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.

This might sound stupid, but how do people have such a low % of their salary as mortgage repayments? We stared out with about 45% of salary going on the mortgage, then rates went up so it was 55%, then gradually rates came down, salary went up, I got the deal of deal with Barclays for 0.18 above base rate so the mortgage got smaller in comparison with salary. I switched to interest only a couple of times to free up more salary when bills were particularly high and then switched back.

20% but we actually overpay so it’s 40% and find that adorable.

*affordable!! It’s not adorable

Our mortgage is under 10% of our monthly income, because:

We earned a lot less when we took it out.
We have no DC so a small 2 bed semi is enough for us.
We haven't gone 'typical Mumsnet' and bought an expensive house due to location and/or size.
We've never fixed our mortgage, which is usually more expensive.
We've not spent that much on it (we did put on an extension but most of that was paid for due to having a mortgage that was virtually interest free for the last 15 years). Most Mumsnetters seem to see a perfectly lovely house, declare 'that it needs work' and proceed to extend and install new kitchens, bathrooms, flooring, garden makeovers, furniture, curtains etc from John Lewis, paint every square inch in Farrow & Ball, etc etc. We've done very little and it's all been from Ikea or B&Q.

At the risk of sounding like a Viz Top Tip, you too can have a small mortgage by living in a small house in an unfashionable area.

21% when I was single. Probably closer to 9% now

13% of our take home monthly income (combined)

@Mushroo Ah that made me laugh!

We’ve been in the same first home for 12 years and it wasn’t massively expensive to start with. There’s a lot of equity in it that I’d like to release now though but doesn’t seem a good time to move. We do have two loans for home improvements that I consider part of the mortgage really, albeit shorter term.

34% is just my mortgage then another 29% on fixed direct debits which include all bills plus life assurance and ISA payment of £100 pm. Also using rapidly dwindling savings to help adult children out with living costs.

20%

25% joint

About 20% of joint income. Our biggest cost is school fees and when DS leaves next year, we will over pay. Tail end of mortgage and hope we will be mortgage free by end of the c5 year term.

20% jointly, though we overpay which takes us to 27%.

Am surprised at that 30% unaffordability figure as we are quite comfortable overpaying and still save etc.

18% of joint net, but it's up next year and unfortunately I'm sure it'll be much more!

On my own and it is 22% now. Last fixed term was 21% when I first got my house though I was paying closer to 25% and it was manageable.

8% of our take home pay. Used to be a lot more but we overpaid heavily before having children.

My dad a bank manger said should never be more than 1/3 of salary

I earn 27k just now. Was on 24k when I bought. But I live semi rural and houses were cheapish. Paid around 80-85k for a 3 bed semi detached. I am 5 years in to a 20 year mortgage, have debt as well so poor credit rating.

I pay around 22% of my monthly take home. Other expenses are pretty low too.

Currently 25% of our joint income, but our mortgage deal is up next year so it's looking like it could be 40% which is absolutely terrifying

26% joint. Mortgage is on a fixed rate at 0.99%, so will expect that to go up considerably when our fixed rate ends. No pay rises for either of us this year, so we can’t rely on that to cushion the blow.

Just me 35% then once bills are added on it comes to 53%. I don't have anything spare for saving at the moment!

9%.

Saving hard at the moment to buy a new house.

It's only this low because I was paid 1/3 of my current salary when I moved into this place. So at the time it was what I can afford.

20%, single parent

That's of my income.

It's my flat so I pay the mortgage to prevent DP getting a legal claim to it.

Mortgage is 6.4% of our combined income.

When I owned it was 26% of my income. Now I rent (separation) and its 53% of my income 😭