As a percentage - how much of your total monthly income is your monthly mortage payment

[pollycazalet]

Roughly?

And is there a recommended percentage for affordability?

Will come back and post mine when I have worked it out

Jajas

Step 1: Monthly Mortgage divided by Monthly After tax Pay

Step 2: Multiply the result in Step 1 by 100

We are paying about 10% of take-home pay. We could pay less, but are paying off quite a bit of capital as the bank has not offered to reduce our monthly payment. It is nice seeing the amount we owe go down by several 100 pounds per month.

About 13%

Just over a third

25%...at the moment. Which interest rates rise then it will go up, obviously. Would love to overpay but I'm on maternity leave at the moment.

It was 60% beginning of 2008

now it's 10%

Percentages are a very poor way to calculate affordability!

The way to calculate affordability is to do a proper budget eg the format on moneysavingexpert.com.

Eg if you are taking home £10k per month, spending 70% on a mortgage is affordable.

If you take home £1,000 a month then 70% is clearly not affordable.

10%

13%

around 35% of monthly income.

Feels like more though

Ours is about 20%

You need to be able to afford repayments if interest rate hits 13% ish IMO

if not, then don't take it out

17.5% at the moment.

I would like to try to re-mortgage at a good rate even if on a tracker we lost out in the short term but I bet that we have less than 25% equity in the house now and so we wouldn't get a good deal.

Morningpaper - it's exactly because of the 13% scenario that we took out a five year fix last year. If we had been doing it to save money then I would of course be rather fed up right now - but we didn't - we took it out because in five years time our youngest child will be at school and we can then afford (assuming health and jobs of course) interest rates as they come. Right now - when we moved to a bigger family home - we can't afford that sort of terrifying fluctuation and have protected ourselves as best we can.

NL: you are v. v. v. sensible

ours is around 20% ish,

It's annoying that in the current environment everyone shouts "OH WE ALL SAW THIS COMING!" but then pretty much EVERYONE ignores the fact that interest rates are just as likely to climb MASSIVELY over the next few years

Sorry jajas I did mean multiply by 100 not divide!

We are looking at a 5 year fixed MP

13% of joint income after deductions for paye and pensions.

Childcare costs for 1 child is 16%

oh no, ignore me, I worked that our wrong! 12% childcare is fees!

20% currently, when I finish work in a months time 29%.

5% at the moment but we overpay as I am too lazy to keep changing the standing order!