% of your take home salary on mortgage payments?

KimYeovil

Different world, eh? Most normal people spend 70 to 80% of their net income on housing. You're all buying homes for 25 to 40%?

Cannon_Fodder

KimYeovil wrote: »

...Most normal people spend 70 to 80% of their net income on housing...

On which planet?

mark5

25% of our joint income, on a fixed rate mortgage until August 2011.

blued

31% of my income (excluding income from my lodger) goes on my mortgage

LillyJ

We pay about 12% of our combined income on mortgage payments, or about 24% of single salary.
We were paying about 18% when interest rates were 5% (or 32% single salary).

We pay about 25% on "bills" which includes all mortgage payments, regular monthly bills plus mortgage overpayment of about £250 - this includes water, council tax, gas, elec, tv licence, insurance, phone line, internet, setanta.

We each pay separately for out mobile phone bill (mine £5, OH £30), and car expenses so these are separate.

beecher

KimYeovil wrote: »

Different world, eh? Most normal people spend 70 to 80% of their net income on housing. You're all buying homes for 25 to 40%?

The average is nearer 20% - by no stretch of the imagination is 70 - 80% normal.

SandC

About 14.5% a the moment, which has pleasantly surprised me actually.

Nixxx

white_noise wrote: »

following on from the thread 'what is a reasonable price for a house', i'm interested in finding out how much of peoples/joint income take home pay (who have a mortgage) goes on your mortgage payments each month, obviously this have changed recently with the interest rate cuts but what was the general when they were at 5% or so
i was thinking that paying more that 50% of your take home pay on your mortgage would not be possible given all other bills and cost of living. iand 40% is ideal.
whats peoples thoughts on this?WN

I don't actually have a mortgae but when I am in that position, I would hope for the following as my absolute maximum:

Mortgage: 40%
Bills: 20%
Savings 20%
Entertainment: 10%
Miscellaneaous: 10%

Rochdale_Pioneers

We were paying just under 30% of our joint income. A promotion for me and a job loss for my wife has moved this to just under 50% until her new self-employed status starts pulling cash in.

daveb975

beecher wrote: »

The average is nearer 20% - by no stretch of the imagination is 70 - 80% normal.

That sounds a bit more like it, 20% average for mortage/rental payment and probalby the same again for running costs.