What proportion of your monthly take home salary is your mortgage?

[beanyl]

FTB, trying to work out whats sensible with the upcoming cost of living crisis.

20% and no other debt thankfully

Not got a mortgage yet but aiming for just under 30% of joint income, which feels like a lot looking at some of these here, but we are ftb and basically can't buy a house for any less.

50%, single parent.

It sucks!

Around 25%.

It really depends on how much you're earning though. If I was on a 22K salary, no way would I be having 25% of my income going towards a mortgage, as you won't be left with much after. But if you're on 60K, 25% is going to be easily manageable.

22% right now
Looking like it'll be closer to 30% next year (but hopefully our income will rise too)

My share comes to just under 20%. But it's 25% of dh's wages. He doesn't have to pay friendship tax though.
My petrol bill is currently another 15%. Which is nuts, when you put it like that.

16% but will go up to 18% next month as I'm dropping a work day. Single, no children, mortgage fixed until 2026.

48% unfortunately

34% of joint income. It'll be more in January as my current deal ends in December.

I also used to spend around 15% of my income on commuting, which is nuts and one of the reasons I left my job for a lower income.

But if you don't pay a higher percentage on that salary then you wouldn't be able to afford a house..
I take home between £1300-1700 and mortgage is £385. It's doable but doesn't allow for holidays etc. Think my yearly salary varies from min wage up to about 23k

12%

35% of our joint income

Exactly. It's a bit of a 'how long is a piece of string' question.

You also need to consider your other costs and lifestyle priorities, plus the effect of the expected interest rate increases if you don't take a long term fixed rate.

If you want to be able to run a nice car, are likely to have significant commuting or childcare costs, or spend a lot on hobbies, holidays, clothes and grooming or eating out etc, you'll be able to afford a much smaller mortgage than if you'll be walking or cycling to work, school etc,spending little or nothing on a car or other variable lifestyle expenses.

Need to look at what works for you, not a list of random percentages from other people in different circumstances and life stages to you.

About 20% here, but it's like other people have pointed out already, that percentage figure isn't really useful.

The real question is how much money will you have left over, each month, once all bills and essential expenses are accounted for?

20% sounds like a large chunk of our monthly take home, and we're not high earners at all, but we have unusually low living expenses and could have a much bigger monthly mortgage payment - probably double - and still not be struggling.

48% of my average take home, 22% of our joint.

I rent but my rent is 68% my take home. As a teacher rather than a hedge fund manager, this obviously doesn't leave me much over, but it is doable.

Jointly: 14%
School fees, 30%

School fees - yawn, entirely optional and not what the thread is remotely about.

Thanks everyone. We each take home about 2.5-3k/month and will possibly have a mortgage of 1400.

43% on my own
19% with DH

@beanyl I would say you’d be fine in that case, although I don’t know whether you have DC/ planning to have DC. We earn a similar amount and are about to take on a mortgage with higher monthly payments than that. However, our childcare costs are about to go down and don’t plan on anymore DC so no more May leave etc.

What rate is your 1400pcm based on? It seems inevitable that interest rates are going to increase by several percentage points over the next 6 months, so it would be prudent to factor that in. When I come to renew my fix then my monthly repayments may increase by up to 50% (hopefully that’s worst case!)

2.66% of joint net 1.56% joint gross. Interest only while paying school fees which have now finished. Will pay off 4/7 from savings when the fix expires in January and the balance from income over the following 14 months until husband retires (I'm retired).

This might sound stupid, but how do people have such a low % of their salary as mortgage repayments? Is this all high earners, or people with a high earning partner, or have nearly finished repaying? I am in a very modest 2 up 2 down house, less than 640 square feet (so not large!) albeit in London, and with decent equity from my last property, plus earn more than the average, but am still paying 60% of my take home wages on my mortgage after my rate went up earlier this year (fix ended at a bad time alas). I have often wondered how people afford a holiday every year, or cars, or to eat out regularly or go abroad, but with such low mortgage payments as a salary % I can see that a lovely lifestyle would be possible.