% of your take home salary on mortgage payments?

ukcarper

I'm only on a pension but my Mortgage is 5% of that. Thats one advantage of buying over renting.
As for what % is reasonable surely that depends on earnings it's a lot easier to live on half of £50,000 a year than £12,000

white_noise

ukcarper wrote: »

As for what % is reasonable surely that depends on earnings it's a lot easier to live on half of £50,000 a year than £12,000

true and i think that was what ringo_24601 was getting at, there is a flaw to the reasoning in respect to that, but i was more intrested in getting a cross section of peoples payments.
also i guess in the early years of a mortgage the % of the payemnts are higher than towards the end as the interest is less, or does it not work like that?
WN

gemmalouanna

Just worked out ours and pleasantly surprised

21% of our joint income

Kavanne

24.4% of my income but OH contributes when he can

It was 39% before the base rate cut lol

kingkano

white_noise wrote: »

true and i think that was what ringo_24601 was getting at, there is a flaw to the reasoning in respect to that, but i was more intrested in getting a cross section of peoples payments.
also i guess in the early years of a mortgage the % of the payemnts are higher than towards the end as the interest is less, or does it not work like that?
WN

No doesnt work like that. THe % of the payment thats interest is less, more capital repayment. But mortgage payments would remain the same thru the life of a mortgage if you never remortgaged. Hope that makes sense. But inflation etc will make it a less % of your take home by the end.

Ours is currently 29% of joint income. Which is very comfortable. When we moved in we weren't sure of our pay rises and it was looking like 45% which would have been a struggle but would have been doable.

It really depends on your lifestyle and the actual numbers to be honest.

ukcarper

white_noise wrote: »

also i guess in the early years of a mortgage the % of the payemnts are higher than towards the end as the interest is less, or does it not work like that?
WN

I know I’ve owned though a period of high house price inflation but I’ve lived in my current house for over 20 years. When I bought it my mortgage was £45,000 the house was £60,000 the mortgage has been the same apart from interest rate changes but my wages were approx. £15,000 when I bought it and £25,000 when I left work 6 years ago so I think it does.

Interest only Mort with endowment now that’s another story

kmstuart

23.5% of my take home pay goes to the mortgage, fixed rate deal with 2 years to go

I do however pay 35.5% of take home on credit card and loan repayments though so my total for the lot is 60% roughly.

drinkduffbeers

68.5%:eek:

Painfull but managable. When I took out my 5 year fix last year I decided I wanted to pay off the whole thing in 5 years. 49 of 60 payments to go and I'm determined to see it through

Kavanne

drinkduffbeers wrote: »

68.5%:eek:

Painfull but managable. When I took out my 5 year fix last year I decided I wanted to pay off the whole thing in 5 years. 49 of 60 payments to go and I'm determined to see it through

Admirable! keep going!!

taka

~20% at the moment - fixed rate at 5.78% :wall: Arggggghhhhh!!