Deeply personal and slightly cheeky question about your finances

[squeezysparklyballs]

Can I ask what percentage of your household income, your mortgage is? Trying work out what is reasonable

20% of a joint take home income.

7% of our gross joint household income, in theory, so not very much at all. In practice it's more as we're trying to overpay to get it paid off in the near future.

17% of take home

This is true about percent not necessarily being an accurate measure. Our mortgage is 2900/month and net salary is about 9200. We don’t have any other debt though (we pay cash for things like cars and holidays, never credit). So whilst 30% looks high on paper, we have over 1300 a week to live on after pension contributions etc.

I agree, percentages only tell you so much but it's useful to know what others (many will probably be around ave income) pay.

We're mortgage free and considering getting one so as to move to better house/area. Just looking for perspective.

Ems wants attention- ignore.

21% net income of single earner but we have other big outgoings

Our childcare bill is 35% more a month than the mortgage
So we would be in big trouble if we had to pay 50% of net income to the mortgage, luckily since we bought our house my DH has had big payrises while I’ve gone down to 80%.

I'm probably being dense but I don't quite understand the question....

Our annual payments are 9.25% of our combined salaries before tax.

Our total mortgage outstanding is 2x our combined annual incomes before tax almost to the dot.

25% of net wage. We are on 1-person salary (me).

45% and will soon be 50%. Don't think that's too unusual here, although may be (Australia's and stupid house prices)

24% of net, we have nursery costs which makes things tighter than before.

About 20-25%

10% of gross. I don’t have capacity at this time to work out what it is net

NEED

0%. I own my house outright and have never had a mortgage. I know I’m fortunate.

It shouldn't be about % of overall income. The question is what do you need to cover in other expenses that are independent of mortgage/rent - council tax, utilities, minimum basic phone, TV and Internet subscriptions, food bills, any other costs that would be tough to trim down on in the event that you need to budget - what is left over after all that? Mortgage shouldn't be more than half of that remainder (mine is about 35%). Mortgage interest rates are currently ridiculously low, and they will go up sooner or later. At some point, your 2/3/5 year deal will come to an end and you will only be able to renew at a rate far far higher. You need flex in your budget to accommodate that.

While interest rates remain low, use that flex to overpay the mortgage so that you are already ahead of the game when rates start spiralling up.

Ours is just under 20% of combined salaries . When we first moved here I was a sahm and it was about 40% of the one salary- we always seemed skint

Just under 20%.

That's based on take home pay

Of net joint income

15.5%.... only one earner in our household though. Large deposit.

Standard payment is 22% as well (single income)

However my voluntary overpayments make it up to almost 60%

foulmouthflora1 Literally what is the point of posting that, the OP specifically wanted a feel of what % is reasonable, she's not doing a survey on who does or doesn't have a mortgage

I've never worked it out before, so found this interesting. Ours is 25% of monthly take home pay. My husband and I both work, and this is our first property (starter home). But I agree it's all relative, and depends how much you have left over, and your other outgoings. If we had to pay for childcare on top of that we'd struggle.

Some high income people have huge mortgages (so I hear ) of like £3,000pcm, but that might be 50% of their monthly income, and they'd still have £3,000 left for other expenses each month. So a higher percentage, but they'd have more left to play with than we have to begin with. Tis all relative. It'd be better to work backwards and think about what remainder of your income you'd feel comfortable living on each month (60% of it? 75%?) and do it that way.

Ours was 15% until just last week we moved and stretched our mortgage and now its 24%
But its relative as we are both having payrises through promotion in the next few months and our childcare costs will reduce dramatically

I would have gone to 30% as my max amount

31% of net income

19% of net income. And roughly 50% less than we paid in rent before we bought.