What % of your take home pay do you spend on your mortgage?
Discussion
Joint income, although my OH only works part time.
45.83% of our joint take-home is spent on the mortgage, that's after payroll deductions for childcare vouchers, pensions, share schemes, life insurance etc. It's been that way for 4 years now.
When we remortgage I believe we'll be able to sneak under the 60% LTV bracket, however, I'm not sure if we'll get accepted due to lack of affordability when stress-tested.
If we do succeed then we'll have access to better rates than our current 4.7%, and our ratio should drop to ~35% if everything else remains the same.
45.83% of our joint take-home is spent on the mortgage, that's after payroll deductions for childcare vouchers, pensions, share schemes, life insurance etc. It's been that way for 4 years now.
When we remortgage I believe we'll be able to sneak under the 60% LTV bracket, however, I'm not sure if we'll get accepted due to lack of affordability when stress-tested.
If we do succeed then we'll have access to better rates than our current 4.7%, and our ratio should drop to ~35% if everything else remains the same.
Soon to be starting my mortgage (single salary as wife doesn't work due to our baby) and base rate is 14% of take home salary. Although I will be overpaying ASAP to build equity and then step up the ladder with a remortgage, will probably be looking at 30% of take home once I've build up a safety net again as all my savings are going on this.
davegreg said:
Just taken on another mortgage aged 51 after being mortgage free for 2 years. It will be around 35% of an average months pay over 14 years. Will be a bit of a tight squeeze for the first year as i'm still paying finance on my car too. But it'll be worth it. 
Bigger/better place, divorce? Or neither!? AB said:
10% of net combined.
But you don't know what either of us earn, how much our house is worth etc etc.
These topics are a willy waving exercise.
Not necessarily. As you say, no actual figures mentioned. But you don't know what either of us earn, how much our house is worth etc etc.
These topics are a willy waving exercise.
Bearing in mind how hard it can be for some to get a mortgage, it's interesting that the percentages are relatively low on average.
24% for me, though.
numtumfutunch said:
And posting vanity pics of "your" new BMW isnt?
This is a car website...I've not gone into detail about what I earn, what it's costing me and what % it is of what I earn.
I'm not sure being singled out for posting a car picture was really necessary, I imagine the majority of regular contributors on here have done so in the past.
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.
In all seriousness, I was taking the piss. (Much like 95% of my posts on here, I implore you to stalk, should you feel you need proof)
Mortgage is 24% joint net income.
Soon to be rising to just under 30% when we build an extension next year.
Borrowing this amount when money is as cheap as it's ever been in recent history and interest rates only heading one way seems daft, but we like the house. And it's an appreciating long term asset we can use every day.
Going up to 40% wouldn't change things too much.
50% would bother me so there's only one solution; must work harder / smarter!
Soon to be rising to just under 30% when we build an extension next year.
Borrowing this amount when money is as cheap as it's ever been in recent history and interest rates only heading one way seems daft, but we like the house. And it's an appreciating long term asset we can use every day.
Going up to 40% wouldn't change things too much.
50% would bother me so there's only one solution; must work harder / smarter!
Edited by Matt UK on Thursday 20th August 08:23
Mortgage is 24% joint net income.
Soon to be rising to just under 30% when we build an extension next year.
Borrowing this amount when money is as cheap as it's ever been in recent history and interest rates only heading one way seems daft, but we like the house. And it's an appreciating long term asset we can use every day.
Going up to 40% wouldn't change things too much.
50% would bother me so there's only one solution; must work harder / smarter!
Soon to be rising to just under 30% when we build an extension next year.
Borrowing this amount when money is as cheap as it's ever been in recent history and interest rates only heading one way seems daft, but we like the house. And it's an appreciating long term asset we can use every day.
Going up to 40% wouldn't change things too much.
50% would bother me so there's only one solution; must work harder / smarter!
Edited by Matt UK on Thursday 20th August 08:52
About 20% of mine, or probably 12-13% of joint. Thanks to a stupidly low interest rate we're actually getting more on ISAs and current accounts than we're paying on the mortgage so reckon I could probably pay the whole thing off in about 2 years time. However we'll probably borrow some more and upgrade.
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