What are peoples Mortgage repayments??

cmcm789 · 01-08-2005, 13:34

I was just wondering what peoples mortgages where. Someone in another thread has just posted saying they can't afford a mortgage as they are only on a joint income of £40k.

I am now left wondering if i have over stretched, as i got a mortgage 2 years ago, on my own of £88k and i was on £22k at the time!!

My repayments now are approximately 35% of my monthly take home pay.

JD

Goochie · 01-08-2005, 13:37

Ahem.... 43%

cmcm789 · 01-08-2005, 13:40

Quote:

Originally Posted by Goochie

Ahem.... 43%

Of your own income or a joint income??

Its not accurate, because someone could be earning shed loads, and 80% would leave them with a few grand left over (not likely though), but i wonder if there is an average percentage.

JD

Goochie · 01-08-2005, 13:42

Quote:

Originally Posted by cmcm789

Of your own income or a joint income??

Its not accurate, because someone could be earning shed loads, and 80% would leave them with a few grand left over (not likely though), but i wonder if there is an average percentage.

JD

There will be an average, it'll be realted to the maximum 4.1x salary that any reasonable bank will offer you.

philc · 01-08-2005, 13:43

About 10%. And I should clear it in 3 years time.

Whoopee!

Phil

***ncarring*** · 01-08-2005, 13:50

Been there - 0%

In practice, salaries go up fast enough to make it fairly safe if you're young when you take out the mortgage. The big killer could be if interest rates go back up - your payments could double easily, given the current low rates.

Goochie · 01-08-2005, 13:54

I'm a firm believer in the Richard Branson school of investment. If you dont take any risks you'll never get anywhere.

RobClubley · 01-08-2005, 13:57

Ours is quite expensive for a small house - but then again it's only a ten year mortgage. It used to be nearly a grand a month but it was a six year mortgage

lozgti · 01-08-2005, 14:05

Quote:

Originally Posted by ncarring

Been there - 0%

In practice, salaries go up fast enough to make it fairly safe if you're young when you take out the mortgage. The big killer could be if interest rates go back up - your payments could double easily, given the current low rates.

What is very worrying is that £25,000 plus is a reasonably good salary.I think the national average is a about £20k.Although people will lend four five and six times your salary over a longer period it is still a scary prospect.

£25,000 would have got you a £75k mge over 25 years.That of course not much help when the average house price is about £160,000 for three bed detatched

You need to be earning about £50,000 plus

Unfortunately salaries round here have not kept pace and in fact are nowhere near keeping pace

Seems to be investors buying all the houses

Interest at only 4% ish is nothing.As Nick says,if interest rates go up it would be a real problem.I think they were up to about 15%early nineties.Even a smidgen increase of 1 or 2% would cripple an awful lot of people even now.People having to try and keep up with a mad housing market

Oh well.....17 years left for me

cmcm789 · 01-08-2005, 14:14

I think the latest climate seems to have put a definite hold on interest rates. It may be possible that they will go down slightly over the next few months before they stabilise.

I hope they don't drop too much, ive just signed up to another 2 years at a fixed rate!!

ScoobyChris · 01-08-2005, 14:18

My mortgage is solely in my name and costs me 30% of my salary (after tax) a month

Chris

Chavyboy · 01-08-2005, 14:34

Also remember you mortgage repayment might be £400 per month but then you have to add on insurances like Life insurance and mortgage protection etc. Soon bumps it up.

Goochie · 01-08-2005, 14:44

ahh yes, the payment level I voted on above includes payment protection/life insurance.

KentStu · 01-08-2005, 14:54

Mine was at 33% of my monthly income (after tax) but is going up to approximately 50% in the next few weeks to pay for a large extension that we are having done. Doesn't really mean a lot though since the reason it is so much is that i've chosen to pay it off ASAP - so will all be paid off in 7 years time

Johnnyc · 01-08-2005, 15:05

I read somewhere that you should'nt be paying more than 1/3 of your income for a mortgage. I'm paying 25% but I still find it hard to avoid the credit once in a while.

MikeF · 01-08-2005, 15:08

Our mortgage payments are about 20% a month, i'm going to be increasing my payments to about 35% a month and saving myself some money, i'll be buying a new house and putting things like the skodi finance on the mortgage to afford the new house. I have been offered a mortgage up to seven times my salary!!!!!!!!!

