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percentage of salary that goes towards your mortgage
lizzymouse
Posts: 65 Forumite
hi there
i read something a while back that seemed to suggest that 30% was about the average amount now people were spending of their income on their mortgage.
My husband and I are just starting a mortgage which comes in at 31% of our income- (income 2598, mortgage 803) - is this about the average people are paying who have a mortgage here, or are you paying more or less- or do you think 31% of income is too much to pay or am i worrying too much!
all comments appreciated many thanks
i read something a while back that seemed to suggest that 30% was about the average amount now people were spending of their income on their mortgage.
My husband and I are just starting a mortgage which comes in at 31% of our income- (income 2598, mortgage 803) - is this about the average people are paying who have a mortgage here, or are you paying more or less- or do you think 31% of income is too much to pay or am i worrying too much!
all comments appreciated many thanks
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Comments
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Mortgage is 17% of my take home income per month. Service charge takes that up to 20%. I'm probably not average since I bought 18 months ago for £85K.Happy chappy0
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I'm about the same as you, Lizzy around 32%.
(if only I'd stayed in my first house!)0 -
30% is fine as long as you dont have loads of unsecured debt. I have had clients wanting 60% but I would say 40-50% are very common. I think you should stop worrying and enjoy you surpless income!
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many thanks for that- have no other debt at the moment so i will try and enjoy but am a born worrier so i have to worry about my mortgage !!0
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Dont worry, I am married to a born worrier!0
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Our mortgage is approx 25% of our joint take home pay. We do have lodgers though, but I don't include them in case they leave.
When our mortgage goes up next year, assuming that we can get a fixed rate similar to what is around now, it will go up to approximately 28% of our joint take home pay. So I guess we are similar to you.Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
Are you talking about gross or take-home pay?poppy100
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I'm on the mortgage free in Three challenge, so looking to pay a big chunk off my mortgage up to Apr 2010 (when the challenge ends) and be mortgage free as soon as possible after that (about 2014 at the moment). So I pay a huge chunk of my salary, including the overpayment - some 52% (of gross pay) plus £250 into a cash ISA which I plan to use for the mortgage, too. And the £250 per month will go up to £300 from April
It's just about priorities - I'm sacrificing nice holidays for a while so I can get rid of at least the majority of my mortgage. It makes me happy!Mortgage Free thanks to ill-health retirement0 -
hi there
its take home pay- i.e. our mortgage is 31% of our take home pay0 -
ours is 24.39% of our take home0
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