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

Brodiebobs

Ours is 31% of take home pay, we are 29+30, but we have a 90% mortgage only bought a few months ago and also have a BTL which has a healthy amount of equity.

We were told by mortgage advisor 33% was the limit and we were very close for affordability... very surprised at those with 35%+

NinaSwiss

Rent (just a room) is 15% of my take home pay. Aiming or mortgage of no more than 32-35%.

StacFace

This year it's been just under 65% (student living in halls on loan + grant). Next academic year it will go down to just over 32% when I'm living in a shared house instead and have money from recently obtained part-time work to add to my loan (and won't have bills included in the rent).

rakingpapers

23% of mine goes to rent

mysk_girl

OH and I both 35, paying 24% of our joint salary.

Angie_B

Brodiebobs wrote: »

We were told by mortgage advisor 33% was the limit and we were very close for affordability... very surprised at those with 35%+

The problem with using generalised percentages is that it doesn't take into account affordability and the actual amount of money you have left at the end of the month.

33% of a take home salary of £3k will leave £2k left for bills and spending. I doubt any mortgage lender is going to bat an eyelash at that.

However, 33% of a take home salary of £1200 is £400, with only £800 left to cover bills and spending money - a much bigger stretch.

When I took my mortgage out last year as a FTB it equated to 39% of my take-home pay, 58% if you counted bills, but even then I passed the affordability check.

kelr101

13.8% of take home joint salary for us. I'm 33 and partners 27

Tancred

Angie_B wrote: »

The problem with using generalised percentages is that it doesn't take into account affordability and the actual amount of money you have left at the end of the month.

33% of a take home salary of £3k will leave £2k left for bills and spending. I doubt any mortgage lender is going to bat an eyelash at that.

However, 33% of a take home salary of £1200 is £400, with only £800 left to cover bills and spending money - a much bigger stretch.

When I took my mortgage out last year as a FTB it equated to 39% of my take-home pay, 58% if you counted bills, but even then I passed the affordability check.

It's true that the more you earn the more you can afford to increase your percentage of take home pay as mortgage repayments, but do you really want to to have to perform a well paid but often demanding managerial or professional job and then see so much of your income disappear each month? Like everything else, spending on housing needs to be balanced against the other necessities of life. It's little comfort living in a mansion if it means never taking a decent holiday and eating Pot Noodle for the next 20 years.

I have been appalled at some of the huge amounts of money that banks would be willing to lend us. If I borrowed to the maximum I would have little left to live on.

MissE001

28% of take-home pay, single, mortgage. Started all over again 7 years ago so quite happy with the percentage. If I was still with ex, %age would be of joint income so much lower but I would've been miserable

I'm early 40s....looking to move house as my mortgage deal is finishing and get bigger mortgage for the same monthly payments (currently fixed at nearly 6% :eek: but finishes end of next month)

Mylo_The_Moggy

Around 21.04% for both our monthly incomes combined, although hubby pays the mortgage as i work part time, so his wage alone would take 23.15% each month.
Works out per year between 15.87% & 17.36 of our wages going towards paying the mortgage.