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?

Median uk wage in the uk in April 2024 is quoted as over £37k so plenty of households earn over £70k between 2 adults! £37k is not much more than a starting wage for many graduate jobs these days and many will start on more.

Take home £1900, mortgage £385 but I also have service charges of £200 so £585 in reality

Income around £7000 or so, mortgage £550 so around 8%

If you look at the figures, e.g. on the IFS income distribution 2 adults and 2 children household pre tax income of £120,000 is in the highest 6% of households.

A household with 2 adults, 2 children, income £55,000 has a higher income than around half UK households.

Average household income is around £37,000.

Our mortgage is about 10% of our take home pay as we're still on a very low interest rate. We're overpaying the maximum we can.

That was exactly my point!! The OP finds it hard to believe that many people earn £70k between them not each!

When we bought our last house, our mortgage cost us 75% of our joint net monthly income. It was really difficult for the first few years and we had to forgo holidays, new cars, clothes etc, but it was worth doing in the long run. This was some time ago when the mortgage rate went up to 18% just after we exchanged contracts, and then stayed at 14-16% for a very long time.

But £70k between them is nearly double the national, so yes for a large portion of the population that is quite unbelievable. Mumsnet is a very affluent bubble, I say this as someone who has £70k (before tax) joint earnings.

@Renoonabudget 50% of the population earn more than the median salary, that’s not a “mumsnet bubble” it’s maths!!

Our mortgage was only half of the house worth as we put down half. We are 8 years in and it’s about 20% joint with overpaying. Now the same house would be about 80% more expensive. So the standard mortgage is around £1.5k i think!!

So glad we bought when we did and we just remortgaged as Liz Truss crashed everything.

If you were familiar with maths you'd be able to understand percentiles and that over 95% of the population earn less than £70k individually and a household income of £70k puts you in the top 15%. Wealth is very much concentrated at the top meaning £70k isn't anywhere near average (not to say it isn't in your circles)

Mortgage £1000
Income £4500

Totally affordable but will go up in 2027.

Take home 500 million, mortgage ten million

What? You doubt many people earn £70k between them? Must be location dependent but most people i know earn at least £70k each.

Income £5800, mortgage just gone up to around £1850, so about 31%.

we are lucky in that our childcare bill dropped when we were past the nursery years, as I doubt we would be managing just now if we still had nursery fees to pay.

In saying that, I have seen people on here (and other forums) with similar income and mortgage and they also have childcare bills, and they do manage it.

It’s all about cutting your cloth, but there’s no denying that has got increasingly hard to do over recent years. All our outgoings have gone up drastically and we really notice it. And I know that people on a tighter budget / lower income will notice it even more.

I really hope something changes soon because the country is on its knees.

When you split assets will you be able to recoup the amount he should have paid but didn’t?

What? The average UK salary is about £36k per year, so 70k combined income is bang average.

@Financeisfuni think the clue is in your name. You obviously don’t have friends who are nurses do you?!

If you check on the IFS income distribution calculator, a household of 2 adults and 2 children on £70,000 has a higher income than around 2/3 of the UK population.

So, a family of 4 on £70,000 is in the top third.

Myself, I earn 18k monthly, except end of April where I get circa £22k
mortgage is £9960/month

@Financeisfunthen ‘most people you know’ are in the top 10% of earners. Therefore not average.

Sure 👍 May we ask what you do ?

How?!