Single people - how much mortgage do you pay per month?

[TeaWithPaddington]

Hi all,

Marriage ended a year or so ago and I am currently living in the family home which will need to be sold as I can't afford to buy him out and need a smaller house anyway.

How much mortgage do you pay, comfortably, per month with what income? I'm trying to see how much I can afford. I've been mortgage free a while! I am 50 so won't be able to pay for it for more then ten years or so.

Surely it depends on your income, regardless of whether you're single or not?

It doesn't matter what anyone else can afford, it's about your income and what you can afford.

Look online for a mortgage calculator - what can you afford to borrow on your income.

Make a list - write down all your outgoings.
Utilities, phone, WiFi, council tax, TV, house & contents insurance, car payments and insurance.
Add estimates for food/toiletries, petrol, hair cuts, MOT and service etc.
More estimates - Christmas/birthdays, holidays, new clothes.

How do your outgoings stack up against your income? Where can you reduce your outgoings?

If you are 50, the state retirement age is currently 66, 67, 68 depending on your exact age

So approx 16 years to work, surely? Unless you have a private pension

If you’re mortgage free can you not get a little house with your half of the equity?

if not, that’s your deposit, use a calculator to see what you could borrow over 10 and 15 years then use another calculator to find out how much the repayments would be.

Then work out how much you want to borrow for your little house and can you afford it?