How much are your monthly mortgage payments?
15 October 2007, 09:58 PM
#1
Scooby Regular
Thread Starter
iTrader: (1)
Join Date: Aug 2005
Posts: 1,162
Likes: 0
Received 0 Likes
on
0 Posts
How much are your monthly mortgage payments?
Sorry if this sounds like i'm being nosey or personal but how much do you pay each month on your mortgage.
Reason being is we're just about to buy a new house for £240,000. We've been in our first place for 10 months but want something bigger. Our mortgage payments are going to be £1450 a month.
Its interest and capital and yes we can afford it but is this a lot of money to pay on a mortgage each month?
Reason being is we're just about to buy a new house for £240,000. We've been in our first place for 10 months but want something bigger. Our mortgage payments are going to be £1450 a month.
Its interest and capital and yes we can afford it but is this a lot of money to pay on a mortgage each month?
Last edited by paulg1979; 15 October 2007 at 10:00 PM. Reason: spelling
15 October 2007, 10:00 PM
#2
Scooby Regular
Join Date: Oct 2003
Location: Runway two seven right.
Posts: 6,652
Likes: 0
Received 0 Likes
on
0 Posts
Sorry if this sounds like i'm being nosey or personal but how much do you pay each month on your mortgage.
Reason being is i'm just about to buy a new house for £240,000. I've been in my first place for 10 months but want something bigger. My mortgage payments are going to be £1450 a month.
Its interest and capital and yes I can afford it but is this a lot of money to pay on a mortgage each month?
Reason being is i'm just about to buy a new house for £240,000. I've been in my first place for 10 months but want something bigger. My mortgage payments are going to be £1450 a month.
Its interest and capital and yes I can afford it but is this a lot of money to pay on a mortgage each month?
HTH.
15 October 2007, 10:05 PM
#4
Scooby Regular
Join Date: Mar 2004
Posts: 3,574
Likes: 0
Received 0 Likes
on
0 Posts
The French use a 33% rule, and IMHO its a good idea. If the payments are more than 33% of your monthly income then you are running into trouble. I guess a lot of people in the UK will be way over the 33%.
15 October 2007, 10:05 PM
#5
Scooby Senior
Join Date: Mar 2003
Location: Next door to the WiFi connection
Posts: 16,293
Likes: 0
Received 0 Likes
on
0 Posts
1/3 of my monthly income goes on the mortgage payments....
Not inc
NTL, Council Tax, Pensions, Loan, TV license etc
It doesnt half add up. Worked out earlier what I pay in direct debits and almost fainted
Not inc
NTL, Council Tax, Pensions, Loan, TV license etc
It doesnt half add up. Worked out earlier what I pay in direct debits and almost fainted
15 October 2007, 10:06 PM
#6
Scooby Regular
Join Date: Jun 2000
Location: South Wales
Posts: 4,216
Likes: 0
Received 0 Likes
on
0 Posts
All relative to income really isn't it? 
What may seem mad to one may seem affordable to another.
I was paying just over a grand a month a couple of years ago and wouldn't do it again as it stretched things a bit too tight for my liking. Sold up and all is good now though
Dave
What may seem mad to one may seem affordable to another.
I was paying just over a grand a month a couple of years ago and wouldn't do it again as it stretched things a bit too tight for my liking. Sold up and all is good now though
Dave
Trending Topics
15 October 2007, 10:11 PM
#8
Scooby Regular
Join Date: Mar 2007
Location: Yellowbellyland
Posts: 515
Likes: 0
Received 0 Likes
on
0 Posts
£0/month
After a few years of struggling to pay double payments and then getting redundancy in march 2006 we finished the mortgage last summer.
Have been tempted with buying a second property to let out but at the moment we are enjoying building our savings again and the flexability allowed me to but the Scoob that I knew was a now or never decision!!
Cheers
AC
After a few years of struggling to pay double payments and then getting redundancy in march 2006 we finished the mortgage last summer.
Have been tempted with buying a second property to let out but at the moment we are enjoying building our savings again and the flexability allowed me to but the Scoob that I knew was a now or never decision!!
