What % of income on mortgage payments?

[uselesstechy]

Hi there, is there a general rule of thumb on how much of your monthly salary should be spent on your mortgage? I seem to remember something about no more than a third should be going on your housing costs but this seems a LOT, so maybe I've got this wrong. Is there a

Gah, posting on phone - meant to add in that it would be useful to know if mortgage advisors work on any general rule around income ratio to mortgage spend. Thanks.

There's no general rule on mortgage spend to income ratio nowadays- it's all based on what lenders deem is affordable to you.

Percentages of salary aren't relevant as someone with no debts and no children will more easily be able to afford say 40% of their salary than someone who has 3 kids and a car loan so a 'one size fits all' approach is no longer used.

The main high street lenders have online affordability calculators which are worth using to get an idea of what you could potentially borrow.

Yes - entirely depends on your other outgoings

Kids?
other debt?
penchant for high cost gym/car/Sky/cleaner or frugal lifestyle.

Yes - I was up to 50% at one point. . I really wouldn't advise it. Our income was about 2300

Our mortgage is the same but as our income has increased it only represents 25%. Phew.

But if we earned 5k a month and had 50% on mortgage then we'd still comfortable have 2.5k left over.