How do you pay for your mortgage or rent each month??

[WitchyWay]

Sorry - how much do you pay

Every now and then I get a streak of fear about our new mortgage commitments. I'm hoping seeing what people are paying will make me feel better about it 😂😬

I'll start, new mortgage will be £1900 per month. Will go up on 2 years when our partial low interest rate runs out.

What are you paying?!

Do you get a lot of house for your money where you live? That seems like a fairly high monthly cost for the Midlands although I've no idea what house prices are like!

Currently £600 monthly rent for a 3 bed semi with a big garden and driveway in a nice area. We're looking to buy and the same houses would cost us around £1400 a month mortgage which we can't afford so we're hoping to find a 2 bed terrace a bit further away for around £900 a month mortgage.

Around here, mortgage payments are almost always less than rent payments (which are crazy high). Are you paying significantly under market rate?

Congrats! It must feel amazing! We are trying to pay ours off as fast as possible but looks like it will still be another 6 or 7 years.

the mortgage amount is £1,100 a month but we’re paying £2,000 a month or more where we can to try to pay it down asap. Remortgage is coming up later this year, but because of the overpayments we’ve been lucky enough to be able to make even with the new % being almost 3.5% higher it only works out at the mandatory monthly payments being about £60 more per month.

£2500 mortgage for a 3 bed terrace in Greater London. Will probably be higher when we remortgage in 3 years time.

£512 in rent, lodging in a room in a terraced house

Cleared ours April last year, before that we were on 1.49% paying 1,249/mo. 4 bed detached, Hampshire.

£488 a month mortgage on a 3 bed in the midlands.
It was £402 until we had to remortgage after fixed rate.
We’ve lived here 20 years, have around £60,000 left on mortgage.

edit to add: next door rent an identical house for £1250 - absolutely insane.

1600 for a 3 bed semi in NW

£2700 for five bed detached in SE

I know you probably want reassurance it's a normal ish amount as a couple of grand a month can seem a lot, but there are so many other factors to take into account it's impossible to compare.

Mine was rented £400 a month until 3 years ago and the landlord let me buy it outright.( 3 bed semi detached)
Number 1 daughter was paying £900 a month rent for 4 bed detached.. l also bought that for her from her landlord.
Daughter number 2 was paying £550 a month rent for 3 bed terrace with loft conversion .
I bought her a new 3 bed detached house.
I had my house adapted for my disabilities.. but now I'm going to sell and buy a bungalow out right.

I live in a cheaper part of the uk. 3 bed semi with a loft room, garden and driveway, nice area close to schools. £451 pm mortgage- fixed interest rate until 2026 when I expect it will be going up!

You did very well there.

The equally important question is how long do you have left.

Wow what a jump up. I feel your pain.

£563, but we’ve been hitting overpayments hard over the past eight years—it was £2200 in 2016.

We pay £1500 a month for a 6 bed, 15 mins from the coast in Cornwall. Sounds cheap but wages are low in this part of the country!

£680 3 bed semi in the NE. 8 years left to go…

£700 per month mortgage, 4 bed terrace in the south.

Currently renting a 3 bed private rent for £640

My last house was a 2 bed council for £314 a month. It was so cheap!

£1500 at 4% 14 years left, Northern England, I’m a single parent to a teenager. House much too big for us. 60% equity. My plan is to stay here until DC are of an age where they want to settle/buy. At that point I’ll downsize, buy a flat somewhere, go part time (will be 60’s) at work and give them a deposit. It’s just the two of us, no other family.

4 bed in Kent, current mortgage is £760 a month. Runs out in 2 years and hopefully we’ll get one more 5 year mortgage and that will be us done.

£995 for 2 bed house

@WitchyWay I think we're paying a little bit under market rent as it's a very dated house, one of those "needs modernisation" projects, but rental prices are not that high where we are, I think around £800pcm is typical (northern city). The jump to a mortgage is much bigger. We could probably afford to buy a similarly poor condition house but couldn't afford the extensive renovations.