Percentage of take home salary on mortgage?
Discussion
We're thinking of increasing our mortgage to fund a larger house in a nicer area.
We are pretty comfortable with our current mortgage as it only represents about 13% of our combined take-home salary. We don't have any other major debts and we generally don't need to worry about finances too much.
For our next move we don't want to mortgage ourselves up to the eyeballs, but we want to stretch ourselves a little because we may stay in this home for a long while.
I'm wondering how much Pistonheaders spend on their mortgage vs. take-home salary? How comfortable do you feel with this balance? Has anyone stretched themselves too far and regretted it, or perhaps wish you'd stretched yourselves a little further?
I appreciate there's lot's of variables, differing circumstances, etc. but it would be interesting to know what people commit to.
We are pretty comfortable with our current mortgage as it only represents about 13% of our combined take-home salary. We don't have any other major debts and we generally don't need to worry about finances too much.
For our next move we don't want to mortgage ourselves up to the eyeballs, but we want to stretch ourselves a little because we may stay in this home for a long while.
I'm wondering how much Pistonheaders spend on their mortgage vs. take-home salary? How comfortable do you feel with this balance? Has anyone stretched themselves too far and regretted it, or perhaps wish you'd stretched yourselves a little further?
I appreciate there's lot's of variables, differing circumstances, etc. but it would be interesting to know what people commit to.
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