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Too much debt?
Comments
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I'm 26 husband 28 we took on a mortgage this year of just under £107k. 3.5x joint income.
It's not just about these figures though it's about affordability, these this is affordable for us but may not be for a similar aged couple with a car loan each and three children, etc.0 -
It absolutely does depend on lifestyle. We don't go out and spend a lot and have no kids. We enjoy our home and spend a lot of time in it so that is where we would prefer to spend a larger portion of our incomes.0
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Early 30's couple on one income as one of us is a stay at home parent, not FTB
Mortgage £220,000. = 3.5 x my salary
Seems like a lot of debt but we have a five year fix and our earning potential will increase over the next few years. Payments are just over 25% of our monthly income which is fairly comfortable.Earn £2015 in 2015: £13:33/20150 -
We looked for a mortgage so we could move. Husband earns £28k I'm a SAHM and we have 3 children. They would only lend us £22k they were very wary of allowing us to borrow when we had children. So what's tha 0.8 times salary.0
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I would say live within your means. Clear any other debts you have before considering a mortgage. If you do decide on a mortgage, keep it affordable, don't take on too much. It's not good having debt on the mind. I think 4x income is probably the most you should have. If you are renting the agent won't let you rent anything more than 40% of your gross income for example.0
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I'm 23 and don't have a mortgage yet, but am on the hunt for a property. I don't have any other debts. I've had a look around and should be able to get £98,000 mortgage with about a £12000 deposit.0
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Fiance and I are about to get a first mortgage of £300k, which is 3.35x gross combined salary.
We have no other debts though and have worked out that after all of our combined bills and necessary expenses we still have 1/3 of our combined net salary available to save. We are taking on slightly more than we would have liked but we're also buying a big 3 bed property, so we won't have to move again when we have children.
My fiance is early 30's, I'm mid 20's.0
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