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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:
teaping · 03/08/2017 11:54

Ours is £1350 and our net income is about £6500 though that does vary month by month.

Teaandchoccake · 03/08/2017 16:40

£544. 2 bed semi in south east. Bought four years ago with 10% deposit. Was initially £844 but the value went up a lot in the first two years of buying so when we remortgaged our Ltv was much better. Our joint house hold income is £3500 approx. We do have other out goings such as car loans etc

Teaandchoccake · 03/08/2017 16:40

Oh and childcare! That's another big bill!

QuiteLikely5 · 03/08/2017 16:46

Op

That is a rather large amount. I can only assume you are buying something big or that you are buying something tiny in London.

If you want children then you are going to be super skint in the future!

You will need to add council tax to that figure and given the size of the mortgage I'd say at least £200 pcm

Then bills

You need holidays?

Clothes etc

Ecureuil · 03/08/2017 17:48

You will need to add council tax to that figure and given the size of the mortgage I'd say at least £200 pcm

Not necessarily. Our mortgage is that high but council tax is £126 per month. We don't live in London, or anywhere near (despite the high mortgage)

Stitchosaurus · 03/08/2017 17:57

My rent is £1100, any mortgage I've looked at is over £2k - bloody South East and its stupid prices! So I think that's really low and am amazed by the amounts other people are paying

Aliveinwanderland · 03/08/2017 18:32

Mine is £1000, joint income of £4500 with £700 committed to childcare and car finance.

WinstonChurchill · 03/08/2017 19:26

Early 30s. We currently pay £550 on our mortgage but also pay out £700 on childcare with a combined salary of £3k

soundsystem · 03/08/2017 19:30

Income £6k per month, mortgage £1.7k. We pay the same again in childcare each month, so that's the max. we're comfortable with (we have a fixed rate until we no longer have those childcare costs).

BobbinThreadbare123 · 03/08/2017 19:30

Combined income of about £5k. Mortgage is £400.

BobbinThreadbare123 · 03/08/2017 19:31

Oh and our council tax is £80pcm

Aliveinwanderland · 03/08/2017 19:44

Council tax of £80?! Mine is £230!

Babymamamama · 03/08/2017 19:52

Mortgage is only about £100 per month. As it is interest only and interest rates are very low now. But we overpay £1500 a month. And very excited that if we can keep it up we will be mortgage free in next four years. Our joint income is quite modest (around £65k gross) for where we live as we are public sector.

Original poster
Beakyok · 03/08/2017 21:30

It's interesting to read everyone's situation - thank you. I think our mortgage does seem on the large size in relation to our income but I think it just seems more daunting as we are doing it later in life and with less time to pay it off.

OP posts:
shinywhale · 03/08/2017 21:31

10.71% of our monthly income.

We are pretty risk averse and boring though.

ceeveebee · 03/08/2017 21:34

Some of the posters on here must have interest only mortgages (£350,000 at £225 per month??) so not really comparable

It would feel too high to me. Ours is but only around 25% of our net income which is as high as I'd want to go, but then we spend a lot on holidays each year

Buglife · 03/08/2017 21:41

Ours is £960pm and we have a household income of around £4500-£5000 depending on freelance work etc. Three bed semi in the South East bought 2 years ago.

GingerAndTheBiscuits · 03/08/2017 21:42

We pay £440 (having just remortgaged and knocked a third off the monthly payments). Combined income after tax etc of £3,200 - childcare fees of c£1k at the moment though. Really need to start overpaying once the nursery fees come down.

Equimum · 03/08/2017 21:52

£1600 from a £4800 net salary.

Yes, it's a lot, but I can return to work if needed, we can temporarily reduce savings contributions, we don't 'need' to run a car etc, so we have room to manoeuvre if we ever need to. We also have no other debt, no other unavoidable commitments (apart from a season ticket) and we buy cars used outright, so no car finance etc.

DH does also get an annual bonus, which wasn't taken into account when we took out the mortgage. This pays for 'non essential luxuries', such as foreign holidays, as well as cars, work on the house etc.

mousehole · 03/08/2017 22:25

This reply has been withdrawn

withdrawn at poster's request

Natsku · 04/08/2017 07:37

So I think that's really low and am amazed by the amounts other people are paying

Our whole house was just 79k and it's a two and a half storey detached house with big garden and massive outbuilding - small town Finland has very cheap houses!!

Cakesprinkles · 04/08/2017 07:54

Net monthly salary is around £5,600 between us. Mortgage is £1100 so around 20%. We have other debts which come to a similar amount each month but they will all be paid off within the next 18 months. Once they're done we plan to remortgage to buy out the 'help to buy' government loan we had to take out to buy our house.

HRHPrincessMegan · 04/08/2017 08:38

Agreed ceeveebee. Our £330k repayment mortgage cost ~1.6k on a fixed rate below 1.4%.

ThroughThickAndThin01 · 04/08/2017 08:46

ceevee I did say it was io hence we are overpaying to pay the capital off. It started out at £500,000.

It's not really a question you can get that much information on really as everyone's situations vary so much. The interest rate they're on, over how many years, of what amount, how much household income there is, how much equity in the property etc.

Lizard202 · 04/08/2017 08:47

Ours is 41% of our income and admit money is tight. There's not much left over for fun/improvements/holidays etc (though our income is a little lower than yours). If you are really good at budgeting and don't mind being strict with yourselves then it is doable to get the perfect house. 😍