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what % of your wage pays your morgage ?
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Bella79
Posts: 1,197 Forumite
As the title says how much of your wage is spent on morgage repayment ?
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why - how much is yours?0
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i just wonderd ...... lol were morg free at the moment but thinking of upsizing our home which would give us a morg0
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mines about 30% at the moment - was much less but OH left her job when she had our second child. It was about 18%0
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yeah i think ours would be about that if we take on a morgage0
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We're about to have one.
After tax or before tax?
After tax, the interest will be less than 100 with an income of around 4500, I can't remember exactly (132K at 0.5%).
The repayments (it's an 18 year term) will be 650/4500.
We will actually be paying 1500/4500, and some months it will be 2000/4500 (we are lucky we don't have any penalties for early repayment).Mortgage started on 22.5.09 : £129,600Overpayments to date: £3000June grocery challenge: 400/6000 -
We are currently paying approx. 1750/5500 based on net pay.0
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13% of total household income goes on the mortgage.
It would be less but all our home improvements are on our mortgage too (roughcasting, kitchen, bathroom, windows, shower room, central heating boiler)0 -
Just seen gazza's post about kids. We've just had twins taking the brood up to 4. Told the wife to take a 5 year career break. Probably closer to 18% (not including Family Allowance or the £43 from tax credits).0
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6.25% I am very happy about this.
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Seems a bit meaningless, how affordable the mortgage is depends on other factors:As the title says how much of your wage is spent on morgage repayment ?
- how many incomes/working adults? If both earning a high % could mean trouble when kids come along. If only one earning - if the job goes all income has gone, with two people either can try and get a job first.
- how much is the payment a low % but high salary means the payments may be a large sum and if the job goes/illness strikes/income drops much harder to sustain on first job that comes along and those large payments munch through the savings fast
- the mortgage rate; some on low BoE trackers have very low payments at the moment which may suddenly drop - those on fixed paying a lot more but probably at a more realistic long term rate0
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