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?

When we got our first mortgage in 2019 it was 3.5x. We earn more now and what was borrowed then is now about 2x overall earnings. It seemed massive to us then and it's still huge now. Some of the outstanding mortgages listed in some threads on MN are crazy high. I'm not sure how well I could sleep with a mortgage of 600k + but we are all different. We have no plans to move anywhere bigger. With rates as they are and the unpredictability of what is to come, erring on the side of caution with affordability is sensible.

Half. Too much tbh

21% of net pay. I think we could stretch to anything up to 40% comfortably, but I really wouldn’t want to compromise my ability to save or just live a life where I can make expenditures without worrying for the sake of a ‘better’ house. On that basis, I’d only ever stretch myself that much if it was the difference between owning a property or not at all.

I borrowed 5.5x salary at the time and payments are 28% of take home pay.

I think it depends where you are in your career path etc, I know it's not always linear, but when we bought we borrowed by 3.5 times our income but now it's only 1x as our careers have moved on. Each monthly payment is about 10% of our income. We probably should overpay but at the moment we are using the extra money for school fees and holidays and will probably deal with it when the kids have left home.

Mine was double my salary. Single income household - it’s manageable but still a big mortgage

When my DH and I had a mortgage, it was around 16% of our monthly income. This was based in NE England.

I have had up to 5.5 x salary before but now buying post divorce and aiming for 3x to make it more affordable but I might stretch slightly.

On my budget spreadsheet a 25% of net salary mortgage payment leaves plenty of fun money. But I would go to 33% for an amazing, no work needed house.

Paid off now, was about 15% before that. Years ago I borrowed 3.5x income

Mine is 2.2 my annual salary, I’m overpaying so currently 34% of my monthly net

Yes I agree. When we bought our house we were just starting out in our careers. Our career plans meant that we knew that borrowing at the top of our affordability at that time made sense (and it has paid off).
If you’re already near the top of your career trajectory, or in a role with limited scope for progression than I’d be far more cautious.

So you’re not talking about mortgage payment you’re talking about LTI (loan to income) of the outstanding balance which is nothing more than a promotional tool from the bank it is meaningless.
the lender will assess affordability so if you’ve been lent your mortgage it’s affordable for you. These threads always seem a bit judgy and smug that ‘I’m borrowing less therefore I’m more responsible’.

but from an LTI my outstanding balance is twice my annual income. My monthly payment is 1/6th of my house hold income

Our repayments are 30% of our monthly take home pay, and we borrowed 3.5x joint salary.

Monthly our current mortgage deal is around 4% of salary. The total amount borrowed is 35 % less than our yearly take home pay

When I first bought my house 5 years ago (age 23) my mortgage was £155,000 and combined income for two people £36,000 so over 4x and we also had a help to buy loan of 20% of the house value on top of that!

Currently our combined income is £81,000 and we re-mortgaged to buy the help to buy loan with a mortgage of £178,000 so not much more than 2x

I think it really depends how much you think your salary will change.

When I first got a mortgage 20 years ago it was about 45% and they lent us about 6x our income the time of about 30K.

28% of household income is mortgage.

2.4 x yearly income

24% of my monthly takehome

Single mum of 3.

But low ltv.