What % of your household income is your mortgage?

[ilikeyoursleeves]

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!

Until the summer our's was about 55%. But now it is about 3%!!!!!! hurrah!

Hopefully we will be able to shrink ours back to around 10% in the next couple of years, it depends how an investment we have currently bubbling away progresses. It could be next month (unlikely) or it could be 2011 (more likely), depends on the economy

about 8pc, we are overpaying to finish early in about seven years

our 20% mentioned is of net income, with me working p/t but we do have a long time left on it and yes like wilf it is due to being young and reckless in our youth and also due to doubling our commitment each time we've moved like sausagerocket...luckily though we did bag a lifetime tracker a year ago at baserate plus 0.49%

Ours is 48% of our net household income - rather high, but we live in the South East ..

Things aren't too bad now that we are on a low tracker, but I am not looking forward to the inevitable interest rate hikes or having to remortgage in 18 months' time

About 20% of net income.

Took out a 5 year fixed just before the big bloody rate cuts, ho hum.

At least we know where we are with payments etc

Otter, in my case marrying the wrong person, getting divorced, starting again...

Not to mention spending years in postgraduate study on no low income.

So no massive reserves of mortgage payments, or savings here... But I'm not complaining: we do OK now and am not at all complacent about our privileges.

i got on the property ladder youngish but have been so dumb unlucky and taken risks so very crap little ltv here

ahh well - worse things happen at sea

about 25%

currently 50% of net but will be 0% in 15 months two weeks and 3 days!

Currently 0.0023% gross

I'd be terrified to have some of the %s that some on this thread have.

How on earth would you manage if interest rates go up?

WetAugust, the % thing isn't necessarily all that important, what matters is actual pounds in your pocket after you've paid the mortgage.
So if your net monthly income is £10k and your mortgage is £5k, you still have £5k to pay the bills, buy food, petrol & should hopefully still have some left over to save.

If your net monthly income is £2k with £1k mortgage you'd be struggling.

Our mortgage is about 30% of net income. Nursery fees are another 30% of net. However we are on an interest only mortgage and need to start paying capital back, so the percentage is going to go up. Probably just before I go on maternity leave .

Our rent is about 30% of our monthly take-home (after tax etc).

Our mortgage is about 20% of our take home income, but we still struggle. Bills make up almost 40%, food and petrol make up the rest. We have very little to spare at the end of the month. Me, dh and 3 dds.

Was about 50% (of net income) which was hard - as interest rates have fallen its now gone to about 30% which is ok but we're trying to pay off extra for when interest rates go up again.

22%

We're moving soon and going up from around 20% of net to nearer 40% - however we earn more than we used to so this should still leave us with a reasonable amount. Maternity leave will be a bit tight but with an end in sight.

We live in an expensive city and know a lot of people whose mortgage is at least 50% of their net income, and on lower incomes. We were worried about what we could afford and asked a few people and they thought were were being daft.

shoud not hae read this thread....

about 50% of income, mortgage 8 times dh salary, 32 yrs left, huge neg equity, unsellable and far too small.

off to top myself.....

one third

About 10% of net income here.

0% lucky us

Thanks for all your responses, from my estimates our mortgage will go up from approx 10% net pay to 30% ish (and that's adding at least another 7 years onto the term too). It seems scary because we will be taking a jump up in payments but it's good to know that others can manage on this. It would be fine if there were no childcare costs so I'm hoping things will be easier once DS1 turns 3 and an get a free day at nursery!