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Property/DIY

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Original poster

Can I ask.....what percentage of your income.....

27 replies

becaroo · 16/03/2010 16:56

spent on your mortgage?

Dh and I want to move, have got good equity so if we sell we could pay all the moving fees and pay off our credit card debt but it would mean a much bigger mortgage (3 times dh salary) and it got me wondering, how much as apercentage of their/your income do most people pay?

Thanks!

OP posts:

frogetyfrog · 16/03/2010 16:59

16% apparently - just worked it out!!! I dont like a big mortgage and therefore live in a little scruffy house.

thedollshouse · 16/03/2010 17:03

50% which is 4.5 times dh's income, not to be recommended! When we got the mortgage we were both working full time and it was just under 3xjoint salary and around 30% of our joint income.

Original poster

becaroo · 16/03/2010 17:06

Am trying to work out what percentage ours would be......I think it would be about 33% (or 3 times dh salary)?

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itsmeitsmeolord · 16/03/2010 17:08

11.5% currently but we are overpaying substantially from next month so will be double that. (11.5 % of monthly income going to 23% of monthly income.)

frogetyfrog · 16/03/2010 17:09

I may have misunderstood you then as I worked out what percentage of our monthly income is spent on our mortgage payments. Our actual mortgage figure is approx 1x our joint salaries. Hope that makes sense.

boogeek · 16/03/2010 17:12

Almost exactly 10% of monthly income

theyoungvisiter · 16/03/2010 17:13

what do you mean? Do you mean how much are the repayments, or how much is the outstanding debt?

The two are not necessarily related - if you get a good deal or remortgage over a long period you might have fairly low repayments on a fairly large debt.

The fact that it's 3 times your DH's salary doesn't sound too bad - but how affordable it is will totally depend on the deal you get and particularly the interest rate.

cat64 · 16/03/2010 17:15

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PandaEis · 16/03/2010 17:17

ours is about 15% of our joint income or 50% of my income solely (DH was out of work for a while) when we got our mortgage we took a smaller one to make sure that if that situation happened then we could always afford to pay it we got a mortgage 2.5x our joint income too.

frogetyfrog · 16/03/2010 17:18

Unfortunately our 16% will stay the same for some time as we were tied in and have not benefited from the low interest rates!!

cat64 · 16/03/2010 17:22

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cat64 · 16/03/2010 17:25

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tummytime · 16/03/2010 17:32

About 10% in compulsory payments but we're overpaying to try to be mortgage free asap so we're actually paying about 50%

2old4thislark · 16/03/2010 17:36

About 25% of our joint net incomes - self employed and sales so our montlhy income fluctuates. Or 3(ish) x joint gross incomes.

Was v v v scary when we moved 4 years ago and tripled our mortgage and tripled the term! We have a ten year fix for peace of mind.

PandaG · 16/03/2010 17:47

total mortgage is around 1.5 times DH's income, not entirely sure what % of our monthly outgoings it is!

101damnations · 16/03/2010 21:23

2 x dh's income.We didn't take my income into account when remortgagng for this house,because I was s/employed and on maternity leave.We are overpaying by £200 a month so we can clear it,hopefully in under 10 years.

Rebeccaj · 16/03/2010 22:10

Total is about 3 times DH income, payments about a fifth of take home pay. We do have a ludicrously low tracker though, about 0.5% above base, so we are currently paying 1% interest!

Tortington · 16/03/2010 22:17

about a third of our monthly income

however we are paying it off over a shorter period (11 years left yay) so it could be a lot lower iyswim

SixtyFootDoll · 16/03/2010 22:20

About 25% of our income
Mortgage is 2 1/2 times our joint income

Original poster

becaroo · 17/03/2010 17:56

Thanks everyone!

I am a SAHM and dh income is 50k gross.

With a 3 year fixed rate at 4.79% (with unrestricted overpayments) it would work out at about £900-1000 per month.

More than we are paying now (about £750), but it would be a bigger house and I couldnt see us moving again for many years.

Seems a huge amount of money to me, but it would be our only debt - other than council tax and utilities etc

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SandyChick · 17/03/2010 21:30

Our mortgage is 2.6x DH's anual salary. Our monthly mortgage repayments are currently 17%of DH's take home pay. Our mortgage interest rate is curently 0.49 above base rate so our payments have halved since the rate cut.

toja555 · 19/03/2010 09:19

We pay monthly for motgage 37% of my salary or 22% of joint salaries. This was 4.3 times my salary when we took it out. A bit too stretchy...

toja555 · 19/03/2010 09:22

becaroo, I don't know where you are, but our joint income is about 50k gross. We paying £690 for mortgage monthly and feeling tight. Maybe because we spend a lot for childcare?

probonbon · 19/03/2010 09:33

Becaroo, I always think it's worth the stretch if you are staying. Current climate is so random though. I always think: new house = two years of struggle then it gets easier.

Original poster

becaroo · 19/03/2010 10:26

Hi toja555 We dont have the childcare issue as I am SAHM but I know what some of my friends pay and its a hideous amount so you have my sympathy!

Our income is also 50k gross and we currently pay £750 and reckon we could go up by another £100 per month...dont want to go to 3.5 times salary (which we could) as that would mean the repayments would be well over £1000 per month.

Thanks for all your replies and thoughts x

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