how much of your income is your mortgage

benbenandme

My mortgage is 21% of my total income, including overpayments it is 34%

sammyjammy

Percentage of net income 27% (minimum interest/capital repayment) actual payment 46%.

Affordability wise - no further debt single person living in three bed house, usual bills (approx 15% income)

SimbaSimon

Our mortgage is currently 18% of combined gross income between us both. Helped by a low interest rate! We also overpay a little on top of this so about 20%.

SimbaSimon

Wutang wrote: »

about 79.3%

I hope thats a typo! :eek:

ultramagnetic_commuter

Some of these percentages are very low and probably not representative.
If you take a typical new mortgage of say, £140k over 25 years paying 5%, on a salary of £40k, this would equate to roughly 35% of net monthly pay.

Without other debt and a clean record, this 3.5 times salary mortgage would be broadly accepted as affordable by most banks these days.

TighterThanTwoCoatsOfPain

11% of Gross or 17% due to overpayments..

What interests me is the number of people who pay "their share".... I'll never understand why people feel they're ready to buy houses together but not operate "whats yours is mine".. (incidentally, if your partner did a bunk you would quickly have to find the whole thing potentially!)

carolineb23

Our mortgage takes up 30% of our net income

betti911

Currently just under 10% net.

Spud_2

9% of our net income, but likely to go up very soon when we move to a bigger pad!!

DJ_Mike

Quite high but I budget very carefully now, and this is crucial - as others have said it doesn't matter if you have a high or low percentage of your income going on mortgage - it's how much your cost of living is besides your mortgage that can cause you problems.