how bigger percentage of your monthly incomings are spent on your mortgage?

[only4tonight]

We need a house now. We have sold our tiny 1 bed flat but to get a house in an area near enough to our childcare we are looking at doubling our mortgage. It would still be just under a third of our wages if we got a 5 year fixed deal. I think this is doable. But I wonder what is the norm?

No one?

ours is approx a fifth. we spend much more money on food! but then there are 5 of us.

Thanks 13 I keep having to remind dh that when we first moved into out flat the repayments weren't far off what they would be for a new place. We have both been lucky enough to have pay rises since then. We were just very lucky that the interest rates went down and we could save a bit.

nearly a third

Ours is a fifth if we just do the interest-only but as we are overpaying the principle as well, it's about a third and it's do-able for us. However, it really depends on what you need the other two-thirds for and if you are sure your financial circumstances won't change in the next 5 years.

In the process of buying, 35%

1/3.

was 50%....now about 33%.... not that good guide - probably better to work out your monthlies, likely bills in new house, possible government benefits if any...

and make sure the cash figure is affordable

We have no debts and 1 dc (would like another but house first). I really do think its doable but dh is very nervous. But its that or spend even more money on rent!

15% We could manage a little more, but don't want to. Our food bill is the biggest thing of our outgoings!

Ours is 18%, just worked it out! Really need to work out where the rest if the money goes...!

25% (on the house we live in) - we also have another house that we rent out that has a mortgage on it, but the rent is higher than the mortgage so we don't have to top it up any more. That will probably change when the interest rates skyrocket!

50%

We worked it out and mortgage would be around a third, other essentials about a third and another third for non essentials like phones and tv and toys and stuff.

Actually, its 13% at the minute, but since shittfuckinghalifax have just increased their SVR rate twats despite the BOE base rate staying the same. It will be going up to 14.5%.

We don't have a mortgage at the moment as we sold a bit ago. We currently pay very slightly under half on our rent probably about 45%

Just worked it out its 24% of our combined net income, but its in my name only and is 45% of my net income. To be honest thats less than I thought, but once you add on c tax, and bills we don't have a lot of disposable income. We are not by any means in hardship but we have very little left at the end of the month, no holidays or new cars etc

Am wondering where my money goes actually I think I know, DP eats us out of house and home, he is a body builder

30%

normally, about 17%, not including bills or insurances, Unfortunatly I'm currently only earning about 40% of what I normally do; putting it up a fair bit more.

(mortgage payments are currently fixed at £270/ month if people wondered)

Argggghh it is scary. But we don't do big holidays or flash new stuff we do decent jobs and the only thing we want is a decent space with a garden for Dd.

The required amount (interest plus repayment) is about a sixth of my net salary, but we overpay significantly, so probably nearer one third.

About 25% of our joint salaries, but I've just jacked it in to SAH with PFB so it's about 50% of DH's. No pressure darling

Around 50%

1/3 is doable, if 2/3s covers all your bills and shopping!.

Seriously, if you bring in £1500 a month as a couple, then you'll have £1000 left for everything else, but if you bring in £6000 as a couple, then you'll be left with £4000 for everything else - so, knowing our %s doesn't really help you.

Also, don't forget to factor in the fact that interest rates have been this low for about 3 years, and may last another year or more, but, if you are signing up fora mortgage, it will likely be for 25 years. Can you afford payments when mortgage rates are 5% or 8% ?

Ours is 15%. We could afford more but would have less disposable income which is unappealing to both DH and I.

The percentage doesn't really matter. It's what you're happy to pay, and whether what's left is enough for you to live in the style you want to that's important.

A third is perfectly reasonable as long as you're not scrimping to get by. I personally wouldn't choose to forego a comfortable lifestyle for a nicer house. But that's just me.

Best wishes.