% of your take home salary on mortgage payments?

Kaz2904

52.8% at fixed rate of 5.29%. When we first started overpaying it was more like 62% of our take home. We will be mortgage free sooner though!

Castleman

Wow, these figures all appear very low!

Most of the people I know, mid-late 20's are paying 35/40%+ on rent or mortgages!! I guess that could be mainly because it's London though.

beecher

20% The people paying high percentages must have huge salaries to allow them to afford anything else!

System

17%.

But I can't remortgage, so I expect that to become 101% when interest rates go up through the roof.

Castleman

beecher wrote: »

20% The people paying high percentages must have huge salaries to allow them to afford anything else!

The people I referred to (above at 40%) are all earning around 25k.

beecher

Castleman wrote: »

The people I referred to (above at 40%) are all earning around 25k.

I suppose it I add up my mortgage and savings it comes to nearly 50% so it is possible - they can't have much by way of a safety net. Mid late 20s I was still flat sharing - I preferred spending my money on beer rather than a mortgage!

shoppaholic_returns

Norbertsmum wrote: »

38% of my salary goes on my mortgage.
I thought fixed rate was a good choice at the time......

Ditto,but ours is more the 30% area,better to be safe than sorry,it could have gone the other way! Now rediculously high penalties to get out of it!

bendix

mr.broderick wrote: »

I wouldn't have thought being mortage free on a pad in thailand was anything to brag about, mate bought a villa cash in phuket for 50k not long back.

It's not a brag. It's a statement of fact.

£50k for a villa in Phuket seems cheap, but Phuket is not just beaches and resorts - there's a lot of dodgy areas too. You won't get a place worth the name of 'villa' in a popular beach area for less than £150k on today's exchange rate, and more likely £200k plus. Also relevant is ownership structure - I suspect he's bought a lease, because he can't own the land.

You can own apartments outright though. My Bangkok place cost £100k six months ago.

Best bets for the very cheapest property there is Chiang Mai (a great city up north and where I'll return to retire to). You can buy a 3-4 bed house in a good area for £70k. Or cities in the North East like Khon Kaen or Ubon Ratchatani for half that.

I also know of plenty of Brits who have married Thai women and built homes in country villages for £10-£20k.

cupid_s

Our normal repayments work out to be 5.7% of our joint take home pay but we overpay by a lot so are actually paying 69% of our pay on the mortgage.

When we first got our house we were paying 60% of our take home pay on the mortgage (through choice) and we only earned 22k between us.

Paulgonnabedebtfree

It's hard to be exact as I'm self -employed and my pay fluctuates. However, I think 40% is a reasonable ballpark guesstimate. That in itself would be OK but I have loads on unsecured debt too. I only get away with it because I am single, I work hard and because I have started living frugally.