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Original poster

How much a month is your mortgage?

90 replies

Beakyok · 02/08/2017 20:18

Apologies first for such a personal question but feel it's not something I can ask friends in RL!

Basically my husband and I are in our early 40s looking to buy our first home. We have a substantial deposit but I'm worried the monthly repayments of £1500 is too much on a monthly income of £3500.
Have we got our sums wrong?

OP posts:

Ecureuil · 02/08/2017 20:19

Entirely depends what your other outgoings are.

IndianaMoleWoman · 02/08/2017 20:20

That sounds like a big percentage of your income but it massively depends on your other outgoings.

sooperdooper · 02/08/2017 20:20

Depends what your other outgoings are but that sounds a lot to me, ours is £670 and our income is around £3,600 combined a month

Ellieboolou27 · 02/08/2017 20:21

About a third of your earnings is about average nowadays, late 30's and dh late 40's our mortgage is £490 per month but we had a huge deposit and have been paying off lump sums over the years.

Ellieboolou27 · 02/08/2017 20:21

Our monthly income is around £2.5-3k combined.

Tobuyornot99 · 02/08/2017 20:21

Depends if you need to pay childcare / debt / car finance etc on top.
Our net income us the same as yours, mortgage £900. I wouldn't want a bugger mortgage, but then we pay £500 a month childcare so all relative.

Original poster

Beakyok · 02/08/2017 20:22

I should have said...no other major outgoings and we live a modest life...few holidays. I guess what I'm worried about is that we've both reached our full earning potential.

OP posts:

BluePheasant · 02/08/2017 20:23

I've always used the rule of thumb to keep mortgage to about a third of total income. Of course depends on outgoings; if don't spend much on luxuries/holidays then can afford bigger proportion on mortgage. All comes down to what you want to your prioritise money on ultimately.

IndianaMoleWoman · 02/08/2017 20:24

To answer your original question, our income is £3,700 (I don't work at the moment) and our mortgage is £720 but we have a lot of debts/car payments and we have to pay a leasehold and management charge. We are moving to a bigger house as we feel we could manage much more, especially after clearing the debts with some of the equity from our current house and we will have the option of me returning to work in the event of a massive interest rate rise. It's worth remembering that interest rates are incredibly low at the moment so mortgage payments could rise substantially - do you have the capacity to manage that?

dishwasher71 · 02/08/2017 20:24

I think that is perfectly do-able. Dh and I bring home £2300 between us each month and our mortgage is £340. So actually, you'll have a similar amount of free cash to spend/save each month as we do.

We're not flush, and we can't run two cars, but we do manage a holiday each year and dd goes on whatever school trips she wants. We shop in Tescos and Lidl and sometimes go out to the cinema or even get a takeaway! I buy make-up but I have long hair so don't bother with the hairdresser more than twice a year. Dh goes out to the pub with his mates maybe twice a month.

We can't afford to have the heating on much in winter though. We have an open fire instead which we light when we're feeling particularly chilly and we go to bed early!

TriSarahTops · 02/08/2017 20:25

Our mortgage is about £1150 a month. Our combined net income is about £4700 a month.

Gah81 · 02/08/2017 20:26

Just to reiterate previous PP: general rule is that mortgage payments should be a third of your net income. Mine is about 22% after I overpaid some but I have had it at 30% which was definitely doable - I am also pretty frugal.

AreWeThereYet000 · 02/08/2017 20:28

Net income of about £2300 our mortgage is £390 only have car finance of £150 and then usual household bills. We put down a 10% deposit.

Calliwalli · 02/08/2017 20:29

Income is about 4500 and our mortgage is 1150.

KanielOutis · 02/08/2017 23:40

Mortgage £829. It could be lower but I only have 10 years left to pay.

CurlsandCurves · 03/08/2017 10:20

Income is 2-3000 a month depending on how business is.

Mortgage repayment is technically about £350 but we have set it at £550 for years as we overpaid a lump sum years ago and kept the repayment the same so as to keep working on getting it down. It's an affordable amount for us.
We'll be mortgage free in 4 years.

BumWad · 03/08/2017 10:23

We have an income of approx £3.5k too.

Our mortgage is £600 a month.
We overpay to £1050 a month.
No real debt, just one car payment and around £550 a month childcare

MsJuniper · 03/08/2017 10:24

Our net income and mortgage are not far off the OP's, a little more income per month. I wouldn't say we have a lot to spare but we are quite careful with outgoings so we manage a little UK summer break and to put a bit aside each month.

Westnorwood · 03/08/2017 10:25

4600 after tax, mortgage £1352.

twolittleboysonetiredmum · 03/08/2017 10:26

Our mortgage is 950 per mth and we earn approx 3000. It's meant things are very tight but we knew that when we took it on approx 2 years ago. Fixed term ends in 3 years and hope it lowers then but equally our salary should've increased slightly and childcare costs gone down. I'd say yours is doable if you don't have another large payment e.g. Loan etc. We don't have an credit cards etc

ThroughThickAndThin01 · 03/08/2017 10:27

If we didn't overpay, our mortgage of £350,000 would be £225 pm. We got a stonking deal on the interest rate and have really benefitted from the exceptionally low interest rate, but as it's io we have been overpaying.

SuzieQuatro · 03/08/2017 10:38

Because we're completely renovating our house, we've fixed our mortgage payments quite low so we have cash spare for the renovation work.

We have a monthly household income of about £4,000. When we first took out the mortgage we fixed it at about £500 per month for two years. During this two years, we overpaid 10% of the mortgage each year.

After this first two year period, we paid off a sizable chunk of the mortgage and fixed payments of £750 per month for another two years. We have 18 months left of this two year period. We will also overpay 10% for these two years as well.

After this current two year fixed period (so in 18 months) all the renovation work will be finished. We will, again, pay off as bigger chunk as we can before fixing again for two years. This time, we will massively increase the amount we pay per month to about £2,000.

Aside from our mortgage, our outgoings are about £1,000 per month.

We will have the mortgage paid off and the house fully renovatef within six years of buying the house

ThroughThickAndThin01 · 03/08/2017 10:39

.....Our income varies wildly. Really wildly! DH has his own company and currently it's a struggle. We have had great years though. I'm now looking for a job to bring additional income, and we are thankful we can stop overpaying if need be.

Natsku · 03/08/2017 10:48

That is a large proportion but after having spent most of the last ten years renting with the rent being at least half of our income and managing ok I'd reckon its not as bad as it looks.

Now we own and our mortgage is 560e (I think), my income is about 1200e and OH's varies a lot (from 500e to 5000e, bloody annoying!)

oncewasawarrior · 03/08/2017 11:48

Ours is £3050 a month 😟
We've just moved in, it's our forever home and our earnings are £9500 month net.
We have no debts and own our cars outright. The biggest expense is £16,000 pa school fees- however we both get shares and bonuses which the mortgage people don't take into account so we will use them for fees.

It's an insane amount of money, especially as we were just mortgage free in our last house, but it's London and we just decided that it was time to do it. We've put down a lot of equity (full sale value of our last house) so if the worst comes to the worst we can sell and downsize.

Sometimes it keeps me awake at night.....

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