What % of Your (Combined) Take-Home Salary Goes on Your Mortgage?

alexlyne

Consider buying in south wales, but close to train links to bristol? Magor/Undy/Rogiet/Caldicot...
Or somewhere like Chepstow.
I work in Bristol.. and never considered buying there as I knew we wouldn't be able to afford what we wanted.

LandyAndy

puddy wrote: »

can i ask how much you're spending on the wedding and all associated costs?

I was wondering that.

tleefox wrote: »

Course you can, and I'm pretty sure by asking I know what you will say next!

We originally wanted to spend £12k, but are now looking at more like £13k.

I know as a one off for something this is a lot of money, but compared to what the majority of the population spend on a wedding, this is quite low. We will not be getting into debt for this either - this will be money we have saved or contributions from parents.

Madness, IMO.

DannyboyMidlands

39% of your combined take home sounds much too high. What about planning for changes in circumstances? One of you is out of work? Or gets sick? Or you have children? I can't see how there is any room for maneuver if you're sailing so close to the wind from the outset. Also remember that there's likely to be a general inflation of all your other living costs of around 5% pa.

Me and OH are required to spend about 15% of take home on mortgage payments (although in practice it is higher because we are over-paying like mad while rates are low). We put down a 25% deposit. The theory was that we'd have money left over to save, spend and should the worst happen to me, she would be able to cover things with her salary alone.

Considering you earn decent money I can't see why you only have a 10% deposit.

puddy

DannyboyMidlands wrote: »

39% of your combined take home sounds much too high. What about planning for changes in circumstances? One of you is out of work? Or gets sick? Or you have children? I can't see how there is any room for maneuver if you're sailing so close to the wind from the outset. Also remember that there's likely to be a general inflation of all your other living costs of around 5% pa.

Me and OH are required to spend about 15% of take home on mortgage payments (although in practice it is higher because we are over-paying like mad while rates are low). We put down a 25% deposit. The theory was that we'd have money left over to save, spend and should the worst happen to me, she would be able to cover things with her salary alone.

Considering you earn decent money I can't see why you only have a 10% deposit.

you obviously havent read on further to find that they're spending 13k on the wedding

Dave_6

Pretty much dead on 30% for us

pimento

21% I think I worked it our right.

Catatonia

Mine is just under 20%.

As you've been paying a mortgage for a while, you're probably the best judges of whether it is doable. One thing to remember though - if you've saved up £13k over the past however many months you must have quite a lot of 'spare' cash, and the money that you were ploughing into savings could go on the mortgage after April.

loveGSDs

currently paying about 18%, but wages fluctuate depending on OT

when i move tho will prob be nearer 32% :eek:........ok, maybe need to save longer for a deposit :mad:

as others have said, it def depends on your individual circumstances, good luck with whatever you decide

kayla xx

Judith_W

I guess if you are thinking about kids etc, you should also think about getting promotions etc if in mid 20s. I know you always say hope for the best and plan for the worst, but the probability that we'll be on a fair bit more in 5 years is quite high and so worth pushing the boat out a bit more if it means getting my 'forever'/ LT house

seafarers_wife

we are 13% joint income and 17% OH's sole income on mortgage payments each month. we did only take the mortgage out based on his income though to ensure we could afford it when i give up work to have kids which is sooner rather than later. his salary is £3300 a month net and mine is around a grand a month net