What's a reasonable monthly mortgage payment for single person?

[MollyMortgage]

Apologies if this is better suited to the money board - wasn't sure!

Just a really quick Q.

I know talking in percentages isn't that helpful as if you earn megabucks, spending 50% of your net income on a mortgage is fine.

Am roughly guiding myself by the rule of 'no more than a third' though.

If you earnt £34,000 pa and took home just over £2k a month (£2,020 to be precise, once tax and pension have been taken out), what do you think is a sensible-ish amount to devote to your mortgage?

Would £600-£650 a month be okay?

I think the ideal would obviously be around £500, but I'm going to see a mortgage advisor and wondering what would be a sensible 'ceiling'. I don't have an enormous deposit, so the monthly payments are likely to be high-ish.

My scheduled monthly outgoings are roughly £300 bills and utilities a month, plus £65 travel.

£365 (bills & travel) + £650 (mortgage) deducted from net monthly income of £2020 would leave me with £1,005.00 a month to spend on sundries and food, or roughly £250 a week.

Does that sound okay to you? (And might that sound okay to mortgage lenders?)

NB. I don't have significant debt, or kids.

Sounds fine to me. When I lived on my own I earned a v similar amount and my rent was £800/month, other outgoings similar. It was fine.

Fab Katy thanks, that sounds very encouraging!

Easily. That's around what I was earning when I was living alone my mortgage was about £700 p/m.

Thanks Helen - definitely feeling more optimistic now, thanks!

Rule of thumb used to be 25% to 30%. Ideally 25% as when we have had 40% it has felt too tight.

My net salary income is £1900 and my mortgage repayments will be £650 (should be exchanging v.soon!). My outgoings are probably similar though I have a daughter and receive £400pcm maintenance plus child benefit. You'll be fine :-) I am borrowing £170k over 30yrs.

Damn, that's a tiny amount. I was spending £695/month on rent when earning £23k!

The social housing calculator is between 35% and 45% of net income spent on housing costs. In reality only you can judge if it affordable for you though. A FA and/or mortgage co will tell you the maximum they think you can borrow, which is not necessarily the same thing.

Thanks all that's really helpful. Had just read loads about the tighter affordability rules since last year, so worrying a bit about how 'conservative' they would expect me to be. (Might have to cut down on as hoc spending at rail station M&S's and the like!) Good to know that in practice that amount would be more than enough.

I think £650 mortgage is more than doable for a single person with no children taking home 2k a month. A lot of people would feel quite wealthy if they had £250 per week just to cover food, clothes and luxuries for one person in the immediate years after buying their first home. But it does depend on your lifestyle; do you eat out a lot, socialise a lot in expensive places, go on holiday / mini breaks regularly, buy expensive clothes?

That sounds fine to me, when I lived alone and earned 24k my rent was £600.