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  • FIRST POST
    • jenny_f
    • By jenny_f 9th Mar 18, 10:40 PM
    • 879Posts
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    jenny_f
    Monthly mortgage payments - % of take home pay
    • #1
    • 9th Mar 18, 10:40 PM
    Monthly mortgage payments - % of take home pay 9th Mar 18 at 10:40 PM
    I have always had a joint mortgage. I will soon be moving and getting a mortgage on my own.

    Iím trying to budget and work out what I can afford. What percentage of your take home pay do you spend on monthly mortgage payments?
Page 1
    • Thrugelmir
    • By Thrugelmir 9th Mar 18, 10:51 PM
    • 58,490 Posts
    • 51,855 Thanks
    Thrugelmir
    • #2
    • 9th Mar 18, 10:51 PM
    • #2
    • 9th Mar 18, 10:51 PM
    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.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • jenny_f
    • By jenny_f 10th Mar 18, 9:26 PM
    • 879 Posts
    • 343 Thanks
    jenny_f
    • #3
    • 10th Mar 18, 9:26 PM
    • #3
    • 10th Mar 18, 9:26 PM
    Thanks Thrugelmir, just wondered percentage out of interest as not sure if I'm being over cautious.
    • getmore4less
    • By getmore4less 10th Mar 18, 9:44 PM
    • 32,035 Posts
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    getmore4less
    • #4
    • 10th Mar 18, 9:44 PM
    • #4
    • 10th Mar 18, 9:44 PM
    % 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
    • By Thrugelmir 10th Mar 18, 9:59 PM
    • 58,490 Posts
    • 51,855 Thanks
    Thrugelmir
    • #5
    • 10th Mar 18, 9:59 PM
    • #5
    • 10th Mar 18, 9:59 PM
    Thanks Thrugelmir, just wondered percentage out of interest as not sure if I'm being over cautious.
    Originally posted by jenny_f
    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.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
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