Mortgage and income

[Livinlife2dafull]

Hi all,

How much do you pay for your mortgage and what is your 7mortgage as percentage of your income.

Currently paying £1600 a month nearly half of our income. Mortgage rose £400 month 2 years ago and redundancies have hit us hard so we are earning less.

I'm just paying to live right now. Can't remortgage as in debt and credit rating now awful.

Just wondered how everyone coping money wise?

My monthly mortgage payment is 22% of my net monthly income. At the time I bought my wage was lower and I was paranoid about not being able to afford costs so I went for the best cheapest and lowest maintenance place I could find with a spare room just in case I needed to take in a lodger. In reality my pay went up and now my living costs are very affordable, so no regrets.

£1600 too. 40% but I have a lodger who pays £450 per month. Which has helped.

Income -7480 basic ( we usually do overtime so it could be 8k.
Mortgage-1900
So approx 25%

£3200 which is about 25% of our income.

Income £6000, mortgage £2100. We are on a great interest rate though,1.14%, so £1900 of the mortgage is repayment which could be lowered.

6800-7000 a month roughly someone's a little more based on on call and other allowances. Mortgage is a tracker staffed 18 months ago at 1490 and is now down to 1415 so about 20% but we over pay by £100 a month.
We are looking to remortgage around Christmas and new deals l&c have offered are likely to be around £1350 a month as we've taken the opportunity to shorten the term a bit we will likely still over pay

Poor person perspective as this is Mumsnet and you all need it 🤣. Mortgage is £210 and my total earnings are £1100. It went up 600 when my deal came to an end so had to extend from 7 years left to 25years.

Ours is £1400 which is 19% of our income, although we overpay the mortgage each month so what we actually pay is more like 25%.

Crikey - not sure the OP was wanting a pile on from the wealthy!

Am I the only person who doesn’t believe the majority of these income claims 🤣

Why would you not? Ours is two incomes one of 50k and one of 70k and the child benefit…that’s not masses!!

We take home 4800 per month between us when DH does overtime. Our mortgage is 796 a month. It's just increased from 680 as we've just come off a 5 year fixed. It's affordable though thankfully

Our mortgage is £500 a month and our income after tax is currently around £8k (my husband's salary varies as he's unemployed).

We're in our early 40s and got on the property ladder in 2010, before prices went insane, and have refurbished 3 homes in a row (ourselves), and relocated, to gain equity. We've also always gone for the most modest house that we'd feel proud to live in, as we like to be very undercommitted.

We should be paying the mortgage off early really, but have done so much saving and saying "no" to things through our lives up to this point, we're enjoying having a lot of disposable income for a bit.

The higher incomes mentioned so far are all pretty standard for a middling professional, anyone in a trade, or any middle manager.

Percentage of income is not in itself a very helpful metric - to look at extremes, a person who takes home £1,000 per month with a £500 mortgage will find it very difficult to pay for food and bills on £500, whereas a person who takes home £10,000 with a £5,000 mortgage should be fine on £5k for the rest.

It is not surprising you are struggling as mortgage affordability assumptions were done on higher earnings. I know the job market is rough now but is even a lower paid lower skilled job feasible to help to fill the gap?

Take home £4200 mortgage £1450 on 4% interest. So about a third and we manage on that, I also only work part time and have done since my mat leave ended and I changed careers so I could potentially earn more if needed since my only DC has started school.

Mumsnet will throw you some monster incomes though and make you feel like shit. £1600 is very tight to live on though with current COL skyrocketing, have you got any kids OP? Can you extend the term of your mortgage? Xx

Paying half your income towards the mortgage is going to leave everything looking very tight (unless you have a mega salary!), so I'm not surprised things are feeling uncomfortable when you factor in the interest rate rise and a drop in earnings.

General concensus for normal salaries is about 1/3 of take home on mortgage / rent is about right.

ours is 12% of our joint income , but I have had it for 30 years 😩

😆

I feel like I'm on my own here.
Hoping by June when my fixed rate ends something drastic will cause rates to fall but looking unlikely.

In meantime focus will be getting my income up.

my soon to be ex husband left the home earlier this year and has refused to cover his share of the mortgage. On net income of £3200 a month, I’m paying £2512 mortgage every month (and covering every other expense you can think of).

We are moving shortly and the new mortgage will be £1250 a month and income £4800 so about 26%. It looks affordable on paper but not sure how it will feel when we’re in as current mortgage is £450!

The UK is staggeringly unequal, so a minority of people are doing just fine.

Mortgage i believe is already 25 years. Took out new mortgage when we moved to new home at 40. On old house we were paying £430 a month but the area we lived was increasing in crime.

How I miss paying £430 a month.

My DD just got job after uni. However we already owe her money she had from over years so can't ask her for rent at least for couple years as we are paying her back.

Youngest DD has pt job and is still only 17 - also owe her money due to both me and hubby redundancies.

Our DDs have already helped us a lot.

Mortgage £700 earnings £4000. Don’t know the percentage. Maybe20%

That was exactly us. Went from a mortgage of £430 to £1200

Now mortgage at £1600.

If it goes any higher we will have to sell.