We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage:Salary ratio
Pythagorous
Posts: 755 Forumite
Just out of interest what multiple of your gross salary do you guys currently have (joint if married/sharing the house with someone else) and what would you feel comfortable going to?
I know disposable income is the main factor so the actual amount of your salary or mortgage is important, but for simplicity what are your ratios?
For me I currently have a mortgage of 2.1 times salary (joint with wifey) and I'm considering extending this to 3.5.
I know disposable income is the main factor so the actual amount of your salary or mortgage is important, but for simplicity what are your ratios?
For me I currently have a mortgage of 2.1 times salary (joint with wifey) and I'm considering extending this to 3.5.
0
Comments
-
>0.5 for me. Can't decide whether to increase to 3.5 joint and move to a nicer house or stay put and be mortgage fee next year0
-
I wouldnt feel comfortable above 4 times joint. I'm using joint because my wife is already part-time. If we were both full time I would use 4 times my salary and 2 times wife's to factor in having a family.0
-
Started as around 2.75 times joint, currently less than 2 times joint through overpayment and pay rises.
Would be comfortable with up to 4 times joint, but we have no kids, good savings, company cars, company phone/intenet allowances, another house thats paid for, etc. And we didn't need to spend more than what we did for a nice house in a good area.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
I wouldnt feel comfortable above 4 times joint. I'm using joint because my wife is already part-time. If we were both full time I would use 4 times my salary and 2 times wife's to factor in having a family.
I guess there are so many different individual factors to also consider: size of income, other outgoings, family plans, job security, potential future pay rises etc. I'm just finding out that kids are a lot more expensive than I envisaged!0 -
I wouldnt feel comfortable above 4 times joint. I'm using joint because my wife is already part-time. If we were both full time I would use 4 times my salary and 2 times wife's to factor in having a family.
Sounds reasonable enough.
Something we (almost) agree on, for a change.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Pythagorous wrote: »I'm just finding out that kids are a lot more expensive than I envisaged!
A Ferrari would be cheaper, arguably more enjoyable, and almost certainly better able to provide for you in your old age, if you kept it nice and mint.:D“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »A Ferrari would be cheaper, arguably more enjoyable, and almost certainly better able to provide for you in your old age, if you kept it nice and mint.:D
Is the ferarri going to come round and see you when you are old and lonely? How about make you a cup of tea, have you over for Christmas Day, provide Grandchildren, go to the football/rugby with you, fill you with joy when it says its first word or takes its first step........ ?0 -
Whats a mortgage?Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
(MSE Andrea says ok!)0 -
HAMISH_MCTAVISH wrote: »A Ferrari would be cheaper, arguably more enjoyable, and almost certainly better able to provide for you in your old age, if you kept it nice and mint.:D
A Ferrari brings you happiness but only children can bring you a certain joy.
I'd rather have the Generalissimos than a Ferrari although both would be best of all.0 -
HAMISH_MCTAVISH wrote: »A Ferrari would be cheaper, arguably more enjoyable, and almost certainly better able to provide for you in your old age, if you kept it nice and mint.:D
Definately arguable.
It depends on what you get enjoyment from.
A simply grin from my son is priceless.
You can't say the same for owning a Ferrari. Even without the petrol costs, just the insurance to have it sit in the garage will cost you plenty.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards