A bit noisy but wondered what amount people pay on their mortgage

Amitoocautious

Hi, I am a newie here though a lurker for some time and we recently got married and are currently renting. However, we are thinking of buying a house as want children soon and i worry that the sort of mortgage we would need to take on is over 1k a month. Everyone i know pretty much at work and stuff bought their house a few years back when house prices werent so mental and they have 100k mortgages tops. Basically pay around £500 a week which is nice! Anyway we earn almost 80k a year between us and have no debt but i dont want an abnormally sized mortgage and not be able to afford it when we have kids.

So i guess i am asking what other moneysavers think is acceptable and what they have?

leftieM

I would have thought 1k a month was very easy on your salary! We pay £550 a month on an income of 25.5k with child benefit on top. We are a family of 2 kids and I'm a full time mother at the moment. We're moving to a house where we'll pay £650 a month and we'll fund the move by reducing the amount we save every month until I go back to work.
80k a year? You're laughing!

foiled

We earn about 90k per year, and recently took out a mortgage for 270k (property value 450k), at £1600 per month. Current repayments are easily manageable, and fixed for 5 years.

Amitoocautious

Well we currently pay 675 a month renting but i guess when you are down to one salary it comes to about 2000k a month (after paying London train fares) and if you mortgage and bills come to over 1300 a month then that leave that much for kids stuff and putting something aside. Maybe i am a bit crap with money which is why i am on here i guess

hopefulfooluk

I pay £800 a month on a mortgage of 116k and when I took it out I was earning 27k.

TJ27

We currently pay about £360 a month. That's a repayment type and includes buildings and contents insurance. My wife doesn't work and I am part time, earning about 12k I think. (Or it might be a little bit more than that now. I'm not really sure.)

Oh yes, and we've got two kids.

leftieM

I presume that doesn't include TCs TJ27? I included that in our income above I must admit.
Now I'm the nosey one!!

TJ27

You're quite correct, I must admit that we do quite well out of TCs. I don't think even the revenue quite believed that we were entitled to so much, because they sent two inspectors around the house to check up. Trust me, they went through our finances with a fine tooth comb and decided that we are indeed entitled to a sum which more or less pays the mortgage! Lucky us I guess. Ah well, their rules, not mine.

worriedfirsttimebuyer

Got quite a new mortgage for 108k. Pay £580 a month between us.
Managing fine.

benood

Depends whether you will only have one income after children arrive. On £40k say I would have thought £1k pcm would be affordable but perhaps not leave room for much fun - If you only lose £20k rather than £40K then £1k pcm would be fine.

Rachman_2

Mortgage costs us £3.1X a month base case (18 year term) - overpayments round that up to £7X a month - as it won't be an 18 year term.....

mortgage multiple is just about 1.7 times joint income