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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

What % of your income is your mortgage?

305 replies

DeerMyDear · 31/01/2022 17:29

I realised I have no idea what other people do. For transparency, ours is 10% (household income £5000, mortgage £500. But think we might move house and up the % but then that feels scary. But maybe I’m being a wuss.

Just interested in what others do x

OP posts:
HMG107 · 31/01/2022 18:41

Roughly 25% but I’m working minimal hours as we have a toddler.

rubytubeytubes · 31/01/2022 18:42

Ours is currently 17% and very manageable. We are about to move and go up to 30%

Looubylou · 31/01/2022 18:44

0%, bought 22 years ago, about 50 % deposit, paid it off in 5 years. Partner wanted to be debt free.

redandwhite1 · 31/01/2022 18:45

Will be About 23% (when we move) but is currently 12%

Just about to move into our (planned!) forever home so happy to take the hit, plus it's much bigger and in a better area

Cheeseycheeseycheesecheese · 31/01/2022 18:48

@Whysotired

19.5% however this includes a 2.5% overpayment.
Same here. Rounded the payment up. We're looking to buy a bigger house later this year and looking at paying more like 30/35% when it comes to it as we'll be borrowing an extra £100kish
Cotswoldmama · 31/01/2022 18:48

About 20% but we over pay each month so actually about 25-30% of our income

Hayisforhorse · 31/01/2022 18:48

What is affordable is more than simply about a %.

Ours is about 20% but high income so there's still lots spare for savings, luxuries and we can cope with % rate changes. We'll also have paid it off in our early 40s. If you have a much lower income then 20% of that may leave you without enough to pay the bills.

ShallWeTalkAboutBruno · 31/01/2022 18:50

@Hayisforhorse

What is affordable is more than simply about a %.

Ours is about 20% but high income so there's still lots spare for savings, luxuries and we can cope with % rate changes. We'll also have paid it off in our early 40s. If you have a much lower income then 20% of that may leave you without enough to pay the bills.

Exactly this. 30% seems high but if your income £9000 a month you still have plenty left. If your income is only £1500, then 30% would be much more difficult. Ours is 25% but we still have plenty left over each month for bills, general living and savings.
PattyPan · 31/01/2022 18:51

28%. I live in the SE and only got on the ladder 3 years ago so a £500 mortgage sounds impossibly small!

PanettoneMoly · 31/01/2022 18:51

22%. No overpayment or chance to do so in next 3 years or so while we’re paying nursery fees.

Hayisforhorse · 31/01/2022 18:53

To give you the sums, 20% of a £1400 monthly income leaves you with £1120 per month to cover childcare, groceries, bills etc.

20% of a £7000 monthly income leaves you with £5600 per month to cover childcare, groceries, bills etc.

DdraigGoch · 31/01/2022 18:57

20% of basic take-home pay. I then overpay to nearly 50% of basic take-home pay. Which probably sounds absolutely barmy to you lot. However I have a number of Sunday shifts which are committed overtime so that takes the ratio down to 42%. Add in all of the other overtime, bonuses etc. and all payments come to 32% of net pay.

But I've got no dependants, cycle instead of driving so my other outgoings are low. Given that interest rates are only going to go up, it makes sense for me to pile on the overpayments now so that I've got some breathing space if things get difficult later.

TakeMeToYourLiar · 31/01/2022 19:00

16%
Childcare woth tax free childcare is 25%

Dashel · 31/01/2022 19:02

0% now but for a few years it was about 45 to 50% ish to get it cleared.

Bluepolkadots42 · 31/01/2022 19:02

26.8% was less before my husband lost job and had to take a new but lower paid job

BernadetteRostankowskiWolowitz · 31/01/2022 19:03

16% but would 13% without overpayment. That's of our nett income

Hollyhobbi · 31/01/2022 19:06

Just under 11%. I also try and throw a few euro at it every month. The average rent around here for a house with one less bedroom is 10 times what I pay every month!

supadupapupascupa · 31/01/2022 19:13

Lady month 16%

Dsisproblem · 31/01/2022 19:14

21% of take home

Mouldyfeet · 31/01/2022 19:19

@Triotriotrio are you south east too? I dream of moving up North and having a much cheaper mortgage 😂

lemondrop21 · 31/01/2022 19:19

13% of net income. We'd like to move for a bigger garden, but we pay not very much at the moment so have a lot of disposable income. It's scary committing to more! And house prices are astronomical at the minute.
We wouldn't get much more than what we already have for have made budget.

Sparklesocks · 31/01/2022 19:21

35% of our combined household income.
Which seems high to me! But we only started our term 6 months ago and DP took a paycut for a new role last month and all being well will be on a higher salary once his training finishes.

Firstshoes · 31/01/2022 19:25

15.25% precisely

LBOCS2 · 31/01/2022 19:25

20%, give or take - but again, leaves us plenty for living. We could go to 30% easily without it impacting our quality of life, and that's really the stress test you want to undertake.

Rosiestraws · 31/01/2022 19:27

50% but I live in London and it's just me paying it