Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

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:
daffodilandtulip · 21/10/2023 12:26

Single parent, earn about £30k and mortgage is £300 a month. These figures you're all using hurt my brain.

Fluffyhoglets · 21/10/2023 12:26

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.

1.5k left is nowhere near enough for everything other than the mortgage for a family of 4 - so depends how many the leftover is supporting.
When we had household income of 3k the mortgage was 400 and we could afford that and everything else we needed to pay.

RudsyFarmer · 21/10/2023 12:28

We have double the income and pay around £800 a month on the mortgage. Though we do overpay by £500 a month.

Pammela2 · 21/10/2023 12:33

Haveallthesongsbeenwritten · 21/10/2023 11:17

Our mortgage is £1200, combined salary of £76k

Show quote history

Does this feel ok to you? We have about 14 months left on our current fix and it’s looking like we will increase to a similar amount..we currently pay about £700 🙈

We have the same income as you but have obviously got used to having more disposable and will need to adjust to the new normal!

ReturnOfTheRainMac · 21/10/2023 12:48

I wouldn't pay too much mind to what others pay. As above, some think 1.5k is the norm and others don't. They also may have a completely different set of billls with that money, for example, some have childcare and some don't. Some have lease cars and some don't. Some will overpay and some won't.

When we first moved into this house, I was on19k and DP around 25/27k so let's say 34k and we paid £770. 8 years later I earn 32k and DP 58k so 90k and we pay £970 on the same house as we shortened the term in a bid to pay it off quicker. I wouldn't be comfortable paying more. However, come December I think we will be paying around £1200 with the same term thanks to Liz Truss.

Haveallthesongsbeenwritten · 21/10/2023 12:52

Pammela2 · 21/10/2023 12:33

Does this feel ok to you? We have about 14 months left on our current fix and it’s looking like we will increase to a similar amount..we currently pay about £700 🙈

We have the same income as you but have obviously got used to having more disposable and will need to adjust to the new normal!

Show quote history

We don’t have children if that helps (just two pets) and we are absolutely fine and can save money every month too. Ours has increased too, we used to have much more disposable money but all good

MigGirl · 21/10/2023 12:54

"Does this feel ok to you? We have about 14 months left on our current fix and it’s looking like we will increase to a similar amount..we currently pay about £700 🙈

We have the same income as you but have obviously got used to having more disposable and will need to adjust to the new normal!"

Ours is about the same, due to increased interest rates. It's absolutely fine for us, DH is still saving £600 a month. We aren't big spenders though and don't go on holiday abroad. So it does depend on how you cut your cloth.

I also find these figures a bit mind blowing 🤯. DH earns a lot more than me, we live in the South East and it's really expensive here. We couldn't rent for the same cost and I no idea how first time buyers aford anything here.

xyzandabc · 21/10/2023 13:00

We pay 1600 on 58k take home. It's around 33% which is a lot.

We were earning more when we bought the house and interest rates were lower but circumstances change and it is what it is.

Whoever said 50% would be ok is mad unless you're earning well over 6 figures.

ChevyCamaro · 21/10/2023 13:55

Yes but the reality for a lot of people ( especially single parents) is that you have no choice but to pay 35/40/50% if you are buying now.
My mortgage is around 850 ( not overpaying yet as can't afford to) on a 2400 take home.
If rented a 2 bed ex council house here I would be paying 1100. You have to live somewhere! ( And I'm not in South East).

PureAmazonian · 21/10/2023 14:05

Combined salary of 42k used to be 60k (just gone back to work part time after maternity) our mortgage is £520 going up to £870 in January 😵‍💫

Blippard · 21/10/2023 14:07

Household income of 54k (before overtime so actual take home is higher)
Mortgage 0 as paid off.
Want to get another to upsize eventually though.

Fifthtimelucky · 21/10/2023 14:07

When my daughter took out her mortgage last year her repayments were £665. Her gross salary was £29,300. She found it tight but manageable as a single person.

Pammela2 · 21/10/2023 14:26

MigGirl · 21/10/2023 12:54

"Does this feel ok to you? We have about 14 months left on our current fix and it’s looking like we will increase to a similar amount..we currently pay about £700 🙈

We have the same income as you but have obviously got used to having more disposable and will need to adjust to the new normal!"

Ours is about the same, due to increased interest rates. It's absolutely fine for us, DH is still saving £600 a month. We aren't big spenders though and don't go on holiday abroad. So it does depend on how you cut your cloth.

I also find these figures a bit mind blowing 🤯. DH earns a lot more than me, we live in the South East and it's really expensive here. We couldn't rent for the same cost and I no idea how first time buyers aford anything here.

Yes, we have kids and usually like to go abroad..luckily we got a Disney trip in last year before the interest rates went crazy. Will definitely not manage that again anytime soon.

We’re saving a fair bit at the moment but could be saving more..my husband is reluctant to though. He is hoping we’ll have another couple of pay rises (although I’m public sector) before our new rate begins. But it’s looking like we’ll need a new car in the near future too!

JohnNolan · 21/10/2023 14:35

Our mortgage is 25% of our take home pay (£75k per year). Live in the South in a normal 30s semi, nothing fancy.

grapesandplums · 21/10/2023 14:40

We have a household income of around 47k and our mortgage has just gone up to £1260. It's going to be hell

Beenaboutabit · 21/10/2023 23:02

I always worked to the principal of income after tax and pension of a 3-way split
1/3 mortgage
1/3 bills (including household shopping)
1/3 discretionary spend / savings

I still think it’s a good rule of thumb.

Beenaboutabit · 21/10/2023 23:16

I should add - this is without considering childcare or car finance costs.

Musiclover234 · 22/10/2023 09:40

Ours is a small mortgage. Half the house was paid and now only 60k left which is 350 plus we over pay £200 ish. We have a household income of around 64k

AddictedtoCrunchies · 22/10/2023 13:37

My salary is £53k (single income family) and my mortgage is currently £895. Rising to £1245 from 1 January thanks to my deal ending. It's not ideal, but i can afford it so just have to suck it up and make savings elsewhere.

Kitkat1523 · 22/10/2023 14:13

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 would be ridiculous….my DD (29) has a household income of around 4K pm and mortgage is 700 …..pretty average average here

Original poster
Cookie105 · 22/10/2023 17:28

Thanks for all your replies 😁

OP posts:
Charcol · 22/10/2023 17:30

Ours is roughly a 1/3. But from next month rises to 38% of net income. scary times

Tryingtokeepcalmandcarryon · 22/10/2023 17:51

Income of 85k after pension contributions (one earner, one SAHM) plus yearly bonus of approx 9k after tax. £1600 mortgage payment incl overpayment of £250

I don’t think these posts have much context unless you know if there are childcare costs (could be £1500 a month at least, a lot more for multiple children) or car payments (could be £500 a month plus). We have neither so this is our biggest outgoing by far

ReturnOfTheRainMac · 22/10/2023 18:03

Tryingtokeepcalmandcarryon · 22/10/2023 17:51

Income of 85k after pension contributions (one earner, one SAHM) plus yearly bonus of approx 9k after tax. £1600 mortgage payment incl overpayment of £250

I don’t think these posts have much context unless you know if there are childcare costs (could be £1500 a month at least, a lot more for multiple children) or car payments (could be £500 a month plus). We have neither so this is our biggest outgoing by far

Edited

Agreed! Also... how long will it be paid for!

WingingIt09 · 22/10/2023 18:04

Our mortgage is currently 30% of our take home salaries monthly and will rise to approx 40-45% when our fix ends next year depending on mortgage rates, which is definitely going to be tighter than we would like!