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

What % of your income/joint income goes to pay the mortgage?

  • 0-20%

    Votes: 42 40.4%
  • 21-40%

    Votes: 36 34.6%
  • 41-60%

    Votes: 8 7.7%
  • 61-80%

    Votes: 1 1.0%
  • 81-100%

    Votes: 0 0.0%
  • I own outright.

    Votes: 17 16.3%

  • Total voters
    104

Tiger Feet

Prominent Member
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

Banned
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

Distinguished Member
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
 
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ldoodle

Distinguished Member
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.
 

imightbewrong

Distinguished Member
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

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

FZR400RRSP

Banned
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!:D
 

IL Cattivo

Distinguished Member
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. :thumbsup:
 

FZR400RRSP

Banned
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. :thumbsup:

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

Distinguished Member
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

Moderator
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.
 

MaturityDodger

Prominent Member
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.
 

NewMan

Prominent Member
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.
 

domtheone

Distinguished Member
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:rolleyes:

Those zillions are obviously not forum members:D

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

MaturityDodger

Prominent Member
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:rolleyes:

Those zillions are obviously not forum members:D

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
 
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