To ask what % of your income your mortgage is/was?

[Youllneverseemeagainn]

I'd like to stick to x3 income, it might seem slightly conservative but would like to ensure sufficient money for repairs, maintenance, overpaying if possible and general saving/eventual childcare.
Just wondered what sort of percentage others have gone for?

I’m not really sure what you’re going to get out of this thread, as it’s so subjective based on personal situation - deposit / age / family size / area / personal preferences around house type etc etc.

You can borrow 3x and get what you want, great. What are you looking for beyond that exactly?

I'm just curious, that's all. Don't see what the issue is?

household income 7480 minimum
Mortgage 1961
So that’s 26%

This!

10% of household income.

I think the suspicion is that you're some kind of bot because as the other posters said, it is entirely personal and therefore pointless... unless you are actively trying to boost the poster number on mumsnet...

Mine is 25% of my income which seems about right

I'm just curious to know whether many people opt for 4.5 times or even higher, and whether I'm being too conservative. I don't understand some of the snippy replies, if you don't like it, don't respond.

4.5x bit only against one salary. Payments around 30% of one salary. Works out obviously less considering we have 2 salaries when spread.

Just to add, I get why people go top 4.5 or even 5x on both salaries, but we rather bought something for less. I couldn't sleep if mortgage was too big

Household income £6111, monthly mortgage pay£1159 so that’s 19%

2.2 times and monthly payment is 19% of take home pay.

Maybe your question is wrong op because it depends on age of person and equity in house really. I mean our house is valued at £550k but we certainly never had to get a mortgage for anything near that amount.

1 x joint salary

15% of net monthly income

I’m not sure you’ll get many answers on here which reflect reality tbh

work out what your monthly outgoings will be.
work out how much other things like savings and pensions, childcare and holidays for the size of family you want during the mortgage term will be.

work out a contingency fund which will vary depending on the age of the house and potential repairs etc.

deduct it all from net salary.

whats left is the max monthly repayment you can afford.

look at what it equates too and add on your deposit, remembering to deduct removal costs, decorating and flooring etc costs, repairs the survey recommends etc that’s the top house price you can afford.

2.4 times joint income and 18% of income. Will increase next time we move

When we took our mortgage many many years ago, we started assuming we needed to be able to pay it on one wage. We had similar wages then.
It was about 2x our yearly income.

Best decision we took as I ended up having to work first part time then stop due to health issues/disability.

Bear in mind too that our mortgage repayments then stayed similar ish over the years. The £300 a month that was 1/4 of a monthly wage then became not a lot towards the end (25 years later). So things eased off as years passed iyswim.

we bought our first home at the height of the property boom August 1988. Think we borrowed 3x joint income at the time. Interest rates shot up to 15% between agreeing to buy it and moving in. It was a Victorian 2 up 2 down terrace, storage heaters and a back yard.
My take home pay after tax was £515 per month and our mortgage including an endowment policy was £505 per month. So effectively 100% of one wage to pay the mortgage. Our living costs were covered by DH’s salary.
Within 2 years it was worth 20% less than we paid and we were in negative equity due to putting down a relatively small deposit.
After those hard years the interest rates gradually fell as did our percentage salary on the mortgage.

When I first got a mortgage it was 10x our joint income and we went interest only. Currently about 2x single income.

Our first house was 3 x combined salary. I was on about 22000 and dh similar. We had one eye on future children. The mortgage ended up being lower than our childcare payments for a long time.

Think our current mortgage is 15% of our joint take home pay. 10 years left.

3 x. I think if you borrow more (like I know some who did back in the 00s) you can be in trouble of not affording it.

First house was 2.5-3 times our annual salary, I can't remember what our proportion of our take home salary as we overpaid but with the overpayment it was about 20%
Second house 2 times our annual salary at first, 10% take home pay but this is now 2.5 times annual salary and 20% take home as we are down to one income.

We have come to decisions based on our costs of living. To be very comfortable we aim for a 33:33:33 split of mortgage: living: savings or 25:25:25:25 if adding in nursery. To be comfortable it's more like 40:45:15 /30:35:10:25. Manageable 40:55:5 or 32:37:5:25

On my own, it was about 45% of net pay. Plus I was a single parent with no other income. So lots of overtime and an overdraft.
Not ideal but needs must

Our monthly payment is roughly 12% of our earnings. The entire amount is roughly x2 of our yearly income (after tax/pension)

Ours is paid off now, but we tried to keep repayments to around 15% of our joint income. We wanted to make sure it was affordable on one income.

Ours was 5x our annual income when we took it out (£400k mortgage on £80k income). We now have £160k left to pay and annual household income is £200k.