% of your take home salary on mortgage payments?

cupid_s

KimYeovil wrote: »

I was reacting more from the point of view of renting. I was also including council tax.

The £160 is 20% of £800.

Rent of £500 or £600 per month. Council tax £100 (if you're lucky). Typical net income including tax credits £788 + £25 housing benefit.

£600 for everything else? Ha ha ha! We wish.

I tend to deal and live amongst medians and modes. Means are in a whole different world.

But we're talking about 20% of average household income. On what planet is the average household income £800 a month?
You want to work in median not mean (which i think is a much better way to calculate anyway) and the median household income in the UK is about £2300 a month (well it was in 2007 can't find anything more recent). This would give a monthly mortgage figure of £460 which sounds about right to me.

SandC

Mine's 14.5% and that is single income household, I am nowhere near the mean or median so called average wage (ie. I still have a way to go to get to £20k per year) but I do live in a lower priced area of the north west and I did buy my house in 1995 on 3x salary, scraped through because they took my then part time second job into account - also I have never borrowed any more against my equity.

That, at the moment is £170 per month repayment.

baileysbattlebus

KimYeovil wrote: »

I was reacting more from the point of view of renting. I was also including council tax.

The £160 is 20% of £800.

Rent of £500 or £600 per month. Council tax £100 (if you're lucky). Typical net income including tax credits £788 + £25 housing benefit.

£600 for everything else? Ha ha ha! We wish.

I tend to deal and live amongst medians and modes. Means are in a whole different world.

Are you talking minimum wage here? Minimum wage for 37 hours would give you around £786 take home pay. So if the figure stated includes tax credits, is it full time?

Ingsy

We're now on N/wides SVR - currently 3%, but have kept payments the amount they were when we were on a 4.98% fixed. This amount is 37.5% of my take home, 23% of joint take home.

lostinrates

It would have been really interesting to have a rough idea of where the houses are and when the mortgages were taken out

Really2

lostinrates wrote: »

It would have been really interesting to have a rough idea of where the houses are and when the mortgages were taken out

It would but we are all to aware of giving out to much personal info on a public forum so it is unadvisable.

Also it still would not give much insight if you had sold and re-purchased or had a large deposit.

Some one buying my house on a small deposit a year ago would be paying a lot more than me.;)

lostinrates

Really2 wrote: »

It would but we are all to aware of giving out to much personal info on a public forum so it is unadvisable.

Also it still would not give much insight if you had sold and re-purchased or had a large deposit.

Some one buying my house on a small deposit a year ago would be paying a lot more than me.;)

I was trhinking more like....'NW england' or Suffolk, rather than full postal address:rolleyes:

and while there would still be limitations, such asd those you highlight, I agree, expecting people to itemise the financial route that got them to this purchase would be ridiculous.

Really2

lostinrates wrote: »

I was trhinking more like....'NW england' or Suffolk, rather than full postal address:rolleyes:

and while there would still be limitations, such asd those you highlight, I agree, expecting people to itemise the financial route that got them to this purchase would be ridiculous.

I was not saying that but you could find my house with a 4 digit post code and price.

I am just stating it is unwise to give out personal info. no need to get funny.:(

Pobby

Our mortgage, as a percentage is approximately 0.6956521739130435 of our monthly pay. Lol !!!!!! It`s based on £5k interest only. We were mortgage free but due to a "technical" issue, we took this small loan out which could be paid off today.

If nothing else, it`s a conversation killer when others are discussing their mortgages.

ukcarper

Another thing to consider is that a lot of people have been living in the same house for over 10 years I have been living in my house for over 20 years and a lot of people who were living in road when I moved in are still here.