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Debate House Prices


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Mortgage:Salary ratio

12357

Comments

  • ukcarper
    ukcarper Posts: 17,337 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    When I first bought in 1972 it was about 4x joint gross. But interests rates have a big impact on what’s comfortable since 1972 I’ve experience interest rates of 3.5% now to in excess of 10% in the past makes quite a difference.
  • Dan:_4
    Dan:_4 Posts: 3,795 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Just under 2 x joint.

    Happy to go up to 4 x and probably will when it's time to trade up-wards.
  • Cleaver
    Cleaver Posts: 6,989 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I always like these threads. I'd start a 'what's your favourite cheese?' or 'what's your favourite sexual position?' thread if I didn't think it'd get moved.

    Our mortgage is 1.94x joint, but we've just recently bought so with overpayments this ratio should hopefully reduce each month...
  • Cleaver
    Cleaver Posts: 6,989 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Oh, and it's gorgonzola and reverse cowgirl for anyone who's interested. Preferably at the same time.
  • michaels
    michaels Posts: 29,219 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    you wot?

    809010

    chazz michael michaels is figure skating
    I think....
  • michaels
    michaels Posts: 29,219 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Once we have moved it will be about 0.2 times

    But doing the extension will push it up to 2x - would like to pay it off in max 10 years, preferably 5, to be mortgage free when kids go to uni (although I'd rather they became minor celebs, much cheaper than 3 years of uni fees although I don't know how much rehab costs)
    I think....
  • jw2003
    jw2003 Posts: 786 Forumite
    Ours is 1x single however, he is currently on a very good salary but it's unsustainable as it's a high stress job. Compared to average earning in this area it would be 4x single so sustainable when this job comes to an end. We are hoping to overpay by 10% this year and next which will help bring it down
    :silenced:
  • Cleaver
    Cleaver Posts: 6,989 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    jw2003 wrote: »
    Ours is 1x single however, he is currently on a very good salary but it's unsustainable as it's a high stress job. Compared to average earning in this area it would be 4x single so sustainable when this job comes to an end. We are hoping to overpay by 10% this year and next which will help bring it down

    That's interesting, thanks. Do you want to add your favourite cheese and sexual position? Just thought I'd ask.
  • jackieb
    jackieb Posts: 27,605 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    We have about 2.5 times my husband's salary. I wasn't working when we took it out - I am now though. We were offered almost 5x his salary though! That was in 2008. I wouldn't have been able to sleep if we'd taken out one that big.
  • im in team HAMISH on this one, Ferraris beat kids hands down, the reason? Ferraris dont have a 5 year period between 12-17 in which they become insufferable t1ts, (i speak as a kid who was an insufferable t1t at that age). Ferraris generally speaking are always good, with kids theres the risk that however good a parent you are they could still become a monster.

    Anyway onto the more frivolous issue, im hoping to get a 80000 house at the end of this year, 20000 deposit so 60000 loan from a 27000 wage, so 2.22222222222222222 (you get the picture) x. But id probably be happy to take it up to 3x, but i want to pay it off quicker, hence the smaller ammount.
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