Mitchy260

In terms of % how much of your take home salary do you fork out in mortgage payments?

Not interested in how much you earn, or how much your house is worth so no ***** waving please Just be interesting too see how much of our salaries are taken up by mortgage payments.

For those mathematically challenged (monthly mortgage £x / monthly take home £x then x100)

I am a fairly new FTB and i pay around 42% of my take home salary towards the mortgage I pay it on my own hence why the 42% figure.

If you have a joint mortgage, obviously work out joint income %.

Thanks

simscooby

41%

fbladerrv900

Mine is 43.75% of my take home........

But dont forget Bills too. that is 21.87% of my take home too.

So in totall... 65.62% of my take home pay goes on the roof over my head.

Most depressing really.

scoob_babe

25% if I include the overpayments we make every month. 21% if not. We got lucky buying before the prices went bezerk.

FlightMan

25% here.

Paul3446

9% for me.

EddScott

Mine is about 21% but its all interest only.

Repayment it would be about 40-45.

orbix

I must be really mathematically challenged

Example:
Mortgage = £100,000 / 3500000 (35,000*100) = 0.02857%

However I don't think this is the case.

Interestingly if I ditch the wife and move back into my old house I would pay around 8%.

sti-04!!

Mitchy260

You pay £100k per month mortgage payments and your take home pay is 3.5m?

Re-worded it to say monthly payments

fivetide

iTrader: (1)

yes it is payment per month on mortgage £500 / take home pay each month say £1500 x 100 = percentage.

The above is close to mine, i deliberately went for no more than 3 times my salary so i pay a third of it in mortgage payments per month (actually 31%)

5t.

orbix

What?! What's so funny about that, don't you

The Snug Rhino

about 12% for us (mortgage is £270k ish) but thats interest only so a bit scewed.

David Lock

You couldn't resist could you

davegtt

38% for me living on my own, was fairly comfortable when it was a joint mortgage but now once the bills have come out etc Ive used about 68% of my wage

billythekid

The French use the 33% rule, if your payments are over 33% of your income the bank will most often than not reject your application. Where as we use the 3.5 x salary rule - or 4 to 5 times in some cases!

fast bloke

My mortgage is bigger than yours [waves *****]

Mine is about 60% of my net (but that is on a short a term as I can manage while keeping a few pennies for fun money)- her indoors keeps her money to do as she pleases.

[Davey]

I know its not a mortgage...

I'm renting but it costs me £750pm for a two bedroom house, + bills and basics it comes to about £1,100.. nearly 44% of my take home! *BUT* if I had a mortgage on the same property I would be paying £1,100 alone in mortgage payments, so instead every month I put £350 into a high interest account to save for a decent deposit so I'm in a strong position when house prices inevitably slump

The Snug Rhino

Thats ok, my ***** is bigger than yours (waves mortgage statement)

fast bloke

Can I ask if you have a suitable repayment vehicle in place or will you still be waving your mortgage statement when you are 60?

richardg

interesting poll. results are about what one would expect i suppose (although taken with a pinch of salt because you can't always rely on 100% honesty!)
[waves *****]

J4CKO

iTrader: (1)

0% of pretty good at the moment, still never seem to have any money though !

So the missus tells me.

Mitchy260

£270k mortgage and only 12% Quick look and a £270k interest only mortgage is around £1300pm (assuming 5.79% and 25yrs)

£1300 per month x (100/12=8.33 x 1300) = £10829 per month salary or thereabouts Thats a salary of £212k per year

Any particular reason why your on an interest only mortgage when you pay very little of your take home? What do you do with the other £9500 every month

Bodgit

Probably owns an evo as a weekend car

davyboy

Which property should I base this on?

My prime residence or all of them?

fast bloke

You can buy lots and lots of Smarties

The Snug Rhino

Those figures are joint (the original post said use joint income) so that's me AND wife's income (your gross salary calc is a bit off because of how we derive income from our company but not a million miles)

I have an interest only mortgage as i figure my investments and company value increase by greater than the loan rate (aside from a couple of years that's been the way since i got my first home 12 years ago) I will clear the debt in the future via those savings as plan A, by selling my business as plan B and via inheritance from parents as plan C.

As for surplus income (bit rude?) it gets spent on all sorts...what do you spend yours on??

aslo our interest rate is a bit lower than that (although dont look forward to jan when the 3 yr fix we are on ends )

Charley Horse

Looks like the usual pathological liars are out in force. These kind of 'how much are you worth' threads always bring them out.

Must be due to some kind of deep seated inadequacies on their part.

The Snug Rhino

Absolutely, there's an easy solution though - simply challenge anyone you believe is lying to a charitable challenge. Offer £1000 to the charity of their choice if they can provide evidence (done privately through an independent 3rd party - plenty of accountants/solicitors on here) that their earnings are as they state. Of course, if they cant then they pay £1000 to your own charity.

Something prob done best via PM and involving the mods to ensure fairness but would be a nice way to see some money go somewhere decent.

cnj

About 38% for me, on my own. Still never seem to have any money though.