midget1500

hi

just trying to work out what is the "normal" amount of your salary to spend on the 2 big expenses (i.e. car + house).

so, what do you spend (as a percentage!) of your salary on your mortgage and car(s)+insurance?

i'm trying to convince myself that 70% is okay

cheers,
steven

MooseRacer

About 30% and that's a 120k mortgage and 3 cars

[Edited by MooseRacer - 5/25/2003 6:36:16 PM]

philz

My car is all paid for, and I paid my insurance in a lump sum too so the only debt I have is my mortgage which is about 13% of my take home salary.

70% is a bit excessive if you ask me. Are you buying a country mansion and a couple of Ferrari's?

MarkO

Mine's a complicated mathematical expression, mainly 'cos there's a couple of divide-by-zero's in there.

Both cars fully paid for, and no mortgage ('cos I don't own a house right now).

dnb

Car is paid for, and about 20% goes on mortgage and car insurance. (more on mortgage than car insurance...)

I don't know where the other 80% goes, but I don't seem to see a lot of it! (Probably goes on petrol...)

70% is plain silly IMHO. There's nothing left to cover any unforseen expenses - which do occur from time to time.

jods

36% of income goes on Mortgage and Bills
58% of income goes on Insurances, Policies, Loans, Car Costs
18% of income goes on travel to work and Stuff

Walwal

Not including petrol, almost 40%.

I thought it would be more than that (pleased it isn`t though!!)

*Sonic*

about 35% on my mortgage

not sure on the car, probably nothing, as I get a car allowance from work, and that covers the loan on the car plus insurance

and I get tax relief back at the end of every year, so difficult to say really

Steve Fort

I'll be a first time buyer. If i got a mortgage for a 10 year old wooden shed (10ft x 6ft) it will cost approx 98.453% of my wages!!

Fecking ****e country!![img]images/smilies/mad.gif[/img]

Freak

car paid for in cash.
Mortgage?
whats that?

cash all the way.
nb.70% is far too much IMHO.
If i was to have mortgage, i would spend about 30%/40% of income on that. 50% at absolute max-wouldnt really want to spend any more

J4CKO

iTrader: (1)

0% !!!!!!!!!!

lordharding

iTrader: (1)

0% as well

although i go through a lot of optimax

ScoobyDoo555

15% of income on mortgage.
about the same for the Scoob.

House is worth about £130K. BIG deposit

Dan

just worked out that about 15% of income goes on bl00dy childcare!!!

[Edited by ScoobyDoo555 - 5/25/2003 9:53:10 PM]

darlodge

As first time buyers our mortage is just under £700 pm. This is on a mortgage of £124,500.

Our car payment is just under £170 pm (6k car) and then we have car insurance which is about £34 pm and petrol which is about £150 pm.

In my opinion 70% is way too much for either a car or a house.

Darren

midget1500

thanks for the info guys.

yeah, well, as a uni grad i'll need a mortgage and car so just trying to see what is normal with regards to %'ages.

i don't mind commiting tons to loans etc coz otherwise i just waste the money - i.e. money burns a whole in my pocket, i can't save anything...so i figure i might as well get something and have nothing at the end of the month.

Toonman1

2 Scoobs + 1 mortgage = 33%

corradoboy

100% on mortgage. Get the fooka paid off asap.

On Yorkshire Banks current account mortgage I can re-draw the cash whenever I want it, but leave as much as poss in to clear the monkey off my back.

Crush

No mortgage

But when I had the impreza, it was roughly 70-80% per month!

TBH, It isn't a lot better now either Time to buy a 15 year old diesel I think, then I'll have 90% of my salary to play with

jods

no maths gurus around then ?

Suresh

Both cars paid for in cash and mortgage amounts to around 25% of our combined take home.

MooseRacer

jods - you're in trouble mate

davyboy

32% of take home
22% before tax

It was 23& and 16% until I moved recently!

jods

You ain't kidding MooseRacer.

Must try harder to eat less so I can drive more

Dave P

33 pct, not a bad ratio.

fast bloke

midge - go easy on the mortgage - If you commit 50% now and interest rates go up in a couple of years before your career takes off you could end up paying all your income as mortgage repayments. There are low start mortgages were lenders will let you have the first 2-3 years as interest only on the basis you are a grad and your earnings will probably increase dramatically over the next few years.

zero_to60

50% of my net basic goes out on finance and that's enough for me

V5

Just going through the process of buying our first house and was told about this rule of thumb used by lenders:

the sum total of your monthly mortgage repayment plus any other loan/debt commitments shouldn't be more that 1/3 of your gross monthly salary.

That's not to say you wouldn't get a mortgage if it was greater than a third.

ProperCharlie

Mortgage is 54% of my salary, but if I add in the trouble's money that takes it down to 29%. It's a bit more than I would like ideally, particuarly when you add in council tax, insurance, etc etc.; however, sometimes you just have to buy a big house.

Charlie.

+Doc+

I`m near 60% and managing...just with a little help from the GF`s wages

daiscooby

Car is my own.
First house is self funding as it is rented out.
Second house the mortgage is 11% of my nett income. All ends up I probably pay out 25% of my nett income on mortgage, finance and cards etc.