter term mortgage hence why the monthly payment was a bit higher. We have to be careful but we are still able to save for holidays and Christmas and I can do extra hours at work for treats and extras if I want them

I think you're underestimating bills. Our joint take home is about £6k and our mortgage is only £1,500 but our total expenditure before food including all phones, bills, council tax and various insurances is about £3,500.

Would add that does include some childcare costs

Honestly I wouldn’t do that. It’s an awful lot, and if one of you lost your job, you’d be stuck.

I am not particularly spending averse (and my husband is really really spendy) and honestly we wouldn’t take that on. 25% of take home is the highest I would ever go.

The only caveat to this is if you live in London and it’s the only way to get a house that meets your needs (ie you’re a family of 5 in a 2 bedroom apartment). At that point, I would say it meets the risk/benefit threshold! But basically only as a last resort, not just because you want a 5 bed instead of 4, or a larger plot etc.

What mortgage deal have you got and what your outgoings/ lifestyle is

Our mortgage is approx 30% of take home whereas yours will be approx 37.5%. For us the hit was softened by a 10yr fix at 2% in 2022

Meant to say we have a joint income of 7k a month and a mortgage of £1650. We have a nice life, we overpay on our mortgage and we manage to save a small amount. We struggle to afford to do the house up though because that costs so much. You need to consider how things would look if the cost of living went even higher or if one of you lost their job. 3k is a big amount.

No way. That would be too much risk for me. If mortgage rates go up or if something happens with one of your jobs, you're screwed.
As a pp said though, the exception would be if you need a home in a very specific area and this is the only way you can buy a property that meets your family's needs.
Whereas if you could buy something smaller and cheaper instead, I would.