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Original poster

What % of your household income is your mortgage?

73 replies

ilikeyoursleeves · 15/11/2009 21:40

We are hoping to do an extension next year but will need to remortgage and I am getting scared at the prospect of a £££££££££ sized mortgage. Just wondering what most people pay for their mortgage (£ or %) and do you feel this is OK or do you feel totally broke each month?

Sorry if it's not the done thing to ask a direct money qu but I am just wanting to work out what the average is. Thanks!

OP posts:
RustyBear · 15/11/2009 22:18

About 3%, but we have less than two years to go on it. When we moved here in 1991 it was about 30%

JesusChristOtterStar · 15/11/2009 22:19

mitchy alright alright!!

paddingtonbear1 · 15/11/2009 22:19

ours is around 30% of net pay.

StripeyKnickersSpottySocks · 15/11/2009 22:27

Bit less than 10%

MrsMattie · 15/11/2009 22:28

About 30% of our combined incomes. Hefty, but manageable.

MitchyInge · 15/11/2009 22:31

haha, nobody who walks dogs for a living is loaded (or the size of clarissa) - trust me!

my mortgage is only about 35p a month

MiniMarmite · 15/11/2009 22:38

just under 5% of net income...we need to move though as the house is too small for us now so this figure will be going up A LOT!

foxinsocks · 15/11/2009 22:48

I don't know. Probably just under 25% (with both of us working) but we are overpaying at the moment due to the low interest rate and we have a long time left to go on the mortgage.

that's not the killer for us. The killer is our childcare costs which are more than 25% of our net income but then again, without the childcare costs = no work for one of us = inability to overpay the mortgage = longer time in debt = keep going round in a big circle.

IMoveTheStarsForNoOne · 16/11/2009 08:20

morningpaper - yes, I am a geek.

that is based on 3 x our joint income at the time (well, tiny bit over 3x) - hopefully when our fixed rate term ends we'll be able to get a better deal.

sarah293 · 16/11/2009 09:11

This reply has been deleted

Message withdrawn

StealthPolarBear · 16/11/2009 09:16

just over 1/3 of net income (well a lot more atm as I a on ML), but we overpay a bit
we manage, don't have holidays etc but have 2 cars, buy DVDs as we want them etc

thedollshouse · 16/11/2009 09:22

50% which is really tough. When we bought the house we didn't have children were both working full time and it was around 30%. The mortgage was originally just under 3 x our joint income but now we only have one income it is nearly 5 x salary. Our mistake was to leave it until our late twenties to buy property.

pacinofan · 17/11/2009 14:28

45%. It's tough, our mortgage is now 4 times higher than it was 3 years ago due to move from the country and expensive building work on new property. We do overpay, as dh retires early due to his profession (at 60) and we need to pay it off by then. Keep thinking about returning to work to help pay off more, but so far it hasn't happened. We did, however, halve dd2s nursery sessions last year before the governmnent funded ones started, and I added the amount saved to our mortgage overpayment.

WilfSell · 17/11/2009 14:35

Too much. But we have relatively recently moved to a bigger house and it is tight because of nursery fees. In a year or so it will feel considerably easier.... But then we will overpay because we're so OLD and we must pay it off quickly!

Ahhhhh, the Costs of fucking around in your twenties late childrearing...

YouKnowNothingoftheCrunch · 17/11/2009 14:37

25% of Net

bibbitybobbityhat · 17/11/2009 14:38

God, we should be paying more. Ours is less than 20% but we're still on interest only which we switched to a couple of years ago when dh was made redundant.

We've got to bit the bullet and get it up to nearer 30% I think.

I want to sob every time I remember that we are tied into a 5 year tracker at 6ish per cent.

SausageRocket · 17/11/2009 14:40

roughly 1/3 net

piprabbit · 17/11/2009 14:41

0% - phew.

JesusChristOtterStar · 17/11/2009 14:44

wilfself - surely the late child rearers had longer with 2 earners and no kids to pay for?

SausageRocket · 17/11/2009 14:45

not if they spent the prekids time in rented accom/travelling/being young free and careless

tigerbear · 17/11/2009 14:47

About 32% of DH's net salary (I have just set up a business, and don't take a salary yet).

SausageRocket · 17/11/2009 14:48

bibitty, we are tied into a tracker at 5.4% until April. Thankfully it was only a 2yr deal but we took it out just before the arse fell out of banking and interest rates plummeted so we're still forking out much more than we would be otherwise. Hey ho. We're still going to go short term fixed rate again in April, mind you. We need to know exactly how much our mortgage is going to be that month. Hopefully it'll be at a lower % though.

thedollshouse · 17/11/2009 14:51

Thats right SR. We spent our early twenties travelling around the world, a few holidays a year, lots of mini-breaks and dining out at posh restaurants. Which is why at the grand old age of 37 we are paying the price for it. I'm not sure I regret it though...

jamaisjedors · 17/11/2009 14:57

Ours is about 25% of our total income (pre-tax etc.)

We both work full-time.

I am assuming that these mortgages are fairly long-term - is that still the norm in the UK?

Ours is 12 years.

SausageRocket · 17/11/2009 14:59

Yes, ours has about 22 years left to run

We have both owned homes for years (me for 10 years, DH for 20) but we have always doubled our borrowing at every move and so have started the loan term from 0yrs rather than shortening the term.