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29/01/2014 at 13:50
just a pondering question really. How much are your mortgage repayments per month?
Ours is currently £580 per month but we are seriously considering having an extension done, which would take our repayments up to £638 per month. I still think this is a fairly reasonable amount in repayments per month.
Obviously you don't have to say how much you pay per month if you don't want to. Just a general question really.
29/01/2014 at 13:55
It's all relative to your income & outgoings isn't it? My monthly mortgage repayment is over double what you pay.
29/01/2014 at 14:01
What Belle says, it depends whether you could afford to up your payments.
We used to pay over £300 more than what we do now as we reduced the term loads but found it a real struggle so upped the term a bit then we came out of our fixed term and the payments dropped again due to the low interet rate.
29/01/2014 at 14:10
Thank you, yes it is all relative to incoming/outgoings. Our current mortgage is on a great rate of 2.5% which we plan to leave on that rate , but we are considering extending the term on this to 20 years (current term is 16 years left) and then take out the new mortgage over 20 years on a fixed rate of 2.79% (fixed for 4 years)
I know there is only one way the mortgage rates will go, but I'm hoping there won't be a huge increase immediately!!
29/01/2014 at 14:16
we jsut remortgaged and got a fixed rate that was lower than our old variable and now our mortgage is 395 pm
29/01/2014 at 14:19
29/01/2014 at 14:35
Belle mind sounds similar to yours. It makes me weep a bit but I know that we can afford it so I suppose that's all that matters really.
29/01/2014 at 14:41
I hate my house though lmp and we can't find anything we need without paying through the nose.
29/01/2014 at 14:51
Urgh well I bet that's just like salt in the wound then. Have you been in your current house for long?
29/01/2014 at 14:57
Ours is about 25% of our net income I reckon. We've got 18 years left to go though, bloody ages! Hopefully we can move in a year or two, as there's potential for house prices to rise around here with new transport links being put in at the mo so that would def help - almost pinning my hopes on it tbh as I hate this house and we will be struggling for space when baba arrives
29/01/2014 at 15:00
Almost 8 years. We've outgrown it (bought as a young childless couple with kids who visited every other weekend) we now have 2 teens sharing a bedroom with bunk beds and a 4yo in a box room. Our search is difficult as H works from home so needs rear access to his garage. We back onto railway lines so have no one behind us - it's perfect for him but there is nothing out there
29/01/2014 at 15:06
Our mortgage is about 3 times that, but that's because we put down a smaller deposit on our place to be able to keep hubby's house as a rented, so it's relative really. I thought they used to say no more than 30% net income, but I keep reading that lots of folk are forced to pay up to 50%, that would keep me awake at night :(
29/01/2014 at 15:17
Ours as a percentage is fine. At the moment. When I'm on SMP it's a different story. We can cope, but money will be tight.
Belle could you extend? Or do you not like the house enough to want to?
29/01/2014 at 15:26
we looked into it a few years back but the architect we employed said we wouldn't be able to go back or higher any further than the single storey that is already in place. To go into the loft we'd lose a room due to needing to move the staircase. However we're still in the same position a few years on so we're seriously thinking it may be our only option and to revisit it.
29/01/2014 at 15:32
Might be worth a second opinion. I guess it depends on how much it'll cost too.
29/01/2014 at 15:52
i pay £360 p/m
29/01/2014 at 16:30
More than double that, and until our other place is rented we're paying that almost twice but it's all relative, we're in the SE FWIW. I was very risk averse a few years ago and wanted the mortgage paid of ASAP, but now I look at it that it's cheap money so have maxed out the term to a)make it more affordable and b) allow us to save up a nest egg again, I don't mind being more exposed to the housing market but do hope we can pay it off before the retirement age it's currently up to. Worse case we sell and release the equity in the old house, but hopefully we can keep that as an investment if it's not too much agro.
29/01/2014 at 16:34
If you can afford the repayments at 4 - 4.5%, or could increase the term to do so of that happened then I'd be relaxed about it.
29/01/2014 at 16:48
Some of these morthly repayment figures could make me cry. I pay around £1k a month
29/01/2014 at 18:00
We pay about 3 times what you do cazzabob, though we do overpay slightly. I've never had a mortgage below £400 pm!
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