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what % of your wage pays your morgage ?
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I have no mortgage ... but I did have once. It's that first £1000/month income that's so crucial. If that's ALL you've got coming in then 35-40% is pushing it for affordability. If you've got £3000/month coming in then even 70% would still leave you loads to live on.
The percentage is irrelevant: it's how many £notes you're left with after: mortgage, council tax, cost of getting to/from work.
And beyond that, there's the "how would we pay that if we lost our jobs"0 -
We over pay and it's £2000/£5200 still leaves us plenty to live on.Debtfree JUNE 2008 - Thank you MSE:T0
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I totally agree with PasturesNew comment but answering the OP's question about 20% of basic joint income.0
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My husbands wages are £14000 and mine are £7800. Our mortgage is £377 a month. He is aged 24 and I am 25.Having a mortgage works out cheaper than renting here as long as they will give you a mortgage in the first place.0
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£820/£2000
xxx0 -
When I move in I'll be paying 440/2300, so around 20%. But also get 140 tax credits and 390 additional income, so 440/2830 which is more like 15%LBM:1/1/12Debts @ LBM:£43,546 :eek: Debts now: £9,486 :cool: 78% PAIDFound YNAB 1/2/14 - the best thing EVER!0
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to the initial poster ........... 0% of your wages go on learning how to spell!
surely a more important question should be how much of your wages goes on paying debt?i buy houses ........... any condition.0 -
u know what everytime you post on these forums and im not just talking about myself you get pulled up for spelling, Im very sorry my spelling upsets you so much0
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Just a bit about the percentages are irrelevent part. Now that banks are looking more at the old style way of lending (3.5 times 1 income or 2.5 times joint) people who are paying out 70% of their income may not be offered mortgages by a lot of lenders.0
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