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Original poster

Mortgage and income

73 replies

Livinlife2dafull · 02/10/2025 00:33

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?

OP posts:
C0NFUSEDIAM · 02/10/2025 08:14

That’s joint earnings

C0NFUSEDIAM · 02/10/2025 08:15

We could never afford that

C0NFUSEDIAM · 02/10/2025 08:15

Have you checked for a better mortgage? I’m sure you have

Toastea · 02/10/2025 08:20

Statsquestion1 · 02/10/2025 06:45

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

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That's about 3 times the average household income (including benefits and taxes), so a lot of people would see that as masses!

Petrie999 · 02/10/2025 08:23

Mortgage 650, take home 5,600. We bought 15yrs ago when prices were cheaper (and we earned half that). We are about to move to upsize and add another 100k on though, then likely overpay once we stop paying 500 a month childcare. Live in north so mortgages aren't outrageous

Statsquestion1 · 02/10/2025 08:31

Toastea · 02/10/2025 08:20

That's about 3 times the average household income (including benefits and taxes), so a lot of people would see that as masses!

Show quote history

Ok so some people would see that as masses…what i should have said is it’s not unrealistic. Both mid earners.

Mummy2mybear · 02/10/2025 08:32

Just a suggestion to help if you are struggling to keep up with the payments could you temporarily increase the term to make it more manageable?

Onegingerhead · 02/10/2025 08:37

About 22% of total family income.

Jellybunny56 · 02/10/2025 08:38

Our mortgage is about 20-25% of our household income, but that was a choice we made early on to have a house we could comfortably afford rather than stretch ourselves to the max of what a lender would actually have been prepared to give us and then struggle.

Dutchhouse14 · 02/10/2025 08:48

PosiePerkinPootleFlump · 02/10/2025 07:10

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?

Agree with this (love the username by the way!)
Number of dependents is also really relevant.

But it does sound really tight OP, I've been in similar position before and it does make life feel like a grind and is pretty stressful.
Have you tried to increase your mortgage term?
A lot of mortgage companies will give you a mortgage until you are 70, which we did temporarily until things improved.
Can you consolidate debts into a low or zero interest credit card or loan?
Shop around for energy deals, broadband, insurance etc.
Meal plan.
The percentage of our mortgage versus income has varied hugely throughout the years but most recently about 20%

Fakingitnotmakingit · 02/10/2025 08:52

£1600pcm with mortgage over the next 15 years equates to 22% of our current joint incomes.

user765378 · 02/10/2025 09:19

Statsquestion1 · 02/10/2025 06:45

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

Show quote history

Genuine question…:how are you getting child benefits with an income of £70k? we have one income which just tips over the threshold and it would make a huge difference to us to be able to claim it.

Statsquestion1 · 02/10/2025 09:20

user765378 · 02/10/2025 09:19

Genuine question…:how are you getting child benefits with an income of £70k? we have one income which just tips over the threshold and it would make a huge difference to us to be able to claim it.

Show quote history

I’m in Ireland. CB is not means tested here.

user765378 · 02/10/2025 09:21

Ah, ok. Thanks

PosiePerkinPootleFlump · 02/10/2025 09:22

user765378 · 02/10/2025 09:19

Genuine question…:how are you getting child benefits with an income of £70k? we have one income which just tips over the threshold and it would make a huge difference to us to be able to claim it.

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The threshold for starting to reduce child benefit is £60k and it’s a sliding scale to £80k - it changed in April 2024 I think? So at £70k you’d still keep some

thetooththewholetooth · 02/10/2025 09:25

Joint income of c£7200, mortgage is £850, overpay £150 a month. Could pay mortgage off with savings, but prefer not to.

Overthebow · 02/10/2025 09:25

BrightLightTonight · 02/10/2025 06:36

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

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You don't believe incomes of £6-7k a month? Why not, that's a fairly standard income for the South East. I included child benefit in mine (yes we get child benefit on that income!).

Overthebow · 02/10/2025 09:32

user765378 · 02/10/2025 09:19

Genuine question…:how are you getting child benefits with an income of £70k? we have one income which just tips over the threshold and it would make a huge difference to us to be able to claim it.

Show quote history

The threshold in England is now £60k, and tapers to £80k. It's also after pension payments, so is on taxable income. So on £70k you would still be eligible for child benefit. You'd pay a proportion back but you'd probably get 75% of it depending on how much pension payments are. We have two incomes at just below and just over £60k, so with pension payments are eligible for the full benefit.

PinkCherryPie · 02/10/2025 10:00

£5,000 take home. Mortgage £800. So 16% of our income.

I want to move, but I don't know how we could afford it. To get even a very slightly bigger house (just with a utility and hallway) we would be looking at increasing to £2,000pcm. Outgoings have gone up so much more than our incomes over the past 5 years, and that's with new roles and promotions.

Belladog1 · 02/10/2025 10:20

I pay rent, but i bring home £2,600 a month and the rent is £1,150. I manage as it's just me and the dogs, but if things get tight then I go without.

unsurewhattodoaboutit · 02/10/2025 10:24

Ours is 19.3% of our income at £1159 a month but we overpay an additional £350 a month so it’s more that 19%.

Toastea · 02/10/2025 10:54

Statsquestion1 · 02/10/2025 08:31

Ok so some people would see that as masses…what i should have said is it’s not unrealistic. Both mid earners.

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Both quite a bit above mid-earning. But yes, not unrealistic at all, as they're normal good incomes.

MiddleAgedDread · 02/10/2025 11:53

600/3300 = 18%
Never envisaged staying in this property for 20 years but hey ho, it does just fine and the end of the mortgage is in sight. Currently saving another £250 a month towards over payments to bring the end closer!

Original poster
Livinlife2dafull · 02/10/2025 11:54

Statsquestion1 · 02/10/2025 06:45

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

Show quote history

I doubt many people earn 70k between them your income is very good . If we earn this I would not be worrying about paying my mortgage

OP posts:
SatanicSanity · 02/10/2025 12:08

No mortgage now as am older.
In the 90s the mortgage was over 50% of household income.
Some things never change.