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

[F3RNY7]

As per title, I'm interested to know what % of people's take home pay they spend on their mortgage (or rent)

If you overpay, please disregard this and just take the normal payment as a percentage of your net pay.

It you are in a couple and pay your mortgage jointly please use joint pay and state that it's taken over two incomes and not one.

For us our mortgage is 30% of our combined take home pay. No idea if this is high, low or indifferent.

[Muzzer79]

I think it's about 25% of our joint income. We overpay.

[pimpchez]

17% of net , however its just a 2 bed. I have recently started to overpay by the same again, this has inturn been made possible by driving a derv.

[Joey Ramone]

25% of my income only. Wife earns her own wage, but because its significantly less than mine she pays for other things (Council tax, water).

[F3RNY7]

I should have added that we are paying through the nose as we only had a 5% deposit. In a couple of years when we're up for remortgage, I'm hoping to get onto a 90% LTV product which will hopefully drop our ratio to ~25%

[pimpchez]

F3RNY7 said:

I should have added that we are paying through the nose as we only had a 5% deposit. In a couple of years when we're up for remortgage, I'm hoping to get onto a 90% LTV product which will hopefully drop our ratio to ~25%

I am in the same boat , after graduating i did the 5% thing instead putting the cash into a evo.Now 4 years into the 40 years , you realize fk all has been paid off but interest. Just overpay it as it is , re mortgaging could cost you another £1000 in fees

[R8VXF]

About 10% I think of our joint income. Don't actually know what her take home is, we just bung a set amount in the joint account every month to cover bills and mortgage.

[F3RNY7]

pimpchez said:

I am in the same boat , after graduating i did the 5% thing instead putting the cash into a evo.Now 4 years into the 40 years , you realize fk all has been paid off but interest. Just overpay it as it is , re mortgaging could cost you another £1000 in fees

Yeah I think we'll have paid off something like 5k in two years. So I've calculated that if the property rises in value by 7k in two years we should be able to remortgage at 90%LTV without putting any additional cash in.

[Steve Evil]

About 15% of our joint income at the moment, would be overpaying it, but we're still paying out for home improvements as it stands. Still unsure whether we'll stay here or go for something bigger in a year or two.

[toon10]

At the minute our decent joint income coupled to my old really good mortgage deal means we pay about 8% of take our home pay. That's about to go up considerably in November when we get the keys to our new place.

[phil-sti]

13% even with the extension we have just borrowed for. It's good knowing we have the affordability and we won't be moving again ever :-)

[towser44]

8.8% Bought a cheap house, mortgage rates are nice and low. Mortgage payment is £150 per month less than we used to pay for social housing rent!

[Rosscow]

16.5% of net income. Joint income, joint mortgage.

[pmanson]

18% without overpayment / 23% with.

Single income as the wife has just given up work

[BoRED S2upid]

About 13% give or take.

[chibbard]

0%

[jock mcsporran]

Probably about 20% on average. I overpay a chunk more than that to try and get it paid off in the next 3 years.

[Stiggolas]

Some interesting figures there, I'm paying 38%. That's on a 100k mortgage and I'm not overpaying.
I think I need a better job.....

[curley]

0% here

[Chris Hinds]

Have to... 17%, choose to pay 31% so we can move to a bigger property. Mortgage rate is better than cash savings rate so it's like increasing our deposit for the next house