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Original poster

Mortgage cost

86 replies

Cookie105 · 20/10/2023 20:19

Just wondering how much do people spend a month on their mortgage ideally people with a household salary of £55,000 ish.

OP posts:
TheBabylonian · 20/10/2023 22:45

Well that’s over £3k take home so I would expect £1.5k a month. That would be normal.

nobrasfot · 20/10/2023 22:49

Our wage is about that. Has being 450 for last couple of years but is going up to 720 next month. Not great

FitAt50 · 20/10/2023 22:50

Household income £63k - mortgage £750 a month.

TeenLifeMum · 20/10/2023 22:53

@TheBabylonian that is not normal in my world at all! £1500 is too high imo.

DiaNaranja · 20/10/2023 23:19

We have a household income of around £60k (I only work very part time) and our mortgage at the moment is around £450 a month. Will go up when we remortgage in 4 years, hoping our salaries have too! (Or we will have at least made a good dent in the mortgage which is what we plan to do by overpaying as much as possible before our renewal). I think we'd find it tight if it were over £700 tbh, but we'd manage. Anything over 1k, and we'd have to dramatically change our current lifestyle.

Yourebeingtooloud · 20/10/2023 23:22

When our incomes were around that - probably more like 65k - we paid around £700 a month. That was 12 ish years ago tho so everything else more affordable too.

Cloudyrain11 · 20/10/2023 23:37

Mortgage is around 30% of income will increase to approx 45% when our deal ends

Autumnleavesss · 20/10/2023 23:41

TheBabylonian · 20/10/2023 22:45

Well that’s over £3k take home so I would expect £1.5k a month. That would be normal.

That is madness. We have a household income of 80k and pay £750 per month. yes we could comfortably increase our payment, but I would not want it to be 1.5k a month, and that is with a take home pay well over 3k

Russoooooo · 20/10/2023 23:46

Income around £55k. Mortgage £900pcm. This is the most we were allowed to borrow, even with a high LTV. It’s tight, but manageable. I definitely wouldn’t go to £1500!

Forevermermaid · 20/10/2023 23:51

My salary is just under £60K (single parent household) and my mortgage is £980.

cocksstrideintheevening · 20/10/2023 23:53

Our mortgage is 20% of joint take home

Mamofteenager · 20/10/2023 23:58

Ours is £415 a month however, we bought years ago when more affordable therefore have a good LTV

FijiSea · 21/10/2023 00:01

Our mortgage is around 12% of our take home pay

Bazinga007 · 21/10/2023 00:05

Household income of about 80k, mortgage of £740 a month.

SilverCatStripes · 21/10/2023 00:06

TheBabylonian · 20/10/2023 22:45

Well that’s over £3k take home so I would expect £1.5k a month. That would be normal.

That’s an insane amount- you would be spending 50% of your income on mortgage, honestly that’s a terrible idea.

My household income is approx 65k and mortgage is 450 per month.

Unexpectedlysinglemum · 21/10/2023 00:13

I think none of these pp live in London?

SzeliSecond · 21/10/2023 01:55

TheBabylonian · 20/10/2023 22:45

Well that’s over £3k take home so I would expect £1.5k a month. That would be normal.

We're on about £50-55k all in, mortgage is £535 and we pay £650. Any more and we couldn't afford it, £1.5k is beyond unrealistic for us

MidnightMeltdown · 21/10/2023 02:20

@SilverCatStripes

You either live somewhere extremely cheap or you bought your house a long time ago. Where I am, you couldn't even rent a grotty room in a house share for £450 per month!

Blackbinbag · 21/10/2023 02:30

This is a timely thread for me as considering a move that would involve our mortgage almost doubling.

Is your £55k take home?

Our total annual income (take home) is £48k. Current mortgage £500 (including almost 50% overpayment) proposed new mortgage £900-980 and I just do not know if that’s too much or not. I wish there was someone out there who could help with this kind of thing. It’s not really a question for a mortgage broker I don’t think. Lender affordability checks are so standardised.

Obviously other outgoings come into it too. We currently have no other debt but if we had car finance or something then it would be different.

Heatherbell1978 · 21/10/2023 06:43

TheBabylonian · 20/10/2023 22:45

Well that’s over £3k take home so I would expect £1.5k a month. That would be normal.

Our mortgage is £1.5k but our take home is £7.5k a month. I'm pretty sure 50% of net monthly pay is far too high. 20% is ideal.

Heatherbell1978 · 21/10/2023 06:49

Blackbinbag · 21/10/2023 02:30

This is a timely thread for me as considering a move that would involve our mortgage almost doubling.

Is your £55k take home?

Our total annual income (take home) is £48k. Current mortgage £500 (including almost 50% overpayment) proposed new mortgage £900-980 and I just do not know if that’s too much or not. I wish there was someone out there who could help with this kind of thing. It’s not really a question for a mortgage broker I don’t think. Lender affordability checks are so standardised.

Obviously other outgoings come into it too. We currently have no other debt but if we had car finance or something then it would be different.

You just need to get a spreadsheet and work out your incomings and outgoings. A rule of thumb is that mortgage payments shouldn't exceed 25% of your net monthly pay but obviously there's a difference if your net monthly pay is £2k vs £10k. With the higher mortgage how much do you have left over every month after all bills? Any future plans to take into account that could change that? Does it leave you room to save? Are you contributing to a pension? Only you can answer all these things as your situation is unique.

Hitchens · 21/10/2023 06:51

My mortgage has been approx 15% of my take home pay but will be increasing to 22% next month due to interest rate increases. Personally if it was anything more than 25/30% of my take home I would see that as a risk.

I live in a part of the midlands where property prices aren't crazy but I bought a modest 2 bed terrace house rather than a new build 3 bed detached (although was very tempting at the time as I could afford it) - although I'm glad that I went modest now that rates have increased.

I have also owned property in London in the past however then I was married and on a decent joint income, but still mortgage was probably same % of take home pay.

What others pay relevant to income doesn't really matter.

Mummyme87 · 21/10/2023 07:01

Live in south London/Surrey borders, household income £8k a month and mortgage gone from £1.5 to £2k a month

Combusting · 21/10/2023 08:22

South east.
household income £140k
Contractual monthly mortgage payments £1881
What we actual pay monthly incl overpayments £3650

decionsdecisions62 · 21/10/2023 08:26

Household income 97k. We currently spend £1320 with overpayment.