Cheers
AC
15 October 2007, 10:11 PM
#9
Scooby Regular
Thread Starter
iTrader: (1)
Join Date: Aug 2005
Posts: 1,162
Likes: 0
Received 0 Likes
on
0 Posts
I think we'll probably be around the 33% mark. I have no debts. All loans and credits cards are paid but just worry that direct debits are going to build and before I know it i'll be skint
15 October 2007, 10:21 PM
#12
Scooby Senior
Join Date: Mar 2003
Location: Next door to the WiFi connection
Posts: 16,293
Likes: 0
Received 0 Likes
on
0 Posts
Suppose it all depends on your lifestyle too. 33% of say £800 adding other bills on top doesnt really give you much playdoh does it. 33% of £8000 gives you a playdoh factory
15 October 2007, 10:21 PM
#13
Scooby Regular
Join Date: Jun 2000
Location: South Wales
Posts: 4,216
Likes: 0
Received 0 Likes
on
0 Posts
15 October 2007, 10:24 PM
#14
Scooby Regular
iTrader: (2)
Join Date: May 2000
Location: Class record holder at Pembrey Llandow Goodwood MIRA Hethel Blyton Curborough Lydden and Snetterton
Posts: 8,626
Likes: 0
Received 0 Likes
on
0 Posts
To the OP, 1450 form 4k is OK, its the fiancee bit that may be a bit alarming. Do you have kids? 5 years from now you might have, and if the wife needs to work to keep up the repayments, also factor in £1k per month per child nursery fees - or finding 1450 from a lot less than 4k if she stays at home
15 October 2007, 10:27 PM
#15
Scooby Regular
Join Date: Jun 2001
Posts: 8,021
Likes: 0
Received 0 Likes
on
0 Posts
To the OP, 1450 form 4k is OK, its the fiancee bit that may be a bit alarming. Do you have kids? 5 years from now you might have, and if the wife needs to work to keep up the repayments, also factor in £1k per month per child nursery fees - or finding 1450 from a lot less than 4k if she stays at home
15 October 2007, 10:31 PM
#16
Scooby Senior
Join Date: Mar 2003
Location: Next door to the WiFi connection
Posts: 16,293
Likes: 0
Received 0 Likes
on
0 Posts
To the OP, 1450 form 4k is OK, its the fiancee bit that may be a bit alarming. Do you have kids? 5 years from now you might have, and if the wife needs to work to keep up the repayments, also factor in £1k per month per child nursery fees - or finding 1450 from a lot less than 4k if she stays at home
Rent its cheaper when you split nowadays
15 October 2007, 10:40 PM
#18
Scooby Regular
Thread Starter
iTrader: (1)
Join Date: Aug 2005
Posts: 1,162
Likes: 0
Received 0 Likes
on
0 Posts
To the OP, 1450 form 4k is OK, its the fiancee bit that may be a bit alarming. Do you have kids? 5 years from now you might have, and if the wife needs to work to keep up the repayments, also factor in £1k per month per child nursery fees - or finding 1450 from a lot less than 4k if she stays at home
15 October 2007, 10:44 PM
#19
Scooby Regular
iTrader: (2)
Join Date: May 2000
Location: Class record holder at Pembrey Llandow Goodwood MIRA Hethel Blyton Curborough Lydden and Snetterton
Posts: 8,626
Likes: 0
Received 0 Likes
on
0 Posts
Sounds like a good plan 
Enjoy DINKYness for as long as her biological clock can cope with
Enjoy DINKYness for as long as her biological clock can cope with
15 October 2007, 10:46 PM
#20
Scooby Senior
Join Date: Mar 2003
Location: Next door to the WiFi connection
Posts: 16,293
Likes: 0
Received 0 Likes
on
0 Posts
15 October 2007, 10:50 PM
#22
Scooby Regular
Join Date: Dec 2002
Location: Couch Spud
Posts: 9,277
Likes: 0
Received 0 Likes
on
0 Posts
current mortgage is around 900 a month (including insurance) and is a repayment one
it is a struggle, but when I bought the house I was on considerably more money than I am now after a redundancy nearly 2 years ago
it is a struggle, but when I bought the house I was on considerably more money than I am now after a redundancy nearly 2 years ago
15 October 2007, 10:56 PM
#24
Scooby Regular
Join Date: Sep 2001
Location: Kingston ( Surrey, not Jamaica )
Posts: 4,670
Likes: 0
Received 0 Likes
on
0 Posts
...and when she says having 2 is no more expensive than 1 , she's lying through her teeth
.Oh, and have all the good holidays *now* , being constrained to school holidays is a fapping nightmare
15 October 2007, 11:00 PM
#25
Scooby Regular
Join Date: Apr 2007
Posts: 2,108
Likes: 0
Received 0 Likes
on
0 Posts
As your mrs only earns £250 a month (12 x 4k Minus your 45k) her loss of income wouldn't be noticed.
When you earn over 3.5k a month, kids don't cost anything really to raise. Just don't go paying a grand a month on child care so the mrs can go back to her £250 a month job!!!
When you earn over 3.5k a month, kids don't cost anything really to raise. Just don't go paying a grand a month on child care so the mrs can go back to her £250 a month job!!!
16 October 2007, 08:09 AM
#28
Scooby Regular
iTrader: (22)
Join Date: May 2006
Location: Doncaster, S. Yorks.
Posts: 21,415
Received 0 Likes
on
0 Posts
me and my mrs paying my mortgage (gonna get her name on in the new year)...
£404 a month (approx £1900 bring home between us)
thing is though i have maybe another 20k of debt then several store cards etc, so we struggle most months, but i wont sell my car, i sacrifice other things
gonna re-mortgage new year and clear most of my/our debt, and have a bigger mortgage. some equity in the house now after 2.5 years of the mortgage, and im only 23, so loads of life to pay one off yet
£404 a month (approx £1900 bring home between us)
thing is though i have maybe another 20k of debt then several store cards etc, so we struggle most months, but i wont sell my car, i sacrifice other things
gonna re-mortgage new year and clear most of my/our debt, and have a bigger mortgage. some equity in the house now after 2.5 years of the mortgage, and im only 23, so loads of life to pay one off yet
16 October 2007, 08:14 AM
#29
Scooby Regular
Join Date: Jul 2002
Location: Surrey/London borders.
Posts: 8,300
Likes: 0
Received 0 Likes
on
0 Posts
Our mortgage is £870 per month between the Mrs and me.
We have an average joint monthly income of about £4500 but seem to blow much of it!
My love of old Mercs that do 10mpg doesn't help
We have an average joint monthly income of about £4500 but seem to blow much of it!
My love of old Mercs that do 10mpg doesn't help
