How much is your mortgage each month?

[LucyJones]

We currently pay about £400 but are about to move and it will be closer to £850. Just wondered if this is average? tia

ok thanks will look!!!

I mean the 'mortgage quote' box

I know I am being dense but what is this emergency envelope so many of you have???? Never heard of it

ahhhhhhh gingerbear!!! will look again !! lol

what are the emergency envelopes everyone is talking about........or am i thick here

i personally think the 19% rule is crap. ours is approx 25% and we have plenty of disposable income left for nights out, 5* holidays etc

Not sure what average is but there is some figure that suggests mortgage shouldn't be more than a certain percentage of your take home pay. 25% I think the figure is. I'm sure someone knows better.

Our is about 1500 a month - AHHHH so much!!!!!

i am in london. it is about 40% of our income.

19% on money saving website I think.It is not 'crap' just doesn't reflect current climate but was once the standard for affordibility Average is now 31% according to the nationwide.It is probably an average from when mortgage companies were interested in affordibility and not just equity gain.

oh I was just meaning we have a stash of savings we don't touch, purely set aside for the mortgage in case we are unable to make a payment. It's separate from our other savings that are kind of fair game for holidays, washing machine breakdowns etc.

I'm not sure if that's what cleaninglady meant by it, but I thought it was a good descriptive phrase.

thanks NH. Interersting, that figure.

"oh I was just meaning we have a stash of savings we don't touch, purely set aside for the mortgage in case we are unable to make a payment. It's separate from our other savings that are kind of fair game for holidays, washing machine breakdowns etc.

I'm not sure if that's what cleaninglady meant by it, but I thought it was a good descriptive phrase."

Sorry, that was an answer to the questions about the emergency envelope, in case that wasn't clear!

emergency envelope - a big wad of cash in case you can't pay the mortgage and need to scarper in a flash?

Thank you youngvisitor and gingerbear

Bloody hell i dont have one of those do however have very wealthy inlaws

Cant believe the low amounts people are paying here
Dh is a sahp and with just my wage mortgage is 54% of my income but once dh is back at work then this will decrease of course.

Mine is similar to gingerbear's, I borrowed 50% of purchase price when prices had crashed and lots of houses were being repossessed and it's nearly paid off now

And I can't believe the high amounts but thats cos we started on housebuying >20 years ago, in the North just before prices went up the first time.

Its just not right, the amount people have to pay nowadays.

We bought nearly 9 years ago with a big deposit so have a relatively small mortgage especially by London standards. I remortgaged in 2004 taking out an offset mortgage with a facility of £70,000 - borrowed about £60,000 and have managed not to go over that so far though we're going to have to up it a bit very soon. Our interest payments are a bit over £300 at the moment, and my statements advise that I should be paying a little over £400 to keep where I am with the mortgage at the moment. I normally put in £500 a month plus I store various sums of money intended for other things in the account as well.

With this mortgage I could use it as a current account and also it would probably be wise in some ways to keep my fairly substantial savings there. But the savings are all tax free (a Tessa only ISA and a Tessa) and there's no way I'm going to be able to accumulate that kind of money in the next 10 years now we have a baby.

I don't plan to stay in London - there's no way I could take on a mortgage of £850 or over £1,000 a month. Childcare when I return to work next Feb/March will probably amount to about half my take home pay. So my long term plan is to move to Leeds where in a cheap area I could probably get a bigger house for less than we can sell this one for and therefore make our mortgage even smaller.

How on earth does everyone who's posted here pay such large mortgages? Or even rents?

mine is low but i brought in 1999 when house prices were very cheap

our first flat (in north london) was brought for £50,000

it's now worth £259,000 madness

LucyJones - I think I would struggle to pay that on your income - with all bills, insurances, council tax, food, clothes etc -get budgetting!

IMO the % of income doesn't tell you a lot either - if you take home £6000 a month (if only, LOL!!) and pay 75% of that on mortgage you still have £1500 to cover everything else. Which is v comfortable. Whereas if you take home £2000k a month and pay 75% on mortgage you would only have £500 left to cover everything. Much harder.

mine is just over 50% of my monthly income

I think you're forgetting that council tax amounts are related to property value - a mortgage that high might put you in band h and of course all your fuel bills and so on will increase proportionately if your property is larger.

I couldn't manage my bills on £1,500 a month. I must be really rubbish at budgets but we need about £300 a week for food and petrol alone.

£1050 a month, interest only , in Hertfordshire

65% of our income

Never ever go out, watch films and play games (no holidays, very old car, no pensions)

Thats the South-east for you - if we rented it would be the same