Is this an ok mortgage payment?

[Pammela2]

Would you say 1400 is an ok mortgage payment for a base income of 5900/m? Sometimes it’s about 300 more but that varies each month.

Currently pay 1000, so trying to figure out if this would be worth it for the extra space (2 more bedrooms, utility and extra bathroom)

Do you usually have an extra £400 left over? That’s the most accurate way to judge.

Similar to our ratio and we live fairly comfortably but it really depends what your lifestyle is.

Only on MN do I hear of people annually spending north of 10k on holidays but that definitely isn't happening in our house

Sounds ok, depends though if that is earned by one person as tax will be very heavy, or two so take home will be more.

We pay a higher monthly rate and have a similar income. It’s doable for us although I guess it all depends on what your other big outgoings are.

By base do you mean take home? If so it seems more than fine although, as ever, it does depend on your other outgoings. EG if you have a £2000 childcare bill each month & 2 x £500 car lease/finance agreements it might be a bit much.

Has the lender deemed it affordable?

if yes then there you go. If no then also you have your answer.

what’s the rate and what’s the initial term? 5 year being more affordable than 2 typically (not on a rate basis in affordability calcs set out by the regulator)

an underwriter will look at your income and outgoings and see if you’ve got sufficient to cover this, do you? If so then there you go, affordable.

We pay £1,000 with £4,000 combined take home pay so I’d say that’s fine, but the easy way to tell is if you have more than £400 leftover each month / more than that going into savings?

1400 from an income of 5900 is fine so long as all your other bills can be paid and you can save a bit for a rainy day

We are 1960 with a joint income of 7480 including child benefit. I would say it’s alright if you have no other bigger bills like car loans and childcare

My husband and I pay 1600 a month rent and our household income ranges from 4500 to 5800 a month we manage

yes

Although the usual MNs answer is "we take home 10k a month but feel nervous with a mortgage payment above £200".

Our mortgage payment is £250 less but our income is £150 less than yours a month. Perfectly doable and that’s with a pretty hefty nursery bill also (£850ish a month). Our mortgage is likely to go up soon and I’m a little apprehensive but in a belt tightening way, not a “we won’t be able to pay it” way. We don’t have car loans or any other debt and do spend relatively freely on the food shop, days out, take aways and going away.

Do you currently have £400 you can save each month? Ours is £1700, so sounds fine to me, but we aren’t people with otherwise big outgoings (no car finance, no commuting costs, etc).

Mine is 35% of net take home after pension and I manage. Am not a big spender.

That was about what we were paying, but, at that time we both had company cars and we were only paying childcare for one. Our holidays were largely camping in the UK.

My take home is average £4500 and my mortgage £1477. I have no other debt, no childcare. Just me and doggies.

Put your income and outgoings into a spreadsheet and that’ll give you a more accurate representation of what you can afford with this mortgage payment.

Thanks, we don’t have any car or nursery payments. It’s after tax etc too, so net.

We have pretty decent holidays each year but that’s our biggest outgoing. My husband likes to put a fair bit away for investments and savings, so he wants to keep doing that.

I think we’ve just got used to the lower amount and probably spend quite frivolously at the moment, which could definitely be cut back on. My husband is always nervous though!