How much is your Mortage/Rent per month?

[arthurleung]

£540 (4 weeks) for a single room en-suite provided by college :S

My family's two bedroom flat (4 times the size of my en-suite) just 5 minutes from city center is only £600 (a month) in comparison. (The property owner didn't push up the rent for over 4 years already, which is nice)

I never understand why house price keep going up as such it cost a lot more to mortgage it and pay interest only than to rent it. And the mortgage lock you in pretty much till you're close to retiring.

[Zak33]

Hate to say it but the offset thing is you convincing yourself of false economies, offset mortgages are usually 1-2% higher than the best fix rate you can get, which means the amount you are offsetting in most cases doesn't account for the different in the rate.

Plus unless you are lucky you have a variable offset right?, not fixed rate, which again means you are probably getting killed on that too...

Do you own mortgage advice and don't follow the potential change to offset without seeing if it would work for you.

TiG

short term thinking there TiG my old mucker.

Fixed rates with good long terms are mainly bundled with tie ins and penalties, and even if it's only a coupel of grand tie in, it still null and voids the saving made.

I'm a variable rate man...live with the high's and lows. I had a fixed once...never again. I DID see benfits too...but the tie in lost me my dough again.

Offset accounts with higher rates are not alwaysa true either.

It's a "whole life cost" thing.

Example: I pay nearly £200 per year for my account! I am charged for having a personal account. With that, I get a load of weird stuff, some of which I don't use (personal phone number for wine shopping!!!)

But I get a proper rate on my variable rate, offset mortgage. The savings I made last quarter paid for the entire year of charges for the personal account, so the other three quarters will be benefit.
Then you get the proper help of someone human. So when I went to buy my house and it all went slow, between exchange and completion.... and I went self emplyed...... and Sair got a new job,......and then had to reapply for another job...and we moved into rented.... and finally I went back to PAYE over the course of 11 months, my motgage offer never faltered.

Moreover, I then gained travel insruance which I claimed my entire holiday back on late last year when Sair got ill just as she was pregnant with Zak Jr. THat was over £1000. I did'nt take out extra insurance for that....didn't need too. It's part of the deal.

So when looking at MoneySupermarket.com and all the others...be aware...the details on their site of my mortgage don't actually tie up, so the rest is prolly wrong too. It doesnt take into account the other benefits.
Granted, the good value out there is obvious (you've met Sair's brother in law...he knows mortgages, there's some good rates) and some of the fixed rates are superb.

But the reason they are fixed is....

well...we'll diuscuss it all in another 5 or 6 years

[malfunction]

Now that the missus is back at work (she went back to uni to retrain) we plough 80% of my salary into the mortgage which means it will be paid off in 2.5 years. My dad got us started on it as he left me some money which not wanting to waste I put straight onto the mortgage - a payment of ~20% of the mortgage took 7 years off the 22 years remaining at the time... After that we sat down and worked out exactly what we could pay if we really pushed ourselves and we upped the payment again when my wife started working again. Essentially we live in self enforced 'poverty' (we have enough money to pay the bills and eat well - at home - but very little else).

[badass]

Now that the missus is back at work (she went back to uni to retrain) we plough 80% of my salary into the mortgage which means it will be paid off in 2.5 years. My dad got us started on it as he left me some money which not wanting to waste I put straight onto the mortgage - a payment of ~20% of the mortgage took 7 years off the 22 years remaining at the time... After that we sat down and worked out exactly what we could pay if we really pushed ourselves and we upped the payment again when my wife started working again. Essentially we live in self enforced 'poverty' (we have enough money to pay the bills and eat well - at home - but very little else).

Thats good discipline but make sure you have some good times aswell!
Its too easy getting so focussed on sorting yourself out for later life that you forget to have fun on the way!

[Trash Man]

£930ish a month, that's with an extra £200 on top of what we have to pay. Saves us around £55000 in interest over the length of the mortage

[Koolpc]

No mortgage!! Finished it 3 years ago!!!!

[Gr44]

£100 at the moment.

I'm blessed with living with my rents for another year or two though... until I can save enough dough to move out!

[longshanks]

£1000+ at the mo.

[Zak33]

very good turn out for this poll

thanks to you all for joining in

[Funkstar]

How are the results compaired to poeples expectations?

On one hand i was expecting more really high ones, what with the cst of property these days, but then there are also a lot of students on here, so more affordable results could also be expected.

[kalniel]

Arse. I spoke too soon - just been served notice (under section 21.. ). Time to find a roof again

[CrimsonAvenger]

Ours is £1025 per month - 4 bed detached in reasonable area.

Two of us earning about 52k between us.

One of the children is now in full time work and contributes.

Our mortgage just went from 4.49 to 5.49 - ouch LOL.

[chriswood_7]

The average is now £35k.

The average across the whole of the UK is £28k last year.

AVERAGE £28k!?

I need a new job LOL

[tiggerai]

AVERAGE £28k!?

I need a new job LOL

You think you do... I work in Central London and I'm a few grand short of that, no wonder I'm struggling!

[Rev_Hill]

£1,280 a month, fixed rate repayments.

Celebrated last year when the mortgage went under £200k

Quite a big mortgage but have a lot of equity in the house as well.

REV

[Lucio]

Thus far, me and my other half have a reasonable mortgage, £406 a month repayment mortgage until the fixed term runs out in January. We were lucky really to go for a fixed rate given that the interest rate has nearly doubled since we took it out 18 months ago.


That said, when it does we'll probably be moving to an interest only deal for a while so we can borrow the money for the wedding until one of us gets a bit more income. Gonna be a killer with interest rates being the way they are.