What % of your take home pay do you spend on your mortgage?
Discussion
23.57% to be exact, hopefully will be reducing in a few months but will overpay and keep the payment the same. Currently it appears we hardly pay anything off of the actual balance, it is quite depressing having the mortgage on my mobile app so I can see how little we actually deduct each month!
Did 40-50% of our joint salaries for 9 years and that was on a 25 year term without any overpayments.
0% for the past few years, but as I'm still finding ways to spend my take home am considering moving and taking out another small mortgage of 20-25%.
0% for the past few years, but as I'm still finding ways to spend my take home am considering moving and taking out another small mortgage of 20-25%.
Edited by 1ians on Wednesday 8th July 21:49
lukefreeman said:
What's a mortgage?
Congrats on clearing all your debt 13 yrs early, lukefreeman in another thread said:
Before I get the replies stating “Ask Sarnie” (Which will happen in due time, don’t worry!), I want to see if anyone else has done something similar before:
We live in house 1, Value £115k, 25% in it, 8 months away from the end of our fixed term deal. £650 a month for the remaining term 13 years, 8 months.
Believe we could rent this for £450-500 PCM.
Seen house 2, value £180k, could put down 15% from our available savings. Move into this house.
The question is, can we get a mortgage on the second house? Can afford topping up the 1st house payments until November, then do I re-mortgage as a buy to let, increasing the term to 25 years, so that the repayments are less than the rent income? Or do I remortgage now? (Can I remortgage house 1 now, as I’m in middle of fixed term?)
P.S. I don't see house 1 as an income stream........more a savings pot. (Idea would be to get 80% value in it, then remortgage and stick 40% into another etc.
We live in house 1, Value £115k, 25% in it, 8 months away from the end of our fixed term deal. £650 a month for the remaining term 13 years, 8 months.
Believe we could rent this for £450-500 PCM.
Seen house 2, value £180k, could put down 15% from our available savings. Move into this house.
The question is, can we get a mortgage on the second house? Can afford topping up the 1st house payments until November, then do I re-mortgage as a buy to let, increasing the term to 25 years, so that the repayments are less than the rent income? Or do I remortgage now? (Can I remortgage house 1 now, as I’m in middle of fixed term?)
P.S. I don't see house 1 as an income stream........more a savings pot. (Idea would be to get 80% value in it, then remortgage and stick 40% into another etc.
MajorProblem said:
lukefreeman said:
What's a mortgage?
Congrats on clearing all your debt 13 yrs early, lukefreeman in another thread said:
Before I get the replies stating “Ask Sarnie” (Which will happen in due time, don’t worry!), I want to see if anyone else has done something similar before:
We live in house 1, Value £115k, 25% in it, 8 months away from the end of our fixed term deal. £650 a month for the remaining term 13 years, 8 months.
Believe we could rent this for £450-500 PCM.
Seen house 2, value £180k, could put down 15% from our available savings. Move into this house.
The question is, can we get a mortgage on the second house? Can afford topping up the 1st house payments until November, then do I re-mortgage as a buy to let, increasing the term to 25 years, so that the repayments are less than the rent income? Or do I remortgage now? (Can I remortgage house 1 now, as I’m in middle of fixed term?)
P.S. I don't see house 1 as an income stream........more a savings pot. (Idea would be to get 80% value in it, then remortgage and stick 40% into another etc.
We live in house 1, Value £115k, 25% in it, 8 months away from the end of our fixed term deal. £650 a month for the remaining term 13 years, 8 months.
Believe we could rent this for £450-500 PCM.
Seen house 2, value £180k, could put down 15% from our available savings. Move into this house.
The question is, can we get a mortgage on the second house? Can afford topping up the 1st house payments until November, then do I re-mortgage as a buy to let, increasing the term to 25 years, so that the repayments are less than the rent income? Or do I remortgage now? (Can I remortgage house 1 now, as I’m in middle of fixed term?)
P.S. I don't see house 1 as an income stream........more a savings pot. (Idea would be to get 80% value in it, then remortgage and stick 40% into another etc.
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