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?

Our mortgage is a wee bit lower than that and we earn a bit more than you and it is worrying me at the moment.

Maybe it's just me but this sounds like boasting. As in "look how much I earn".

Then again what you are talking about is about 3 months income for our household. But thankfully we no longer are paying a mortgage. (there, that's my boast)

No it isn't. Renters don't pay for structural repairs and 50% of landlords don't have mortgages so interest rate rises don't immediately matter. You can also give notice and move out with nothing to pay. No estate agent fees, stamp duty or conveyancing fees to move.

If someone is renting they do need to worry about getting pregnant, losing their job, getting ill. Why wouldn’t they?

50% of landlords don't have mortgages so interest rate rises don't immediately matter

And yet rents keep increasing 🤔

I would only do that on a very short term mortgage as you'll be kicking yourself about how much you're throwing away monthly as the interest rates come down.

I wouldn’t bet on interest rates going down much over the next 5 yrs

There are always lots of people saying “I wouldn’t feel comfortable with a mortgage less than 1.5k” etc and whilst I can understand that thought, if you are young-ish and buying a new property that’s just not going to be possible now unless you live in a place with very low property prices.

The OP can only compare it with the cost of renting (I live in London and average rents for 2-3 beds flats are 2.5k I think, and that wouldn’t be anything particularly luxurious) or the cost of buying something cheaper, but likely there just isn’t an option to only borrow 200k and pay back 1k a month because property doesn’t cost that anymore.

There has just been a feature in BBC1 about mortgages and the prediction was the mortgages won’t fall and may well rise over the next 5 years.

Ours is 1.8k against 7.2k joint income and that stresses me enough. Not so much the mortgage, but all bills and extra shite on top.

Talk about selective reading!

A lot depends on life stage 3k/8k is different with 2 kids in nursery versus 2 kids in primary.

That seems like a £600k mortgage. Ours was higher than that but we first took it out but we took it for 35 years and at a time when interest rates were a lot lower and that does make quite a difference to monthly payments. I’d have been panicked paying £3k a month but given house price and interest rate rises I suspect a high mortgage is beckoning more and more normal unfortunately.

I was anxious when we took ours out but a decade later, the debt feels smaller and our equity has risen. I am also quite happy knowing that we may need to use some pension pot to pay off the mortgage balance later on. If a high mortgage for you comes at the expense of paying into a pension I’d be less keen.

This is quite funny because this is our mortgage payment and we did become pregnant with twins and our house does need a new roof.

How long is your mortgage term? We have similar, but over 10 years as we want to pay back asap so could extend the term if one of us was out of work.