How much is your mortgage repayment?
09 November 2006, 05:00 AM
#1
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How much is your mortgage repayment?
Just out of interest, how much of your household income is accounted for by your monthly mortgage repayment?
I'm not fishing for any personal infomation like your earnings or the value of your home, just a percentage.
Example:
Household monthly income = £2600
Mortgage repayment = £650
Income accounted for by mortgage repayment = 25%
Don't include any related insurance payments, just mortgage repayments.
Ours is about 14%.
<Russ>
I'm not fishing for any personal infomation like your earnings or the value of your home, just a percentage.
Example:
Household monthly income = £2600
Mortgage repayment = £650
Income accounted for by mortgage repayment = 25%
Don't include any related insurance payments, just mortgage repayments.
Ours is about 14%.
<Russ>
09 November 2006, 08:44 AM
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Monthly income around £2800 (Wife doesn't work. 
)
Currently paying between £800 and £1000 a month, mortgage. Actual minimum payment is around £300.
So thats about 30-40%
Should have it paid up 12 years early at the current rate and be totally debt free before I'm 40 in 2.5 years.
Cheers
Lee
)Currently paying between £800 and £1000 a month, mortgage. Actual minimum payment is around £300.
So thats about 30-40%
Should have it paid up 12 years early at the current rate and be totally debt free before I'm 40 in 2.5 years.
Cheers
Lee
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09 November 2006, 09:19 AM
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Take it we're not including mortgages on 2nd/3rd properties etc?
16% on the mortgage that's on where i live.
I'm 27 so that is low i guess but i've made quite a few over/extra payments and had saved up a large deposit by cheekily living at home with parents until i was 22!
16% on the mortgage that's on where i live.
I'm 27 so that is low i guess but i've made quite a few over/extra payments and had saved up a large deposit by cheekily living at home with parents until i was 22!
09 November 2006, 09:20 AM
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This is very scary, i'm 24 living at home....
Hopefully moving out in the next 12 months with GF. We are looking at around £1000 a month just for the mortgage. Then you have CT and bills. Scary stuff. Not wanting to rent though... so the parents pad will do for now.
Hopefully moving out in the next 12 months with GF. We are looking at around £1000 a month just for the mortgage. Then you have CT and bills. Scary stuff. Not wanting to rent though... so the parents pad will do for now.
09 November 2006, 09:37 AM
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Originally Posted by GrahamG
This is very scary, i'm 24 living at home....
Hopefully moving out in the next 12 months with GF. We are looking at around £1000 a month just for the mortgage. Then you have CT and bills. Scary stuff. Not wanting to rent though... so the parents pad will do for now.
Hopefully moving out in the next 12 months with GF. We are looking at around £1000 a month just for the mortgage. Then you have CT and bills. Scary stuff. Not wanting to rent though... so the parents pad will do for now.
09 November 2006, 09:40 AM
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It was 33% for me and the misses (aged 27 and 26) but shes moved out now so on my own wage Im paying about 45% of my wage on the mortgage but she is giving me 50% of the mortgage payment 
Should be remortgaging and sorting my finances out soon and it looks like my payments should be down to around 40% bit scary but when it all goes through I wont have any debts apart from stuff like Council Tax and NTL bill etc
Should be remortgaging and sorting my finances out soon and it looks like my payments should be down to around 40% bit scary but when it all goes through I wont have any debts apart from stuff like Council Tax and NTL bill etc
09 November 2006, 09:46 AM
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Originally Posted by davegtt
I wont have any debts apart from stuff like Council Tax and NTL bill etc
09 November 2006, 09:47 AM
#18
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Eek, 36.6% of net monthly income. Bought a flat near London this year, first time buyer, but I took a Five year fixed rate to keep it under control initially. But I have borrowed 4 times income on a 25yr repayment mortgage, not interest only, I want start paying it back asap, to reduce the interest.
09 November 2006, 09:48 AM
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About 8%!
We got on the property ladder early and up until a few years ago property round here was dead cheap.
Also we didn't buy based on the maximum amount the lenders would give us, we just went for something that suited us - not into 'keeping up with the Jones'.
We got on the property ladder early and up until a few years ago property round here was dead cheap.
Also we didn't buy based on the maximum amount the lenders would give us, we just went for something that suited us - not into 'keeping up with the Jones'.
09 November 2006, 09:54 AM
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Originally Posted by davyboy
So you are going to pay of debts with a remortgage? While it will feel you wont have debt you'll be paying off stuff you bought years ago for another 25 years, and pay twice for it.
the only extra debt Im taking on with the mortgage is a lump sum to buy out the other half. Any debts I have will be cleared with selling of the 3 cars we own and we should still have cash left over.
09 November 2006, 09:58 AM
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Originally Posted by davyboy
I thought that was an assumption 
Anyway - well done
Anyway - well done
Well done? I hope your talking to Richie there cause its not making me happy
09 November 2006, 10:22 AM
#27
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0%.
Our rent is 11% of net monthly income.
Net interest on savings and equity from recent house sale pays the rent. However, the rented house is three times the size of the house we owned and in a nicer setting.
I'm really scared that house prices will double whilst we wait for somewhere to buy
Our rent is 11% of net monthly income.
Net interest on savings and equity from recent house sale pays the rent. However, the rented house is three times the size of the house we owned and in a nicer setting.
I'm really scared that house prices will double whilst we wait for somewhere to buy
09 November 2006, 10:46 AM
#29
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16% - bought when houses in West Wales were cheap as chips. Paid 48k for 3 bedrooms - now worth £140K.
Was one of these annington things - they do up ex M. O. D. property (Carpets, bathroom, kitchen, repaint) and sell on for naff all. Got the 5% paid and all solictors fees paid - all we had to do was pay £99 deposit - bargain IMO.
Its 58K now though - well, had to find the money from somewhere to pay for the scoob. And no I don't give a monkeys it wasn't very financially sensible.
Was one of these annington things - they do up ex M. O. D. property (Carpets, bathroom, kitchen, repaint) and sell on for naff all. Got the 5% paid and all solictors fees paid - all we had to do was pay £99 deposit - bargain IMO.
Its 58K now though - well, had to find the money from somewhere to pay for the scoob. And no I don't give a monkeys it wasn't very financially sensible.
