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    percentage of salary that goes towards your mortgage
    • #1
    • 5th Nov 07, 8:46 PM
    percentage of salary that goes towards your mortgage 5th Nov 07 at 8:46 PM
    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
Page 1
    • tomstickland
    • By tomstickland 5th Nov 07, 8:53 PM
    • 18,904 Posts
    • 15,428 Thanks
    • #2
    • 5th Nov 07, 8:53 PM
    • #2
    • 5th Nov 07, 8:53 PM
    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.
    • cazziebo
    • By cazziebo 5th Nov 07, 8:57 PM
    • 3,114 Posts
    • 5,222 Thanks
    • #3
    • 5th Nov 07, 8:57 PM
    • #3
    • 5th Nov 07, 8:57 PM
    I'm about the same as you, Lizzy around 32%.

    (if only I'd stayed in my first house!)
  • Dan_Collins
    • #4
    • 5th Nov 07, 9:03 PM
    • #4
    • 5th Nov 07, 9:03 PM
    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!
  • lizzymouse
    • #5
    • 5th Nov 07, 9:26 PM
    • #5
    • 5th Nov 07, 9:26 PM
    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 !!
  • Dan_Collins
    • #6
    • 5th Nov 07, 10:58 PM
    • #6
    • 5th Nov 07, 10:58 PM
    Dont worry, I am married to a born worrier!
    • pollyanna24
    • By pollyanna24 6th Nov 07, 11:02 AM
    • 3,987 Posts
    • 5,319 Thanks
    • #7
    • 6th Nov 07, 11:02 AM
    • #7
    • 6th Nov 07, 11:02 AM
    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
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    • poppy10
    • By poppy10 6th Nov 07, 12:22 PM
    • 6,128 Posts
    • 7,402 Thanks
    • #8
    • 6th Nov 07, 12:22 PM
    • #8
    • 6th Nov 07, 12:22 PM
    Are you talking about gross or take-home pay?
    • Trying to be good
    • By Trying to be good 6th Nov 07, 12:24 PM
    • 1,919 Posts
    • 2,418 Thanks
    Trying to be good
    • #9
    • 6th Nov 07, 12:24 PM
    • #9
    • 6th Nov 07, 12:24 PM
    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!
    Last edited by Trying to be good; 06-11-2007 at 12:27 PM.
    Mortgage Free thanks to ill-health retirement
  • lizzymouse
    hi there

    its take home pay- i.e. our mortgage is 31% of our take home pay
  • Lomion
    ours is 24.39% of our take home
  • free4440273
    Don't have a salary (but do have a huge mortgage) after being made redundant a year ago


    • Woby_Tide
    • By Woby_Tide 6th Nov 07, 3:50 PM
    • 5,202 Posts
    • 1,965 Thanks
    somewhere around the 30% mark but then our take home pay is excluding various stuff i.e. childcare vouchers and various insurances that would otherwise mean our take home was higher and our percentage 'lower'
    • kissingthepink
    • By kissingthepink 6th Nov 07, 3:51 PM
    • 178 Posts
    • 117 Thanks
    My mortgage repayments are 40% of my take home pay.

    Anything higher would be a struggle.
  • lizzymouse
    hi all
    thanks for the replies, i feel a bit better now - i thought you might all say your percentage was about 8% !!

    i guess i am about average, i am going to try and save though to pay extra off the mortgage- seems like it's a wise thing to try and do from looking round on this site......
    • roxy7699
    • By roxy7699 15th Nov 07, 12:33 PM
    • 1,062 Posts
    • 8,964 Thanks
    My rate is 42% ugh, and I have debt, now I know why I always feel broke. My salary has also increased greatly since I got my mortgage 5 years ago.
  • sarkin
    I agree with dan a lot of our clients are 60% plus and with the credit crunch a lot of them have stayed on SVR as they had bad credit and cant remortgage.
  • Amber07
    My mortgage is currently 16.5% of take home pay

    When we move it will go up to 23%
  • beingjdc
    When I had a mortgage it was just under a third of my take home pay. My share of the rent is now 36% of a much higher take home (that's what moving to London does to you...)
  • 350nutter
    Mine's 38.095% of my take home pay
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