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FTB morgage repayment/wage ratio
mrbrown
Posts: 101 Forumite
Hi,
I take home £1200 a month (unnerves me posting up personal financial details but there we go), and my mortgage is going to cost me about £550 tops for a fixed mortgage for 5 years. So ill be paying back 50% (close enough) of my take-home wage on my mortgage alone, then bills on top of that! Is this unusual or is this normal? Also I am 30 now and so need to get a mortgage now in order to be able to pay it off (hopefully) by the time I retire (if I was a few years younger Ild probably wait for a market correction). What is the average age of FTBs? I suppose its a lot younger if youre married/have a partner.
Thanks.
I take home £1200 a month (unnerves me posting up personal financial details but there we go), and my mortgage is going to cost me about £550 tops for a fixed mortgage for 5 years. So ill be paying back 50% (close enough) of my take-home wage on my mortgage alone, then bills on top of that! Is this unusual or is this normal? Also I am 30 now and so need to get a mortgage now in order to be able to pay it off (hopefully) by the time I retire (if I was a few years younger Ild probably wait for a market correction). What is the average age of FTBs? I suppose its a lot younger if youre married/have a partner.
Thanks.
0
Comments
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mrbrown wrote:Hi,
I take home £1200 a month (unnerves me posting up personal financial details but there we go), and my mortgage is going to cost me about £550 tops for a fixed mortgage for 5 years. So ill be paying back 50% (close enough) of my take-home wage on my mortgage alone, then bills on top of that! Is this unusual or is this normal? Also I am 30 now and so need to get a mortgage now in order to be able to pay it off (hopefully) by the time I retire (if I was a few years younger Ild probably wait for a market correction). What is the average age of FTBs? I suppose its a lot younger if youre married/have a partner.
Thanks.
Its as though a market correction is definite isnt it?....We sold our house and was forced to move in to a rented cottage as we were gazumped at the last minute and so i guess a correction would suit me but i just dont see it happening unfortunately.0 -
Yes, I was going to buy two years ago, even found a great flat, but I couldnt believe prices could go up anymore. 2 years later and the market (round here anyway) has gone up £20k, interest rates have risen, and it still looks like its going to rise due to supply and demand and banks lending 5x salary and death bed mortgages. You can imagine how angry I am (although I only have myself to blame..... and those stupid property programmes, but that a different story)! I really feel its now or never for me. Im concerned about stretching myself on the mortgage, especially when interest rates go up (1/2/3/4 percent in 5 years possibly?), and then Im completely done for. ;-(0
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