Is this normal these days?

[rootsandwings89]

We are looking to upsize due to needing more family space and after looking at mortgage rates our monthly payments are set to double! We currently pay £930 but we are looking at payments of around £1800-£1900 once we move to a bigger place.

we are lucky enough to be able to afford it, just means less disposable/savings each month, but is this normal? Have others had to do this when upsizing or moving house??

OP, do budget for other costs to eg electricity and so on will all be much higher with more space.

Yes everything will be more expensive- council tax, repairs, decorating, utilities... we really regret buying a bigger home.

…and if it is going to cost you more than £500,000 factor in the 5% wealth tax being pushed by Burnham et al.

My mortgage is £1550 (when I complete in August) and i’m buying alone so one salary.

There is no one set 'normal'.
You need to look carefully at all the additional costs that a larger house would generate, look at your jobs and job security before you decide if it is worth it for you.
The prices of larger homes are generally falling more than less expensive homes. Are you on the market/sold yet?

The bills will be mahoosive and I'm not being precocious but you could end up paying a garden and window cleaner for example. Notwithstanding all of the above extras. Iykwim.

Not sure if it’s normal, but we’ll be doubling our mortgage when we upsize end of next month, going from £1k to £2k.

Lower figures but mine doubled from £500 to £1000 when we moved, so doubling seems normal.

I think it’s normal now. I think ours will go from £1200 to £2000 when we move

Big houses have big mouths!

Having said that, we pushed it when we were younger and had a fabulous home in which to raise our two DC. Now looking to downsize (when I sort out the attic!), and the money will be very useful to fund some of our retirement plans. It'll be nice to have spare cash!

When I moved from my first property to our second, the amount we were borrowing literally doubled.

When moving from property 2 to property 3, the amount we borrowed trebled.

Our last move was 25 years ago, but it seems like it is a fairly normal trajectory to me.

@ajandjjmum probably not big houses. Just the prices now an interest rates

Similar to us then!

Ours will go from £500 to £2000 based on the houses we have been looking at

Yup, this is why we're not moving.

We are selling a terraced property for £275k and buying a detached with a garage and outside space for £525k. The new house is no larger than the last, so we’re doubling our mortgage for more outside space. It seems mad but will be totally worth it.

Yep. We moved from a flat to a house (in the same area) and our payments changed from £1200 to £4000. The payments are taking a bit of getting used to. (London and we bought a 3 bed terrace not a mansion).

£4k? Christ. Where are you living?
You must be earning a wedge.

Our mortgage doubled on our upsize but then it cost more than double so to be expected I guess!

Yes it's normal. But it will be worth it to have the house you really want :)

Yes bigger houses cost more…
Not sure what the surprising part is.

Read the original post it might help you understand … thanks for the helpful reply though