how much of your income is your mortgage

greyhound31

My Partner and I pay 29% of our combined net income a month on an interest only mortgage. Our rate is currently 6.08% but we will be transfering onto Nationwide SVR of 2.5% in March and will continue to pay the same amount per month to start paying off the capital.

Or should I raise our repayments after March. even though we are saving for a wedding in May 2011?

missma

We pay around 29% of our net wages, we r on fixed at 6.5% which is not so good tied in till next summer. I think that all the associated insurances and rates also need to be taken into consideration.

eyegeegeewhy

wow

I'm surprised at how low these appear to be. I suppose many are joint so maybe thats why they seem low to me.

My take home after pension etc. is £1500 and I'm looking at a mortgage repayment of £450
That seems high to me to but as i say that's probably because its only one salary.

missma

Think ur figures are reasonable, suppose it depends though on your other outgoings. Plus costs related to house you are buying such as house insurance, mortgage insurance, maintenance, rates etc. I had my house on own until we got married last year as long as you are prepared to cut back if need to

milliemonster

our mortgage is £488 a month and our joint income is £4100 so just over 10%? but we have a lot of unsecured debt we are paying off at the moment so that eats into the rest!

globalds

Due to the drop in rates my mortgage is approximately 10% of my gross ...The OH doesn't work ..We overpay which brings the mortgage up to about 35% of gross ..
No other debts ..But 2 growing kids seem to be costing more every day.

poppy10_2

muhasib wrote: »

I was interested as to why some people quote gross income, is there a good reason for this as I thought it makes sense to only work this out from your net income?

Yep, makes sense to me

uropachild

What % of your net (take home) income do you spend on your mortgage every month? Just the mortgage repayment, not the insurances or anything that go along with it.

Thank you.

Rebob

20% of net income.

Gerrym1984

40% of joint income eikkkkk