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Debate House Prices


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Mortgage:Salary ratio

13567

Comments

  • I've nearly paid off my mortgage so the current balance is a very small percentage of my earnings (about 8% I think).

    My first property was bought with a mortgage 4 x salary.

    The next was about the same - motgage no different but salary had risen a bit.

    Then I bought my present house with a mortgage 3.79 x salary.

    I've remortgaged this twice - once at 7 x salary and the last time at 3.75.

    So it seems I'm most comfortable with a figure around the 4 mark.
    If it’s not important to you, don’t consume it
  • LilacPixie
    LilacPixie Posts: 8,052 Forumite
    My mortgage currently is 2.284 times my wage or 1.061 times joint gross. We are looking to move upwards and the home we are setiosly considering would require a morgage of 1.469 times joint gross salary. I personally feel comfortable with up to 3 times joint
    MF aim 10th December 2020 :j:eek:
    MFW 2012 no86 OP 0/2000 :D
  • mitchaa
    mitchaa Posts: 4,487 Forumite
    edited 29 January 2010 at 3:16PM

    Sorry mate, but the thought of having kids makes my skin crawl. Quite happy to provide for myself in old age.

    The thought of pegging out in your 80's and lying undiscovered for months rotting away in your arm chair is the alternative ;)

    I couldn't live without my little nipper now. Money just sits in a bank account or on immaterial possessions so I agree with ISTL, a little grin and bond from 1 of your own is priceless and worth far more than any amount of £££

    Whatever floats your boat though.

    In answer to the original question, just under 2x joint for us now.
  • damanpunk
    damanpunk Posts: 192 Forumite
    Debt is not wealth.
  • Pete111
    Pete111 Posts: 5,333 Forumite
    Mortgage-free Glee!
    Approx 1.5x joint (gross) currently

    Was 2.5x not so long ago but we wouldn't have wanted to go higher as the overall mortgage amount was very chunky.

    It's all about paying this one off at the moment!
    Go round the green binbags. Turn right at the mouldy George Elliot, forward, forward, and turn left....at the dead badger
  • damanpunk wrote: »
    Debt is not wealth.

    cheese is not meat
  • Pete111
    Pete111 Posts: 5,333 Forumite
    Mortgage-free Glee!
    edited 29 January 2010 at 3:08PM
    damanpunk wrote: »
    Debt is not wealth.


    Yawn.

    New slogan urgently needed....

    Sour grape juice is not Wine?
    Go round the green binbags. Turn right at the mouldy George Elliot, forward, forward, and turn left....at the dead badger
  • damanpunk
    damanpunk Posts: 192 Forumite
    cheese is not meat


    Inflation is theft.
  • MORPH3US
    MORPH3US Posts: 4,906 Forumite
    1,000 Posts Combo Breaker
    When we took our mortgage in 2005 it was 3.125 x joint

    Since then decent wage rises have made it 2.5 x joint
  • damanpunk wrote: »
    Inflation is theft.


    chazz michael michaels is figure skating
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