ScoobyChris · 01-08-2005, 15:26

Quote:

Originally Posted by MikeF

I have been offered a mortgage up to seven times my salary!!!!!!!!!

We were told there was no limit by our IFA ... we soon ditched him

There was a thing a year or two ago about being able to self-certify that you could afford a mortgage, but I forget the details....

Chris

Goochie · 01-08-2005, 15:29

My choice of mortgage provider was based solely on the ability to borrow as much money as possible. Abbey had the greatest salary multiples so we went with them

peteRS · 01-08-2005, 15:40

I had tiny mortgage (£250/month)and the thing would have been paid in 6yrs but separated from my wife,now have a maximum mortgage and will be paid when I am 65 allegedly,can always downsize house if the pain gets too great! Will downsize the house if necessary but the toys stay!

cmcm789 · 01-08-2005, 16:12

Quote:

Originally Posted by Goochie

My choice of mortgage provider was based solely on the ability to borrow as much money as possible. Abbey had the greatest salary multiples so we went with them

My first mortgage was with First Trust (N Ireland only). They were the only lender to offer me 4X salary and a 100% mortgage (as i had no deposit)

I did get screwed on the rates, but i had no choice and don't regret it one minute. Now, 2 years later I'm changing, and only have to borrow 80% (rise in house price) and am getting a few k back for my wedding, and i get to pay about £35 less per month.

I would have reduced the term and kept the same payment, but with the wedding and all, i don't want to live beyond my means.

JD

Moose · 01-08-2005, 16:18

I haven't even started yet! You lot keep shocking me I tell ya.

KentStu · 01-08-2005, 17:28

Quote:

Originally Posted by Johnnyc

I read somewhere that you should'nt be paying more than 1/3 of your income for a mortgage. I'm paying 25% but I still find it hard to avoid the credit once in a while.

The actual % is pretty irrelevant since it depends on what sort of salary you actually have and what sort of other outgoings you have. I've always gone on the basis of looking at salary deducting what amount I can live on and the rest Im happy to pay as a mortgage payment

A high % works for me since in general terms we aren't a big spending family, we don't have any other credit or loans and I hate being in debt - hence happy to pay off the mortgage ASAP.

Octygone · 01-08-2005, 17:37

We are really struggling with our mortgage.....dont know how we manage to keep payng it.......that £87 really takes a wedge out of our wages

**VRStu** · 01-08-2005, 18:58

It was in the paper today that rates should fall this month.

logiclee · 01-08-2005, 19:16

£44k salary, wife earns £6k so £50k joint income.

Mortgage of £59k. I'm currently paying £600 a month to finish it early. I think I have about 8 years to go at the current payments and interest rates.

Got screwed with an endowment policy though.

Cheers
Lee

View Poll Results: How much is your mortgage/ month?
No mortgage (Jammy barsteward)	13	11.82%
Less than £100	2	1.82%
£100 to £200	3	2.73%
£200 to £300	10	9.09%
£300 to £400	15	13.64%
£400 to £500	21	19.09%
£500 to £600	13	11.82%
£600 to £700	5	4.55%
£700 to £800	11	10.00%
More than £800 (insanity!!)	17	15.45%
Voters: 110. You may not vote on this poll

01-08-2005, 13:34	#1
cmcm789 Briskodian Join Date: Oct 2004 Location: Northern Ireland Posts: 965 Members Car: Octy Elegance 110 TDI (2003) Thanks: 0 Thanked 0 Times in 0 Posts	What are peoples Mortgage repayments?? I was just wondering what peoples mortgages where. Someone in another thread has just posted saying they can't afford a mortgage as they are only on a joint income of £40k. I am now left wondering if i have over stretched, as i got a mortgage 2 years ago, on my own of £88k and i was on £22k at the time!! My repayments now are approximately 35% of my monthly take home pay. JD __________________ Octy Elegance TDI (110bhp)

01-08-2005, 13:43	#5
philc Briskodian Join Date: Nov 2002 Location: Not far from some places, but a long way from others. Posts: 3,378 Members Car: Vauxhall Signum 3.0 V6 CDTi Thanks: 2 Thanked 27 Times in 26 Posts	About 10%. And I should clear it in 3 years time. Whoopee! Phil __________________ "A good diesel, like a good whisky, should be strong, smooth and slightly smokey" <--respectful gap-->

01-08-2005, 13:50	#6
*ncarring* Don't talk, drive! Join Date: Feb 2003 Location: The B roads of Britain Posts: 12,965 Members Car: 1983 Porsche 928S / 1972 MGB GT Thanks: 17 Thanked 96 Times in 79 Posts	Been there - 0% In practice, salaries go up fast enough to make it fairly safe if you're young when you take out the mortgage. The big killer could be if interest rates go back up - your payments could double easily, given the current low rates. __________________ Nick North Wiltshire RoADAR

01-08-2005, 13:57	#8
RobClubley Midnight Mod! Join Date: Jun 2004 Location: Aotearoa - land of the long white cloud Posts: 7,047 Members Car: 2004 Octavia vRS Estate Images: 1 Thanks: 155 Thanked 161 Times in 134 Posts	Ours is quite expensive for a small house - but then again it's only a ten year mortgage. It used to be nearly a grand a month but it was a six year mortgage __________________ Corrida Red 2004 Octavia vRS Estate - It's the bestest Skoda in New Zealand! Whaia te mātauranga, whaia te māramatanga - Pursue knowledge, pursue the wisdom of knowledge www.pimpmyskoda.co.uk www.clubley.org Facebook

01-08-2005, 13:37	#2
Goochie Briskodian Join Date: Jan 2004 Location: Up a tree. Posts: 12,363 Members Car: Thanks: 7 Thanked 27 Times in 25 Posts	Ahem.... 43%

01-08-2005, 13:54	#7
Goochie Briskodian Join Date: Jan 2004 Location: Up a tree. Posts: 12,363 Members Car: Thanks: 7 Thanked 27 Times in 25 Posts	I'm a firm believer in the Richard Branson school of investment. If you dont take any risks you'll never get anywhere.

01-08-2005, 14:14	#10
cmcm789 Briskodian Join Date: Oct 2004 Location: Northern Ireland Posts: 965 Members Car: Octy Elegance 110 TDI (2003) Thanks: 0 Thanked 0 Times in 0 Posts	I think the latest climate seems to have put a definite hold on interest rates. It may be possible that they will go down slightly over the next few months before they stabilise. I hope they don't drop too much, ive just signed up to another 2 years at a fixed rate!! __________________ Octy Elegance TDI (110bhp)

01-08-2005, 14:18	#11
ScoobyChris Briskodian Join Date: Mar 2003 Location: Andover Posts: 18,198 Members Car: Fiat Panda Thanks: 15 Thanked 337 Times in 290 Posts	My mortgage is solely in my name and costs me 30% of my salary (after tax) a month Chris __________________ Holding up the traffic in a little Italian..........

01-08-2005, 14:34	#12
Chavyboy Proud Dad Join Date: Jan 2004 Location: Darkest Deepest Peterborough Posts: 3,785 Members Car: Fabia vRS, Seicento SXi Thanks: 0 Thanked 0 Times in 0 Posts	Also remember you mortgage repayment might be £400 per month but then you have to add on insurances like Life insurance and mortgage protection etc. Soon bumps it up. __________________ 2004 '54' Citroen Picasso 1.6 16v Desire HDI in Wicked Red 2004 '54' Vauxhall Corsa 1.3 CDTI Energy Ex Skoda owner

01-08-2005, 14:44	#13
Goochie Briskodian Join Date: Jan 2004 Location: Up a tree. Posts: 12,363 Members Car: Thanks: 7 Thanked 27 Times in 25 Posts	ahh yes, the payment level I voted on above includes payment protection/life insurance.

01-08-2005, 14:54	#14
KentStu Briskodian Join Date: Jan 2003 Location: Canterbury, Kent Posts: 1,906 Members Car: Yellow Octy RS Thanks: 4 Thanked 1 Time in 1 Post	Mine was at 33% of my monthly income (after tax) but is going up to approximately 50% in the next few weeks to pay for a large extension that we are having done. Doesn't really mean a lot though since the reason it is so much is that i've chosen to pay it off ASAP - so will all be paid off in 7 years time __________________ Stu Yellow Octy RS & '58 Morris Minor Tourer Owner .......... not a hairdresser

01-08-2005, 15:05	#15
Johnnyc Briskodian Join Date: Jul 2005 Location: Northern Ireland Posts: 3,193 Members Car: MkV Golf 1.9 TDI Thanks: 0 Thanked 4 Times in 4 Posts	I read somewhere that you should'nt be paying more than 1/3 of your income for a mortgage. I'm paying 25% but I still find it hard to avoid the credit once in a while.

