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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think our mortgage is not affordable ?

247 replies

Anxiousaboutmortgage · 12/02/2025 07:34

I am watching another thread on this topic and it got me even more worried about what we are about to do!
We are about to buy a property that costs 680k with a deposit of 115k
Our take home pay (both working) is 7980 per
Month our monthly mortgage (fixed) comes around 2888
Is that too much ? We are moving for better schools our kids are 5 and 7 and ideally this will be our "forever" home
We will have around 20k left from our sale for any needed work and we have another 20k of savings
We don't have any car loans etc . Our current mortgage is much lower though which scares me A-lot !

OP posts:
Original poster
Anxiousaboutmortgage · 13/02/2025 19:58

@csigeek in theory yes but it would be very very tight especially if dh is the one who loses his job as he earns more than me

OP posts:
Happyhappyday · 13/02/2025 19:58

It would be bigger than I am comfortable with. Our take home is around £10k after putting 20% into pensions and before bonuses (typically 15% of salary). Our mortgage and taxes and insurance around £2400 but we live abroad so are fixed at a low interest rate for 25 years. Plus we have about £80k in investments outside of pensions, £50k in cash savings for emergencies. No other debt. I feel fine every month but after childcare, bills etc, a higher mortgage would mean a life style hit or reduction in savings and I wouldn’t do either. It’s great for others to say £5k a month is loads but depending on your lifestyle, it’s really not.

ConstanceM · 13/02/2025 20:01

Just pray you keep your jobs and nobody gets seriously ill , apart from those concerns go for it.

caringcarer · 13/02/2025 20:02

The only thing that would worry me is one of you losing your job. I'd insist on taking out insurance against this. You should be ok then and it would take away your anxiety.

Original poster
Anxiousaboutmortgage · 13/02/2025 20:04

@ConstanceM we will get insurance for illness but i don't think you can get anything for losing your job .

OP posts:
ConstanceM · 13/02/2025 20:07

Anxiousaboutmortgage · 13/02/2025 20:04

@ConstanceM we will get insurance for illness but i don't think you can get anything for losing your job .

You should have a firm critical illness policy in place for both, and it should be level and not decreasing. I know people's who have had to activate in serious life changes situations in their 30s. You can also pick up a policy that covers mortgages payments for 6 months if you lose your job, such policies are not cheap.

csigeek · 13/02/2025 20:09

Anxiousaboutmortgage · 13/02/2025 19:58

@csigeek in theory yes but it would be very very tight especially if dh is the one who loses his job as he earns more than me

I think if you could just about do it by tightening belts then you’re ok, you wouldn’t be without any job for long even if you had to get something lower paid to tide you over.
losing a job is worst case scenario, it’s so unlikely both of you would at the same time.
I’d pound as much as I could into savings just in case though

Original poster
Anxiousaboutmortgage · 13/02/2025 20:13

@ConstanceM i think at some point you have to accept some risk i wouldn't want to waste money on all policies i could get we both have life insurance through work and we will get critical illness one . I think that's enough for now we we have investments that we could use if we really had to

OP posts:
85PercentFaithful · 13/02/2025 20:20

I live in the SE so get the costs and reason for you moving.

In your situation I would but it’s not without risk and by that I would think redundancy. In my field (a high growth area!), lots of highly skilled technical people are being laid off and a lot are ‘applying down’ so there are never any guarantees.

The other consideration is good schools are never a dead cert. Change in head/leadership and 10 years later (less) you have a v different school (school governor here). As well as the reverse, slightly dependent on catchment.

CraneBeak · 13/02/2025 20:24

Posts like this make me feel despair.

Original poster
Anxiousaboutmortgage · 13/02/2025 20:29

@CraneBeak why Excactly ? @85PercentFaithful this specific school has been outstanding for many years there are also a few grammars in the area although i know thats not a guarantee

OP posts:
Newposter180 · 13/02/2025 20:38

ConstanceM · 13/02/2025 20:07

You should have a firm critical illness policy in place for both, and it should be level and not decreasing. I know people's who have had to activate in serious life changes situations in their 30s. You can also pick up a policy that covers mortgages payments for 6 months if you lose your job, such policies are not cheap.

Show quote history

They already have enough saved to cover the mortgage for 6 months worst case so not sure why they’d spend a lot of money on insurance for this?

daleylama · 13/02/2025 23:17

Starlight1984 · 12/02/2025 08:48

(not so) humble brag 🙄

So not a humble brag. Why so bitter?

LiftyLift · 14/02/2025 06:57

People on higher incomes are allowed to use Mumsnet too, no need for people on lower ones to “despair” about it. You can have genuine money worries whether you take home £1k or £5k. The OP is looking for advice, she doesn’t need people telling her that her concern isn’t valid.

nationalsausagefund · 14/02/2025 07:08

Melodramat1c · 13/02/2025 19:55

So you're gonna be paying your mortgage off until you're 60?

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That’s normal.

marmiteandcheeseoncrumpetspls · 14/02/2025 07:17

H0P · 12/02/2025 08:02

There is really no need to. She has £5k a month to play with

Show quote history

<facepalm>

Mirrorxxx · 14/02/2025 07:19

This posts about it being bad to have a mortgage until 60 are so odd. Can only be form someone in a very cheap area or very old

Original poster
Anxiousaboutmortgage · 14/02/2025 07:22

@Mirrorxxx right ? That was not even my concern as i think most people nowadays would

OP posts:
2andadog · 14/02/2025 07:30

People are a bit out of touch.

Our mortgage is until we’re 70… but we overpay so that’s the worst case scenario. Common to make the term as long as possible for lower compulsory repayments and to make use of the overpayment limits where possible…

If someone was renting they’d be paying until death!

Also, having a large mortgage at this stage of life OP is probably the best time for it. As long as you’re planning on staying there a 5yrs + you’ll not be worse off with the equity you build in.

TickingAlongNicely · 14/02/2025 07:44

I remember my patents paying of their mortgage... when I was in my 20s and my dad was late 50s.... (and his retirement age was 60!). 25 or 30 year mortgages aren't new!

Fletchasketch · 14/02/2025 07:47

My mortgage runs until I’m 68 and this was done very deliberately. I’m investing enough at a much higher return than the mortgage rate to cover it long before then. Inflation will erode the rest of the debt. If anything, the OP could probably extend the term and reduce the monthly payments….

Madamecholetsbonnet · 14/02/2025 08:14

Anxiousaboutmortgage · 14/02/2025 07:22

@Mirrorxxx right ? That was not even my concern as i think most people nowadays would

I’m sixty and have three years to run on mine. I suspect that poster is just a wind up merchant…

JimHalpertsWife · 14/02/2025 08:22

Ours was initially due to end at 58, however we bought at 23 and took a 35year term (bought just before the 08 crash on tiny wages). We overpay slightly and when we renew will have 18 years left but I want to bring it down to at the most 15 years, hopefully 10 if I can swing it.

My folks are due to pay theirs off this year at 64yo but they didn't buy til they were 35 so that's probably about right.

Original poster
Anxiousaboutmortgage · 14/02/2025 09:36

Our current mortgage would finish at 50 as we bought at 25 ! We could get a smaller period but i prefer to keep the monthly as low as i can then overpay
They also offered 30 and 32 year mortgage term !

OP posts:
H0P · 14/02/2025 09:53

Ours was 35 years. We bought at age 30, why won't you do that for a bit if you're worried?