I know this question is intrusive but........

[cocopops]

What percentage of your monthly net pay does your mortgage consist of?

Ours is around 25%. My DH tells me this is HUGE and because of this we can't afford an £80k extension. I think ours is fairly low but would be interested to hear your views.

ours is 33%, but always feels much more than that - with the other loans and direct debits we've got, about 98% of my salary leave my account by the 1st of each month...

ours is 35%

33% is average.

15% but we make it 20% to help pay it off more quickly.

half of my salary goes on my mortgage
the other half on nursery fees

I thought that 1/3 of gross was considered reasonable....but that's only a vague memory...could be wrong.

Really though, it's not how much of your income you are spending on your mortgage that's important, but rather how are you spending what's left. If you are spending what's left entirely on necessary things that can't be cut back, then you certainly can't afford an extension. If you are spending it on non-necessary things, or saving it, then there is at least a discussion to be had. Do a budget for what you have spent for the year and then do a budget based on that for what you will need to spend next year and at the end of it, it should be fairly clear whether or not you can afford the extension.

erm nearly 80% but we have lodger (to cover bills) and I have started a new job to earn more money and bring it down.

15%

ours is somewhere between 20 and 25%

40% ON MORTGAGE (I live in London) and 16% ON CHILDCARE

Same as Cat.

ours is around 35%

29%

About 50%, and then bills etc on top of that. It is high but we are first time buyers so it is expected nowadays. It was always expected that you would struggle financially when you start a family, but we are struggling so much, and there is so much at stake if we fall behind on payments for anything. We don't go out much, and live as cheaply as possible, finding things to do that are fun and free. It is hard though!

About a third of net for us.

None. We don't have one

A third - I work part-time and it is my pay packet completely wiped out

23% but we have reduced the term to pay it off in 12 years instead of 20

On top of the 25% we are required to pay off on our mortgage each month, we overpay by around £300 per month and I can save £1000 per month on my salary alone if I put my mind to it and stay out of LK Bennett. So, to my mind, we are ok financially and CAN afford a bloody extension.......

a third net.

Ours is 20%
we were in a simular position to yourself a few months back.

DH wanted to move I thought we couldnt afford it etc.

What we did was work out on a spreadsheet our incommings then what outgoings were essential ie food, car loans, utilities etc then what we had outgoing on other things ie sky, gym, mobiles. See what was left and of that what we needed to keep us sane ie money for holidays, takeaways and clothes.
This then left us with a pot of money which for us wasnt enough to cover the extra mortgage as we werent willing to sacrifice holidays and going out. so we chose not to move.

Have you tried doing something like this?

There was a recent LONG thread on this
Will see if I can find it in a minute

this is why the housing market HAS to go down, more than 50% of net on mortgage is MAD.

link{http://www.mumsnet.com/Talk?topicid=2750&threadid=393586#8013354\here you go, 181 posts, figures mentioned and everything!}