Mortgage Costs

[babydad]

I have finally got round to looking at our household finances (bad times!) and I worked out that our mortgage costs are 27% of our total net (take home pay) household income.
Just wondered how that faired with others. We have only just started a new 30 year mortgage.

[slimytoadwife]

Why does it matter what others pay op? Surely the only thing that matters is that you're ok with it?

You're very lucky you spend less than 30% of your take home pay on keeping a roof over your head. Lots pay 50% or more.

There will be lots of people along shortly to tell you they only spend 5% due to 'sheer hard work' etc etc

[mandy214]

I think there have been quite a few threads about this. I don't think you can apply a %. If you earn £1 million a month, and have to pay 27% of it out on a mortgage, you're no doubt in a position to cover other outgoings.

If you earn £500 a month, and your mortgage is 27%, then it doesn't leave much.

Also depends on outgoings - our mortgage is about a third, but at one point, childcare costs were more than the mortgage. Mortgage is still the same now, but we don't have childcare costs so we have much more disposable income than we previously did.

[StonedGalah]

Does it feel a lot to you? That's probably the most important question. Our mortgage is 17% , which is good for us as l need to save which sometimes drives DH around the bend

We want to move to a bigger house but l have palpitations at the thought of increasing our mortgage.