% of monthly income on mortgage

will-he-payitoff

Dont know if this has been asked before but what % of monthly income should be payed out on a motgage. I thinking of a sensible figure not the maximum.

21castlehill

There was a poll some time back with some quite interesting figures. However I'll happily tell you I spend 12% of my salary on the mortgage, or 11% if you take our joint income as the figure.

beecher

A quarter of my takehome pay goes on my mortgage, and I wouldn't want to pay out any more than that. Have no idea how some people cope with mortgages of 4 times their salary, but I suppose if you have an above average salary it isn't as much of a problem.

sammyjammy

Mine is just over 50% of my salary:eek: however its less than three times my salary and I've reduced the term by years and over pay, its perfectly manageable even taking into account future rat rises, I have no debts and very little social life, I'm a bit tight with money so although it sounds shocking its actually perfectly manageable for me and means I'll be mortgage free before I'm 45 if I stay in this house..

Sam

dan1979

A lot of lenders use something called DTIR whereby your debt payments have to be under a certain percentage of your gross income, this is usually about 40% but does get as high as 50% in some instances.

Right now mine is 21% of net income, when my wife stops work to have a baby it will double.

purply

Me and hubby halve the mortgage. A third of my income goes towards it!
doesnt sound great when i think about it like that...

neas

Less percentage the better because you are more suited for changes in the mortage industry