What % of your income is your mortgage?

[DeerMyDear]

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

Just below 20% of household income

21%

25%

15%. It was 25% before I started working.

11% of our joint take home pay

13%

11% of my take home pay after tax.

I bought the place when I earned a lot less.

About 28%.

31% with 30 years to go. But we also save 10-15% of our income most months so we’re hoping we’ll have options at remortgage time to bring down one or the other of those numbers.

25% as of tomorrow

25% of our net income. Sounds like we are at the higher end compared to others on the thread but it feels pretty doable to be honest!

22% of take home pay. Easily affordable, we save more per month than we put in the mortgage.

Ours was 33% of joint income when we bought it but we overpaid every month and now it is 0%.

30% of DHs net income, which is doable. When I return to work (part time) it’ll be 21% of joint net income.

We were renting for over £100 more per month previously though, so this feels a lot less in comparison

37% of our joint take home pay. It feels a lot but we love our house.

About 35% due to relationship breakdown and having to take on the mortgage alone 😑

It depends on how many years you've got left on your mortgage, and how much equity you have as to whats a big deal and whats not.

If you can extend the period of your mortgage by a few years if you have a problem a high % is not necessarily as bad as it sounds.

You also need to think about interest rates and what type of term you plan. If you are worried about the % of income, then you are much better on a fixed interest mortgage rather than a variable. As it stands it looks highly unlikely that the very low rates of the last few years are going to continue indefinitely.

If you are upsizing, consider how much more it will cost to heat and what your council tax will be cos your increase in costs won't just be down to your mortgage.

I think generally speaking 10% of your income is on the lower end these days. That doesn't mean you should aspire to have a much bigger mortgage though! It means that other people might be much more exposed to financial risk than they should be.

7% of gross income, 11% of net income. I hadn't realised it was so low.

Ours is around 25% of obey income but that is after some hefty pension contributions. If you consider them it would be closer to 15. I think as you earn more it’s more flexible as you just don’t need as much of a proportion of your income to fund other things that cost similar amounts regardless of the cost of your house. Often you are paying more on the mortgage for the area rather than the size so things like utilities will be same & then things like food shopping, Internet, phones, entertainment, clothing, savings etc there are a massive range of options of what you could allocate to each and it comes down to what you prioritise. My colleague is mortgage free and lives in a flat in a cheaper area. Her and her husband spend bulk of their money on experiences (travelling, concerts, nights out etc). I have another that lives in a 2 up 2 down and funnels loads of their income to sending kids to private school. I earn a similar amount to both and couldn’t spend what they do on those things due to the mortgage but we have a lovely large house that is in a good area for accessing transport links to city, coast & countryside with great local schools. Everyone has a different amount they are comfortable spending on their house vs other things and it’s bound to vary based on your priorities. If we hadn’t had kids I think we’d be mortgage free by now but we did and so we moved and more than doubled mortgage and then added to it again this year to extend/remodel. Im just pleased we have a house already as feels like it’s getting harder and harder for first time buyers to get something affordable

13% of joint net income that includes an overpayment. It would be 10% without that

About 18%.

8.5%

I think it’s somewhere around 20-30%, but Dh is a company director so only takes out the minimum from the business each month. I know how much the business makes each year roughly, but actually don’t really know what dh’s income is per month (and it changes month to month anyway). So that’s just a guess. We live comfortably and don’t feel stretched though.

18%, one income.

About 11% but looking to increase as this feels pretty comfortable.