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Original poster

First time buyers...is this too much to be spending on mortgage payment per month?

29 replies

HCatley · 02/09/2025 12:10

My husband and I are in the process of trying to buy a first home. (Both late 20s). We decided to skip the starter home due to the stamp duty and cost of moving these days and have decided to buy what will be our family home.

Husband is a dentist (nhs and private work and is self employed) and earns 90-100K and I am a vet (salaried) earning 51K. His income can go up and down a bit each month but our average take home after taxes paid would be £7.5K.

We set out top end budget of 425K which would be a mortgage payment per month (with interest rates as they are now) just under 2.1K. We based on the rent we pay now plus the amount we have comfortably been saving into an account to save for the house deposit. I already save a good chunk into a works pension before take home and also save 10% after take home into a stocks and share ISA.

Had a wobble this morning realising how much this is all going to cost and made me really anxious? Is this too much to be spending each month?

No kids as of yet but hoping to have one in a few years time and will need to factor nursery fees in on top.

OP posts:
Statsquestion1 · 02/09/2025 19:05

Change2banon · 02/09/2025 18:31

Oh I get that .. I just meant if you’re ever strapped for cash and need to cut back, even without your current 2 grand savings per month, there’s loads you could cut back on. I was trying to be funny 😁
The subjective part is you say you’d struggle, yet you have more than double coming in than I do, your spends are a LOT higher, I don’t consider myself to struggle, hence why it’s all subjective.

I never really understand why posters come in asking about situations like this, as no one lives in their world of finances, so no one can ever really advise. It’s always very divided anyway so I feel they don’t gain much from the thread 😆

Show quote history

you right I probably could 🤣

ViciousCurrentBun · 02/09/2025 19:11

Small villages are pretty but ferrying round kids for years is an absolute arse, be aware of that.

We spent 19% of our income on our mortgage and also didn’t bother with a starter home. You will be fine.

Chewbecca · 02/09/2025 19:16

£5k pm after mortgage is paid is absolutely doable for most people. Even with nursery fees, you would manage, not rolling in it but what with saving a little before mat leave and potential salary increases, it shouldn't be too tough. Don't forget your mortgage doesn't rise with inflation like you salary (roughly) does, it gets easier all the time!
All the best.

Charcol · 04/09/2025 12:29

Sounds ok. its about 30% of Take home, and follows general guidance.

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