What's your income and what's your mortgage/rent

[clouds56]

I'm just curious to know what peoples monthly household income is and how much their mortgage/rent is?

The reason for me asking is because I am moving house soon and our mortgage will be going up by quite a lot but our household income has also increased. Although we've done all our sums and the bank are happy to lend us the money I am still feeling anxious so interested to see what other peoples monthly income and mortgage/rent is? And whether you find it manageable or struggle.

Now i think we have sadly missed the boat (low housing stock, higher interest rate).

@Madbamboo maybe not a bad thing, time will tell

Take home around £4300 (joint) a month
our mortgage is £485 a month

Just wondering, those people with small mortgage (only around 10% of household net income), is it because you bought decades ago when house prices were low, or nailed a good rate, etc? With 90% 'spare' income why didn't you upgrade at some point?

I only bought 3 years ago, but my income has increased a lot in that time and we're going to buy somewhere new soon!

Combined income £6k
Mortgage £1.7k

How long is a piece of string.............

We have £25 left on our mortgage and have to keep it going until April next year to avoid ERC's, we have been grown up mortgage free for six years and this was just a vehicle for home improvement, annoyingly we paid most of it off in the first twenty four months but are tied in to ERC's

Salary this month will be based on a very decent MN definition of a high salary, next month it will be pensions and a state pension and still a very decent income.

I ask again..............how long is a piece of string....

Our mortgage is about 10% of our take home pay. Haven't upgraded as don't need to.

We bought a 3 bed house 12 years ago for £83k and there's only me, DH and DD in it so don't need more bedrooms or space. We like where we are and love DDs school. DH doesn't drive and our current location is walkable or cycle-able to anywhere he needs to be. There are 4 'Good' secondary schools within 15 minutes walk so DD will be set when she moves up from primary.

Our house is probably worth about £200k now and the mortgage remaining is about £40k.

If we stay put we'll have paid it off by the time I'm mid 40s and that's a really comfortable position to be in.

@Ilovemountain we had childcare bills of over 2k pm until 2 years ago. We tried to upgrade last year but didnt manage: a combination of being too picky, too many rich cash buyers from the south and HK

@Ilovemountain for us it’s because we got a good deal on our house and renovated it so that it is worth double what we paid at least. Then we have as yet not upgraded as we’ve had kids and we are spending ££ on childcare instead. Our income has increased a fair amount.

We’re using savings to convert our loft and we can be mortgage free in less than 5 years. At the moment, that’s more attractive to us than a bigger house. We love holidays and would rather spend money on living life than on bricks and mortar.

we will revisit when the children are both school age but that’s four years away ( four more years of nursery fees of £1100pm 😩 ).

Annual income 95k morgage 500 pm yet never feel flush 😏😏

Monthly joint pay £10,800 after tax mortgage is £640

Income £1812 a month, rent £356 a month.

No we only bought first time 2 years ago but house prices arnt expensive here (north east) I never wanted a huge mortgage could of bought a more expensive house but thought £700 and under was reasonable plus we had 20percent deposit to put down for that price range it was covid/lockdowns at the time so house prices had dropped abit and you needed at least 15percent deposit for a mortgage.

Joint take home 2800. Rent 1000

Combined take home is £4500 basic, we both earn a few hundred pounds more typically as we do overtime, mortgage is £620.

I take home around 2300 per month (I think!) and my rent is 1150

Bought 5 years ago but our wages have both gone up a lot since then. Don't feel any need to upgrade, although we did add on an extension last year. It's an older house but its 4 bedrooms, 2 bathrooms and a big garden (by city standards), its 12 minute walk from the city centre, our parents live nearby and its really close to both our workplaces. Also, our house has old thick stone walls, not great from an insulation point of view but a train would have to drive through the neighbours house before we would hear any noise from next door. We don't need anything more than that. Most of our friends have big semi detached new builds and that's great for them. We would rather have the disposable income and the freedom that comes with it, other people prefer a big beautiful house, really depends what's important to you.

Our mortgage is only 5% of our household income. I bought the house 17 years ago before I met DH and we have at least x3 times the household income now. We want to upgrade/buy a bigger place but various things have scuppered this so far - I went self-employed, therefore far stricter lending criteria, plus our daughter is disabled and we need to live near her special school. Prices in our area have gone through the roof recently and there's nothing close enough that's tempting us, given how much of our disposable income we'd have to sacrifice to get it.

Ilovemountain, when I was about 33 we paid off our then mortgage on our previous house in the 1990s. However I decided I wanted to work full time as a lawyer for at least 30 years more and one of the few things I wanted was a big house (as well as more children). So YES we did upgrade and I am stll in the house and hope to dei in it. We took out a loan which in today's money after inflation was over £1m which was hard to get as I had just become self employed.

I currently have a fairly small mortgage on the house which I am trying to pay off whenever I can in bits (which is what we have always done since first buying) but at age 60 I am not up for a move to a bigger house as only 2 children are still at home and it is big enough for my needs now until I die.

After my divorce as my husband got much more than I did (I earn 10x more) I had a massive mortgage and he had my life savings etc etc. (about £1.9m in today's money, interest only and at one point the rate was 6% (mind you that was much less than the 15%+ interest rates we used to pay back in the "good" old days of having a mortgage before that)). Then I did pay it all off but wanted to help the last of the children to buy a first property so took out what I hope will be my last mortgage ever for that purpose and once that mortgage is paid off on my house that is mortgages over for me I hope.

Having read all these posts, is this truly representative of what people earn on average in the UK?

I don't think anyone other than those quoting £31k median pay are saying anything on the thread is typical of most people.

We’re in an unusual position - we have retired early but deferred taking our pensions and are living from savings in the meantime. Since our assets are almost entirely held in ISA’s and pensions (and the house) we technically have no taxable income! We each withdraw £1,250 from our ISAs to our current account each month and treat that as our ‘income’.

So:

income £2,500
mortgage: 0

Council tax, utilities and subscriptions add up to £600 pcm, so we have £1,900 for everything else. But no childcare or commuting costs and our main car is an EV so its fuel is included within utilities. The other car is old, small, and v cheap to run because it does very few miles.

Maybe IABU, but I find it difficult to imagine what people who have £10K+ per month after paying their essential costs do with it. But then I guess people with an income of £1,300 and rent of £700 probably think the same about me.

We paid ours off but always paid 35% of our take home pay.