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

[Rick101]

My 'half' of the mortgage equates to around 10% of my take home.
We pay over so I actually spend closer to 20%.

[lewisco]

We are buying our first house at the moment and will be paying 15.7% of our joint income. Down from the 24% we currently pay to rent a flat in central London.

[JB!]

I rent...

Payed 4 weekly, its just under 25% of my take home on house rent, workshop is another 12%.

[Shirt587]

What do they want? ~20% of our combined take home.
What are they getting? ~38% of our combined take home.

[HoHoHo]

I pay 0.031% of my take home on my mortgage

I overpaid by a considerable amount in the early years and now have f-all which is quite nice

[Patch1875]

We currently pay 20% but we're moving shortly so will be around 25%(both have a bit of overpayment)

[The Mad Monk]

0%. Is that ok?

[Allanv]

9% joint.

[Funk]

Around 30%.

[GT03ROB]

5% .... but i bought an expensive house and I have an offset mortgage so that includes some overpayment and thats only my income because the wife refuses to work,

[condor]

0% now.
When I bought the house in the 80s when interest rates were 15% it was half of my take home pay.

[gangzoom]

5 years when we bought the house, 14% of net joint income. Been over paying every opportunity, that and low interest rates mean this year the mortgage is down to 6% of net joint income....Aim to be 0% by 2017. More money saved paying the mortgage = more money to spend on cars

[GT03ROB]

swerni said:

GT03ROB said:

5% .... but i bought an expensive house and I have an offset mortgage so that includes some overpayment and thats only my income because the wife refuses to work,

divorce too expensive?

Been there, done that, otherwise it would be 0%

[S800VXR]

16% but going up to 37% in Aug but that's with a 5 year deal to clear it. TBH il prob over pay more and do it in less.

[Wacky Racer]

DoubleSix said:

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.

[MauiJim]

The standard monthly payment is 10% of a joint net income. This is a capital repayment mortgage so 20-25% of the payment is interest.

[typer0612]

40% of my take home pay.

Like another poster, my other half does not work and i live in London which means property prices are slightly different.

[CountZero23]

28% of takehome, 31% if you include the service charge on the property.

[numtumfutunch]

30% of our combined take home with a view to clearing it in 14 years

The figures were that 20% would've been the figure for a 25 year term

4y left.......

[uk_vette]

Our's is about 20% of our combined salary.
However, because quite low, we significantly overpay by a multiple of x3, with no penalty.

With no additional, it will be cleared in 4y 5m.
With overpay, circa 2 years to clear.