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?!

348 P/M rent
1 bed ground floor flat with large communal garden
Nice area ( rarity in the NW 🥸)

I'm on good money and pay £1400 a month mortgage on my two bed flat in South London. But I resent paying £330 on top in service charges when the "estate" is quite neglected.

I'm selling it anyway. It's joint owned by my ExH and we're both desperate to offload not least because the lease needs extending and that blasted SC bill. I'll go into rentals for a few years then hopefully buy near my parents in the East Midlands where I can buy a house on my own. Renting in the areas I'm interested in, in South London, is about £1700 a month for a two bed place. ExH is moving to Waltham Forest, expecting to pay about £1400 a month.

Oh and I rent a garage from the council at £45 a week. Hopefully getting rid of that too soon.

SE tiny 2 bed house rent £1200 pcm

I wasn't really looking at affordability as appreciate we all vary in age, income, location and mortgage term. Was just after a general guage on how much people are paying for housing at the moment.

But still 'how much people are paying for housing at the moment' will vary from nothing to thousands of pounds a month.

We are mortgage free but even when we had a mortgage it was never more than £400 pm, to add to your gauge of housing costs.

We were paying £700pm, but we've increased the borrowing to do an extension which means we're now paying £1640pm. Due remortgage in March next year so will start looking at options September time. Am hoping the interest rates do reduce slightly then as are predicted.

Currently my average rate is 4.2%

£1000 a month but we overpay and currently pay £1500. Low fixed rate ends next year

Our mortgage is £1699pm for a 3 bed terrace in SE London. We have a 30 year term but we overpay each month to bring the total to £1850pm, which is roughly how much we’d have paid for a 25 year term. Still on low rates for another 2 years.

£590 currently, 25 yrs and £140,000 left to go, 3 bed modern townhouse on the edge of a large city. Just locked in our remortgage rate for later in year, best rate we can get is 4.6% which increases it to £780- ish monthly. A fairly big rise but we can just about swallow with the end of our nursery fees

£1150 mortgage for a 3 bed semi in the NW. It's going to go up to £1500 when we remortgage in December.

We're looking to move and that would be around £1800-2000 a month.

£1850 pcm. @ 4.09%. 3Bed in Southeast..
quite high %, but hopefully salary will rise.

man, now I'm worried. Our new mortgage is going to be about £3200 pcm.

❤️ because there is no sympathy button

eh, it's still less than 25% of our take home so it's prob ok and hopefully rates will go down in 2 years. I am guessing I'll lose that sympathy now...

No you still have my sympathy at such a high mortgage. You earn big and spend big, but the risk is also big if one or both of you end up earning significantly less due to some health crisis or other event.

If one of us can't work for whatever reason the other can comfortably cover our bills. We also have income protection insurance which covers this exact scenario and life insurance which would pay off the mortgage if one of us dies. On top of that I have a significant trust in the US that would cover our bills for the rest of our lives if and when we decided not to work. Tbh, I am much more worried about nuclear war and climate change than I am about not being able to afford our mortgage.

£2800 a month between me and DP for our house in outer London 😩

Yes, I understand that, but it's still what I was interested in 😊

Currently £600 pm. Planning to move and increase mortgage, but have a big mental block at anything that will take me over £1k a month. I've owned long enough to be at a very low LTV.

£1278, about 27% of take home. Wales valleys

it’s higher than I’d like but here we are!

Tragedy can happen to any household, even a humble mortgage can become unaffordable with unforeseen circumstances. We're definitely taking on risk but equally we know if need be, we can downsize. You can't always plan ahead like that with the property market. And some risks pay off!

Appreciate not everyone wants or can take on risks though.

£1900pm on 5.21% fixed for 5 years. Just started this month.

4 bed semi in Essex at 95% LTV

Or you can get income protection to mitigate the risk.

Why do you have a mortgage?