What % of your take home pay do you spend on your mortgage?

[Wilmslowboy]

33% on mortgage ...a further 20% on school fees

[Greshamst]

15% on my own. Should probably start overpaying really, but the car needs some work doing on it.

[Craikeybaby]

Just under 10% of joint income, although we are over paying it a bit on top of that, and probably spending double that on renovations.

Edited by Craikeybaby on Thursday 9th July 17:26

[OllyMo]

79%

(Company Director...)

[arnie12]

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!

[MajorProblem]

>99% of mine goes on the mortgage and we live on the wife's salary.

[Royce44]

Joint income works out at 26%. To be hinest i thought we always had a high mortgage-income rstion but looks like were pretty average.

To add, this is our first mortgage with only a 5% deposit. 1 year down, 31 to go :-(

[plfrench]

21% of joint income

[Johnnytheboy]

Getting one again after a few years without.

Will be about 25%

[TheLordJohn]

A weeks wages, after tax. So 25%.
Then again, my weeks wages is 60-70 hours of physical graft. If it was a 40 hour week, I'd be up to around 1 and 3/4 weeks wages.

[1ians]

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%.

Edited by 1ians on Wednesday 8th July 21:49

[AAD44H]

About 9% of joint income however we then pay around another 6% as a maintenance fee as property is a flat.

[gd49]

Currently 29%, aiming to make a small overpayment each month. Myself and partner are both on incremental pay scales for next couple of years so will gradually improve.

[Willeh85]

Currently approx 25% of my income, and I had a large deposit. I currently have a relatively low paying job though.

Single and live on my own.

[DarylB90]

It was 20% but we have just re-mortgaged as we qualify for a better rate (under 70% LTV) and it's now 14%.

[lukefreeman]

What's a mortgage?

[Grumfutock]

lukefreeman said:

What's a mortgage?

Same. No mortgage here so 0% although about 95% of my salary goes on shoes for the wife!

[MajorProblem]

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.

[DoubleSix]

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.

[Grumfutock]

Wont find that on me