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Original poster

What % of your income is your mortgage?

76 replies

User135792468 · 09/04/2021 22:00

I have seen similar threads but they all tend to either mention a specific amount for the mortgage (which doesn’t take into account income) or a % (which is hard to understand or compare if you don’t know the age of the person posting).

Therefore, can I ask what % of your income was your mortgage when you were either mid 30’s or when you had young (pre school/ primary) children?

We fall into both categories and currently pay 14% but will soon move and go up to 30%. It feels like a big jump so am a bit nervous, even though we have done the maths many many times and know it will be fine.

OP posts:
Dazedandconfused10 · 10/04/2021 00:46

26% early 30s, no children, no partner

sunflowertulip · 10/04/2021 00:50

25%. Late 30s, two young children. However we overpay which takes it to 30%, but could easily stop the overpayment.

Uniquerandomer · 10/04/2021 00:51

14% Early thirties, 2 dc, one young the other a teenager.

3littlemonkeys82 · 10/04/2021 00:55

I think it really depends on if there are 2 earners or a single earner aswell. I'm hoping to buy in the next few months as a single parent to 2 primary and 1 uni student and it will be around 28% of my net monthly income.

Darbs76 · 10/04/2021 07:18

This is helpful as I’m saving for a deposit to purchase my own property (did own in my 20’s but split up with DP so I rented for a while, now living in his house whilst he’s working oversees rent free so saving a lot). My dilemma is do I take the max they will give me (job secure, government worker) so I get the house I want first time. Assume but can’t guarantee a future inheritance which would pay half of it. Also hoping for a promotion in the next few years. Again can’t be guaranteed. I do love holidays so don’t want to max out and can’t afford to do anything. So do I buy something cheaper at first then move again if I can afford it? Going to have to put mortgage on 20yrs absolute max as I’m 44 now.

Darbs76 · 10/04/2021 07:20

Yes @3littlemonkeys82, same for me. Just saving now for a deposit, should have it by next year at latest. I think it would be similar to yours if I take the max I can borrow. Does seem a lot but at the same time I don’t drink or smoke or wear expensive clothes!

GappyValley · 10/04/2021 07:23

It’s about more than the percentage... the amount of disposable cash leftover is relevant

Having a mortgage payment that is 30% of your income is very different if that income is £1500 vs £5000 a month

noblegreenk · 10/04/2021 07:25

We're mid thirties and it's about 17% of our income.

Pepvixen · 10/04/2021 07:29

26% which is more than when we bought our first home. This is the forever one. We overpay on top of that.

SSwimCycle21 · 10/04/2021 07:32

@darbs76 I had to agree to a mortgage till I was 67 but we knew once our childcare costs went down we could overpay which we have done and the mortgage will be paid off easily 7-10yrs+ earlier as i got a promotion & upped hours once kids were older. Go for the Max you feel comfy with it’s cheaper then the cost of moving again

We pay 33% but two earners and enough hols money left too.

WaitingForNormality · 10/04/2021 07:54

Ours is 13% of our monthly net pay (but we regularly overpay to make it 20% of our monthly take home pay instead whilst we can afford it).

Early 30s. Primary child and baby on the way.

StarsonaString · 10/04/2021 09:26

Basic mortgage payments are 19% of my total net income and 22% of my employment income excluding lodger money. Perfectly manageable and am 30s with no children.

This year I have been overpaying and putting roughly 45% of my net total income in each month.

trinibrit · 10/04/2021 09:34

About 33% of my income which was too much but, as a single parent, it was the only way I could afford to buy (which was important to me) so I just had to make it work. However, as I could never afford a babysitter to go out, I saved money on socialising!

shivawn · 10/04/2021 10:05

7%, its super affordable, we hardly notice it to be honest.

When we upsize in the next 2 years it will be 20%.

Gwenhines · 11/04/2021 08:47

Mid 30s it was over 40% combined income, which was my full take home pay, with 2 days nursery fees on top. I worked PT until DD was 4yo, we had my current mortgage and a mortgage on DP empty house. Times were tough.
But within the space of 3 years I went FT in old job, then changed job, then was promoted. DP became DH. DH changed employer with pay increase. We sold the empty house, and extended/renovated this one.
Now late 30s rather than mid 30s and it's 9% expecting to go down further when fix ends v.soon.
Circumstances can change so quickly. We had plans to move up the ladder pre-covid, increasing mortgage closer to 20% current take home pay, but now the focus is on clearing the mortgage, loving what we have, and using our current home as a base while we explore the world when it opens back up again. Less is more.

Lindorballs · 11/04/2021 08:53

Mortgage is 26% of our income. I am late 30 DH mid 40s. We have 17 years left on ours and we won’t increase the term again now. If we move again it will be to a similar size/value property. I have a primary age DC and a 3 year old. Our childcare is currently about 10%. It’s gone down recently since my youngest got his free hours and I am increasing my hours soon.

honkytonkheroe · 11/04/2021 09:06

Both 51 and we have no mortgage having quite recently paid it off with the help of my dad. Without that, it would have been about an £80k mortgage with combined annual salary of about £80k.

addictedtotheflats · 11/04/2021 09:10

8.5%, we are early 30's, 1 DC 2 years old. 4K joint income. We bought 5 years ago and LTV increased, mortgage repayments lowered and progressed in both of our careers. Need to move but saving as much as we can while we can

Trinacham · 11/04/2021 09:16

10%. That is only since overpaying though and we are continuing to overpay, should hopefully pay it off in the next 2 years. Couple who are 28 and 30, pre-kids.

Mintjulia · 11/04/2021 09:16

17% of income as a single parent.

Lalala86 · 11/04/2021 09:22

13%. Mid 30s and childfree. Will jump soon though as buying a bigger place (and remaining in London). Was also a much larger proportion when I got it 5 years ago but my salary has tripled since then.

StripedLeopard · 11/04/2021 09:25

30% when I was in my thirties. Will be paid off in 2 years

MilkshakeandChips5 · 11/04/2021 09:47

We are in the process of purchasing a long-term family home and mortgage will increase from 15% to 26%. We're taking on a huge mortgage and about to have a baby so know that the next couple of years will be tough! Hoping to ride it out and feel the benefit in a few years time.

Aurorie11 · 11/04/2021 09:51

10 years ago, it was about 30% and nursery fees were another 25%, now paid off

Pyewackect · 11/04/2021 09:52

I’m surprised at such low percentages. I assumed with the cost of housing the average would be a lot higher.