that is what insurance is for
Yeah but the cost would be astronomical to cover that sort of payment plan for an extended period of time.
that is what insurance is for
I don't think that is true. I was earning 25k a year (about £19k after tax?) and living on my own. I was paying £640 a month for my mortgage which was around 40% of my income. People prioritise things differently, I prioritised paying back my debt. Others would rather have a nice car on finance etc.
P.S I think you've made a typo in your footballer example. My maths is not that good but 40% of 100k is 40k. So the footballer would have 60k a week spending money, cheeky bugger
pointless question. every answer will be different and unique to everyone's personal circumstances with only the wealthy on here willing to share or should i say brag?
a more suitable question would be how much is your mortgage payment as a percentage to your monthly take home pay. albeit that also has issues as the more you earn the more disposable you have so you can afford to pay more towards a mortgage and still have a ton of money left over.
for example a footballer on £100K a week could afford to stick 40% towards a mortgage and still have £5K+ a week spending money.
however someone earning £20K a year would struggle to put more than say 20% towards a mortgage.
also the amount borrowed tells you nothing. you could borrow £135K against a million pound house or a £150K house.
I would like to hear what % of net monthly salary people are paying on their mortgage including rates. That would be interesting.
I would like to hear what % of net monthly salary people are paying on their mortgage including rates. That would be interesting.
I would like to hear what % of net monthly salary people are paying on their mortgage including rates. That would be interesting.
We are looking at 3 bed house with thefthe
300k mortgage
100k deposit
30 year term
It's a huge mortgage but house prices are ridiculous where we are. Would actually work out cheaper than our rent currently.
Still a scary amount to be borrowing :/
That is a huge mortgage but it makes sense if its cheaper than renting.
A £300k mortgage for Surrey seems quite small really. Depending on the area but £400k around here would get a fairly small 3 bed semi-detached with driveway and very small garden. Source: I recently sold a fairly small 3 bed semi-detached with driveway and very small garden for close to £400k.
A nicely sized 4 bed detached for example could be anywhere between £500k and £800k depending on location and footprint.
I think I recently looked within 3 miles of my postcode for a house (... any house) for under £300k and there wasn't a single one - not even a small 1 bed terrace or anything.
I would like to hear what % of net monthly salary people are paying on their mortgage including rates. That would be interesting.
Mine seems quite high at 50% but does includes all bills and food, fuel etc and our recent over payment.
Hehe, if I include EVERYTHING (excluding savings), I'm up at 79% (We currently only have one modest salary and I'm paying for everything - e.g. whatever we want from Sainsbury's and M&S, plus Naked Wine, plus running a 3.5L sports car, so life is pretty good!).
We could probably get that down to 56% if we really scrimped, but it would be pretty miserable.
Hopefully the Mrs will get a job soon!