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what % of your wage pays your morgage ?

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  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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"
  • themaccas
    themaccas Posts: 1,453 Forumite
    We over pay and it's £2000/£5200 still leaves us plenty to live on.
    Debtfree JUNE 2008 - Thank you MSE:T
  • mark5
    mark5 Posts: 1,364 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I totally agree with PasturesNew comment but answering the OP's question about 20% of basic joint income.
  • sunshine09
    sunshine09 Posts: 5 Forumite
    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.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    themaccas wrote: »
    We over pay and it's £2000/£5200 still leaves us plenty to live on.
    I want your jobs!
  • *depressed*
    *depressed* Posts: 200 Forumite
    £820/£2000 :(

    xxx
  • Giraffeseeker
    Giraffeseeker Posts: 449 Forumite
    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:1/1/12
    Debts @ LBM:£43,546 :eek: Debts now: £9,486 :cool: 78% PAID
    Found YNAB 1/2/14 - the best thing EVER!
  • Bermuda_John
    Bermuda_John Posts: 311 Forumite
    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.
  • Bella79
    Bella79 Posts: 1,197 Forumite
    Part of the Furniture 500 Posts Combo Breaker I've been Money Tipped!
    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 much
  • Rolandtheroadie
    Rolandtheroadie Posts: 5,102 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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.
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