Monthly mortgage payments - % of take home pay

jenny_f

I have always had a joint mortgage. I will soon be moving and getting a mortgage on my own.

I’m trying to budget and work out what I can afford. What percentage of your take home pay do you spend on monthly mortgage payments?

Thrugelmir

Approach the issue from a different perspective. Try the lenders online calculators that will give you an indication of the amount that they will lend.

jenny_f

Thanks Thrugelmir, just wondered percentage out of interest as not sure if I'm being over cautious.

getmore4less

% is not a good way to do it because people with the same lifestyle say using £20k a year can have very different disposable on top, someone on £30k can afford a lot less than someone of £40k

do your budget and see how much you can afford, you can then prioritise discretionary spending if you need less/more money to buy somewhere.

Thrugelmir

jenny_f wrote: »

Thanks Thrugelmir, just wondered percentage out of interest as not sure if I'm being over cautious.

Lenders will factor in what interest rates might rise too. In order to assess affordability. Not just use current levels. A mortgage being a long term committment.