Mortgage - 2k per month?

[frank2011]

Does anyone pay this much for their mortgage? We have seen the house of our dreams but can only afford if we up our mortgage to 2k per month. Seems like a massive hike & makes me feel so nervous. Husband feels we can do it as houses like this hard to find. At the minute we have no major money worries- can eat out, have nice holidays etc. Hate the thought of struggling when we have a nice lifestyle now. House is gorgeous though & actually good price for the location, space etc

Think what I mean is has anyone doubled their mortgage then totally regretted it?

Depends what your income is surely.

Yes we need more info!

Can you afford it and still have a good life?

I think you need to tell us what your net income is. And what immovable bills you have (eg childcare).

Definitely not unheard of. We have friends who've exceeded 3k. But they have the income to pay it. If it is more than 35% of your net income after tax, it could be difficult.

We are about to do something similar of all goes to plan. Mortgage is currently just under 900 quid. Repayments will rise to 2-3k for a while if we get the property we want. It's affordable as long as we both keep our jobs.

Sorry, have £5.5k coming in per month. Childcare will be reduced to £400 per month soon.
No major debts but no major savings either!

What do you pay per month at the moment?

If we ever get out of the economic fuck up that is this country interest rates rise at all, could you cope?

Do you budget properly?

3.5k a month to live off is a huge amount, but it depends on your commitments.

My husband is a much higher earner than me as I work parttime. 4 children. I worry if he lost his job/illness etc. Even if this happened & I returned full time could only just cover mortgage but nothing else. Feels risky but we have missed out so many times by playing it safe.

I probably wouldn't on 5.5k but it is doable. I like my mortgage to be 1/5 of net income.

Yeah we had this I didn't see it as a big deal

If you can afford it I mean

I am having palpitations simply reading this, let alone ever thinking about doubling my mortgage....hoping to be very soon in a position to pay more towards mortgage monthly and try to pay off earlier than planned......

Nothing is worth this amount of money.....SURELY!! Crazy....

We paid just short of that on rental recently with similar income. It doable but we had little contingency for emergencies without too much savings. Have made a radical change, bought a small cottage in opposite end of the country and have sod all expenses. Depends on how you want to live. DS is grown up and we want a simpler life...semi retired.

These days with mortgages being much more strict, you may not get offered it. Seems very doable to me though.

Ours is £2.5k, about a third of our net income, it does make me nervous though. Currently saving to have 6months mortgage in savings just in case either of us are ever out of work for a bit. We bought house last year and the lack of cushion makes me nervous.

Our mortgage is £2k and I have about the same coming in as you. On top of that my DP pays for all the regular bills - gas/electric, water, council tax out of his wages. We do not have children yet but we manage easily and have plenty left over for holidays, going out etc. That all comes out of my wages as DP doesn't earn so much. I think you should be fine. If it is a wonderful house and the mortgage worry is the only thing holding you back then I would say go for it.

What happens when mortgage rates go up? I remember the days of 14%.

Also- we've just fixed for 5years and hope to overpay as much as poss

Yes but they have 4 children ilove that is a lot of expenditure which will increase as they get older.

Only one at nursery now- others in school. I don't intend to return to full time work anytime soon as afterschool care a fortune!
We have always overpaid our mortgage and would like to again but obviously with such a hike will be difficult. We love holidays but not super expensive ones. Really don't want to stay at home to pay the mortgage.
House in relatively good condition but total grandma style so unlikely to be able to afford upgrade of bathrooms & decoration

When we first bought this house the mortgage was about 2 k a month and as interest rates rose as we went into recession years ago within a year we were at 3k a month which made things really tight

Now with rates being so low for so long we are at £800 a month, still interest only but have just fixed the rate for 10 years with an offer nationwide has for existing customers

We were close to our limit when we took it out and it was a scary place to be but now things are so much stricter if you can afford it under today's regulations then I think I would go for it

Ours is similar. It was a bit scary when I lost my job and we went from £5k odd to just under £4K a month income. But we've managed.

We've also just switched deals and shaved nearly £300 a month off which means we can overpay significantly.

Ah, I missed the fact they have 4 children Scuttle. I would probably still do it but I'm a homebody and would choose my dream house over most other things.

I agree with pp about getting a long fixed rate.

Similar here. Just factor in the other expenses that will increase - presume you'll need another chunk of life insurance to cover the extra mortgage, if it's a bigger house (rather than say a more expensive area) will it mean higher utility bills / council tax too?

We stretched ourselves 6 years ago to buy this house and we haven't regretted it even when childcare costs were about £1400 on top of the mortgage making things really tight.