01-08-2005, 15:08	#16
MikeF Briskodian Join Date: Apr 2005 Location: north west uk (bury) Posts: 1,337 Members Car: Thanks: 54 Thanked 37 Times in 28 Posts	Our mortgage payments are about 20% a month, i'm going to be increasing my payments to about 35% a month and saving myself some money, i'll be buying a new house and putting things like the skodi finance on the mortgage to afford the new house. I have been offered a mortgage up to seven times my salary!!!!!!!!!

01-08-2005, 15:29	#18
Goochie Briskodian Join Date: Jan 2004 Location: Up a tree. Posts: 12,363 Members Car: Thanks: 7 Thanked 27 Times in 25 Posts	My choice of mortgage provider was based solely on the ability to borrow as much money as possible. Abbey had the greatest salary multiples so we went with them

01-08-2005, 18:58	#24
VRStu Txt Spk Police Join Date: Dec 2004 Location: Hampshire Posts: 20,856 Members Car: Audi S3 Thanks: 145 Thanked 999 Times in 895 Posts	It was in the paper today that rates should fall this month. __________________ Stu Stu's Websites - http://www.fabia-vrs.com & http://www.octavia-vrs.com Stu's Car - 2008 Audi S3 - Ibis White, Black Optics Pack, Privacy Glass, Auto Bi Xenon Headlights, Rain Sensing Wipers, Bose Sound System, Ipod Prep, GSM Phone Prep, Flat Bottom Multi Function Steering Wheel, Electric Folding Mirrors, Acoustic Parking, Cruise Control, Interior Light Pack, Non Smokers Pack. SWMBO's Car - 2008 Seat LEON TDi Stylance, Black Magic, Sports Pack, Rear Parking Sensors. Something for Weekend - A Patio

01-08-2005, 15:40	#19
peteRS Briskodian Join Date: Jun 2005 Location: North East England Posts: 106 Members Car: Thanks: 0 Thanked 0 Times in 0 Posts	I had tiny mortgage (£250/month)and the thing would have been paid in 6yrs but separated from my wife,now have a maximum mortgage and will be paid when I am 65 allegedly,can always downsize house if the pain gets too great! Will downsize the house if necessary but the toys stay! __________________ Mk I Octavia vrs Other toys include 1994 BMW M3 coupe Kawasaki ZRX 1200s

01-08-2005, 16:18	#21
Moose Briskodian Join Date: Jan 2005 Location: I'm a monkey from outer space, woooooooo ahhhhhhhhh hehe hooohaa Posts: 4,938 Members Car: None Thanks: 0 Thanked 9 Times in 9 Posts	I haven't even started yet! You lot keep shocking me I tell ya. __________________ Sunlight Silver MX-5 1.8 Sport

01-08-2005, 17:37	#23
Octygone Old Git Join Date: Oct 2004 Location: Wiltshire Posts: 6,828 Members Car: Octavia II tdi ..for now Thanks: 182 Thanked 116 Times in 75 Posts	We are really struggling with our mortgage.....dont know how we manage to keep payng it.......that £87 really takes a wedge out of our wages __________________

01-08-2005, 19:16	#25
logiclee Briskodian Join Date: Nov 2003 Location: Notts, UK Posts: 787 Members Car: Octavia TDi Elegance, Fabia TDi Comfort Thanks: 0 Thanked 1 Time in 1 Post	£44k salary, wife earns £6k so £50k joint income. Mortgage of £59k. I'm currently paying £600 a month to finish it early. I think I have about 8 years to go at the current payments and interest rates. Got screwed with an endowment policy though. Cheers Lee __________________ Another Ex-Scooby owner. Mondeo TDCi 130 6 Speed Ghia, Octavia 1.9TDi Elegance (Now Sold), Fabia 1.9TDi Comfort and Felicia 1.9D GLi

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What are peoples Mortgage repayments??

What are peoples Mortgage repayments??

View Poll Results: How much is your mortgage/ month?