Mortgage debt as a % of income 24 June 2011 at 8:31AM in Mortgage-free wannabe 18 replies 1.2K views

Phelpsie001

Morning,

Just to motivate me to continue on my journey, I was wondering what your % mortgage debt to income is?

When I took the mortgage out I was earning £21,000 and borrowed £130,300 = 620.5% :eek:

At the moment I earn £26,160 and owe £121,800 = 465.6%

Still high but it's coming down

Two9A

Currently £152,245 in hock to the banks (I'll update my sig to reflect the payments today), which is 540% of income.

Of course, I'm buying another place at the moment, so that pushes it to 790%... I'll find a second job, perhaps? :rotfl:

Phelpsie001

Two9A wrote: »

Currently £152,245 in hock to the banks (I'll update my sig to reflect the payments today), which is 540% of income.

Of course, I'm buying another place at the moment, so that pushes it to 790%... I'll find a second job, perhaps? :rotfl:

790%!!! Wowsers!! As long as you can afford the repayments I suppose!!!

dave82_2

Interested in what % of their income they spend a month on mortgage.

These figures sound scary but as above as long as you can afford the repayments no real worry!

Denzel09uk

Mine is 152,000 with a percentage to income of 543%

gratefulforhelp_2

331%.

Northern Rock at one time offered 7 x income to me!!!

Vixstar

Interesting way of looking at it. My mortgage is 163% of my annual income so not as bad as some (until I move!) and my monthly payments are about 17% of my take home pay so fairly comfortable.

dave82_2

Vixstar wrote: »

Interesting way of looking at it. My mortgage is 163% of my annual income so not as bad as some (until I move!) and my monthly payments are about 17% of my take home pay so fairly comfortable.

You sound lucky! :-)

300% of gross per year and 31% of take home per month - house hold.
500% of gross per year and 54% of take home per month - mine

P.S. hope people realise that if they give their mortgage value and percentage we can work out your income! Some people might be cool with sharing that anyway!

Vixstar

Didn't realise how lucky I was until I actually wrote it down, helps that I only have a one bed flat that was cheap to start with combined with a very good pay packet.

Phelpsie001

My mortgage repayments including OP's are....50.25% of my take home pay eeeek!!

dave82_2

I guess again its all relative if you are earning 10k a month than 60% on a mortgage wouldnt be that bad!