2K+ a month for mortgage

[schnitzelwithnoodles]

Hi,

Is anyone else paying 2K or more a month for their mortgage following the interest rate hikes? If so, is it a struggle now? It is for us.

Yes, £2300 a month AND that’s on a sub 2% fix, ending in spring 2027

Awful isn't it. We literally have no spare money these days.

I think that my brother is paying something like £2600 now. Totally ridiculous. They have literally had to cut every drill out of their lives

£2k mortgage will be squeezy if household income is £4k/mth, but easily manageable if its say £11k/mth.

That context is key really when discussing how challenging it is (or not).

Agreed. I think that brother and sil probably bring in 7kish

It's totally relative to your monthly take home, surely? Can you not just extend the mortgage term as long as possible to reduce monthly payments, that's what we've done. I know it means more interest but we want to enjoy ourselves now.

£2200 against a £6k monthly income. In theory, that should be ok, being just over a third of the income. However, with energy prices and car insurance doubling, not to mention food bills etc, it's been a bit challenging.

Truth is though, it's the credit card debt and overdraft fees that are the real killers. I can't do anything about the mortgage, but I can scrimp this year to clear the debt knowing that things will be a lot more comfortable soon(ish).

Makes sense. I was reading something the other day about how people on higher incomes are accruing lots of debt. It’s the perfect storm isn’t it- a 2k mortgage, couple of cars on finance, a loan for the new kitchen and a couple of credit cards. It doesn’t take much to make it all come tumbling down

@Surperdicous You are so right! That's exactly what happened. I earned more, I bought a bigger house. I earned more so was offered higher credit limits. I earned more so felt entitled to nicer things. I earned more, so I spent more!

Then COVID was rough on my employment status and I'm only now at the point where I can make headway undoing the aftereffects.

Totally my own fault - I get it. Frankly, I'm glad I managed to keep the house and make my bills. But now, it's time to knuckle down and pay the piper!