What’s the new normal monthly mortgage payment now?

[rootsandwings89]

Just that really, with so much economic change in the last few years, what is the new average mortgage payment? I always used to think under £1k was good but more people I speak to are paying around £2k a month now?

is this because of interest rates or high property prices? Or bit of both?

Age makes a big difference due to house price inflation and MNs skews older.

Location also important.

I would think 2k is pretty normal

I don’t think it’s a silly thread - I’m curious to know if there are a lot of people with monthly mortgage payments of circa £2k. Obviously it depends on LTV, mortgage rate and term length etc. but it’s more the monthly amount I was interested in. Go be rude somewhere else.

We are the same but in North West

Ours was £694 a month, fixed rate of 1.68% just came to an end, new fix would have been £800 a month but we’ve paid it off and ours is now £0 🙌

The it’s amazing well done!!

Well, it was an inheritance my husband got, so not really anything we did, but thank you. It’s a weird feeling

We have 60000 left at 1.24 % and we pay 1700 a month, overpaying by £200. About four years left and looking to remortgage soon when the rate finishes

Rightmove thinks the average is £1592. But their figures are best guesses, really, as they've just taken average asking price and worked out what the mortgage repayment would be if you paid that, had a 20% deposit and an 25 year term and got an average interest rate, which is probably a not unreasonable way to make a stab at it but isn't really very accurate - it's probably better for assessing change over time than finding the true average for any given moment.

www.rightmove.co.uk/news/articles/property-news/average-monthly-mortgage-payment-down-january/

Ours is £1800 and we’ll be paying for a while yet. If you’d have told me when we first bought a house we’d eventually have a mortgage of £1800 I’d have been very nervous!! But it’s only around 20% of our monthly take home these days, it also costs more to rent a similar house in our area, so it feels manageable for us.

Your take home is £9000? Wow.

I think it’s hard to gauge as people

• live in different parts of the uk and prices vary
• have different types of property
• have varying terms left
• different L2V
• Over pay or pay interest only in some cases

I always wonder how much of people’s monthly income goes on mortgages?

We have a combined monthly income of
£4000-4300 depending on partners overtime and our mortgage is £1300 - wish it was nearer £1000, hopeful for a better rate on renewal!

We pay £1890. 4.02%. 4 bed detached in the south east. It’s rubbish! It takes a lot of our income at the moment as I’m currently a SAHM. X

Assuming our mortgage is approved we will be paying about £550 pm for a 3 bed semi detached. That said we live up north and had a considerable deposit which massively helped!