What pertcentage of your income/joint income goes towards your mortgage?

[Tiger Feet]

Just interested to hear what percentage of your household income goes on paying mortgage.

At the moment ours is quite low at 15% ish but we save alot. Were serioulsy thinking of buying a much nicer house and potentially using 50% of our income on the mortgage.

Just curious to what other people spend really.

Thanks

 

[FZR400RRSP]

Just on the mortgage payments, about 25%.
But, of course, the mortgage payments are only a small part of it.
There's the life insurances required for the mortgage etc.

 

[jassco]

Ours was around 28%. There's a general rule of thumb that it shouldn't be more than 1/3, i.e. 1/3 for mortgage, 1/3 for bills / food / petrol and 1/3 for savings / spending / holidays

*edit* this is based on net income

 

[ldoodle]

Just interested to hear what percentage of your household income goes on paying mortgage.

At the moment ours is quite low at 15% ish but we save alot. Were serioulsy thinking of buying a much nicer house and potentially using 50% of our income on the mortgage.

Just curious to what other people spend really.

Thanks

Ours is maybe about 12% (based on gross income). We also save a lot and are thinking of moving as well, not till next year though.

Not sure I would want to go to 50% though, unless it was a vastly under-valued house in the first place.

 

[Kebabhead]

37%

 

[imightbewrong]

Officially it was about 25%, but really we put in everything as we could take it out if necessary - so last year it was about 80% of net, which finished it.

I would have said with rates at 0.5% it was a bad time to commit 50% of your income to a mortgage for 20-30 years.

Don't know what your status is in terms of joint income, planning a family etc.

 

[Phil57]

About 30%, but I am overpaying.
1st of July this year and it will be nil, mortgage will have been paid off.:arty:

 

[kav]

Less than 10% (at the moment...tracker).

 

[FZR400RRSP]

I'm also assuming that the house the OP is looking at will inevitably be bigger.
Which means increased fuel costs too.
Of course, percentages are misleading.
50% of a premiership footballer's wages still leaves a helluva lot left every month!

 

[IL Cattivo]

Just under 22% of our joint income goes on our Mortgage. Which comes out of our Joint account after standing order contributions from our salaries are placed in their each month. These contributions are worked out to cover the Mortgage, Bills, Council Tax, Food and Savings. Whatever is left in our own personal current accounts is ours to do with as we please... Works a treat.

 

[Mr_Wistles]

4% at the moment. Soon to be increasing massively as we are going to move.

 

[FZR400RRSP]

Just under 22% of our joint income goes on our Mortgage. Which comes out of our Joint account after standing order contributions from our salaries are placed in their each month. These contributions are worked out to cover the Mortgage, Bills, Council Tax, Food and Savings. Whatever is left in our own personal current accounts is ours to do with as we please... Works a treat.

Precisely what we do.
A seperate 'budget account'.
Set amount paid into that every month and it ticks over nicely.
Never any worries about bills.

 

[mjn]

Of the money we each put into the Joint Account, mortgage accounts for around 33%, with the remaining money we pay the utility bills, save for holidays, nursery fees, insurance, etc.

 

[inzaman]

Just under 1% of our joint income goes towards the interest.

We have an offset so we then just pay whatever we wish for the capital each month, if anything. I was hoping to have it all done this year but SWBO wanted the bathroom revamping, ensuite adding etc etc etc so all funds have been diverted to that so it will be sometime next year when it is all done.

At this moment in time we have no plans to move so when the mortgage is all gone i do not want to take on another one unless buy to let. It is a great feeling not really having a large amount of debt, hence why i wanted it all done this year.

 

[Solomon Grundy]

40% but getting another extension so it will increase shortly.

 

[sniffer66]

35%

 

[MaturityDodger]

just shy of 25% of my individual net salary, but my situation is maybe slightly more favourable than that sounds, as my girlfriend makes a small fixed contribution and I have a lodger too.

 

[StevePSIV]

Ooops, I put 61-80% on the poll but that is for everything (bills, food etc).

Think it actually works out between 20-30%.

 

[FaxFan2002]

20% on the dot!

 

[Tiger Feet]

Ooops, I put 61-80% on the poll but that is for everything (bills, food etc).

Think it actually works out between 20-30%.

There's always 1!!

 

[NewMan]

Mine's between 15% and 16% - though technically I've not started paying it yet. Exchange contracts on Monday and should complete the following Monday if all goes well... Did the BT for the deposit today, and my bank account/savings are now significantly less impressive than they were first thing this morning.

 

[DrPhil]

Just 12%. Mortgage at the minute is only €450 but we're going to reduce the term in a few years.

 

[domtheone]

I'm amazed at the figures right now in the poll. Allbetit it's only a small number of voters.

Either a; most peeps that have voted have 2 incomes or b: there's quote a lot of members voting in this thread who earn well above the national average (circa 25K).

What about all the doomsters out there saying a 1/4% rise in interest rates will send zillions over the edge in terms of mortgage payments

Those zillions are obviously not forum members

Strengthens my desire further for a rate rise(s) soon.

 

[DrPhil]

I'm amazed at the figures right now in the poll. Allbetit it's only a small number of voters.

Either a; most peeps that have voted have 2 incomes or b: there's quote a lot of members voting in this thread who earn well above the national average (circa 25K).

I'm the second one, 2 jobs. My wife has 2 jobs too.

 

[MaturityDodger]

I'm amazed at the figures right now in the poll. Allbetit it's only a small number of voters.

Either a; most peeps that have voted have 2 incomes or b: there's quote a lot of members voting in this thread who earn well above the national average (circa 25K).

What about all the doomsters out there saying a 1/4% rise in interest rates will send zillions over the edge in terms of mortgage payments

Those zillions are obviously not forum members

Strengthens my desire further for a rate rise(s) soon.

I'd also welcome a rate rise, if only for the sense of satisfaction that I have over 4 years of fixed-rate left!

There's probably quite a lot of option b in there. This is, after all, a forum geared towards people who like buying high-end AV equipment. This in itself requires a fair amount of disposable income