We'd like to remind Forumites to please avoid political debate on the Forum... Read More » This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

What % of your income goes on your rent/mortgage?

WantToBeSE · 2013-05-05 13:23:16

I am just being curious. We hear about how expensive it is to buy/rent and i was thinking of asking how much your rent/mortgage are, but it's only relevant to your income. I am not asking your income and rent amounts in £ (unless you want to share, in which case, feel free), but i am wondering how much of your total income…

Comments

egoode Posts: 605 Forumite

9 May 2013 at 11:49AM

My percentage is 15% at the moment renting but if I finally have my flat purchase complete it will drop to 12% and I gain an extra bedroom However I'm planning to overpay my mortgage from day one so will probably be 35-40% with overpayments.

I'm a contractor so my basic rule of thumb is that my weekly rent/mortgage cost should not be more than one days work. I'm 34, single and living in London so was really surprised at how low my percentage is.

Starting Mortgage Balance: £264,800 (8th Aug 2014)
Current Mortgage Balance: £269,750 (18th April 2016)
0