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Cost of Mortgage Advice

Discussion in 'Home and Garden' started by jonnylaris, Jun 22, 2020.

  1. Fusion


    Joined: Oct 18, 2002

    Posts: 10,412

    Location: Notts

    My mortgage is less than 25% of my take home (and that’s after pension and student loan). It’s a good place to be financially if you can do it.

    However, there’s always the temptation or option to trade up, which I am considering. Could get something significantly better and still be below 33%, which would be fine. I don’t have any loans, credit card debts or other finance though.
  2. flea.rider


    Joined: Aug 7, 2017

    Posts: 959

    wow young un's today are never satisfied...why spend over 40% of your wage on a house .. spend 25% and when you can over pay .. when the house is yours late 30's ish
    then step up your still only going to spend 25% but you will have 50% to put down .. don't go to fast you might lose it all
    be happy with what you have most don't :)
  3. EvilRob


    Joined: Jan 15, 2011

    Posts: 281

    We are slightly under 25%, however I take home about 3x what my wife does after tax. We'd still be pretty comfortable if my wife lost her job, but if I lost mine it'd be extremely difficult. This does worry me, so we overpay quite a bit and keep a good amount in cash savings.
  4. fobose


    Joined: Dec 6, 2005

    Posts: 4,805

    Location: Cambridge, UK.

    For me it's about paying as little interest as possible, so I prefer to pay more now. I've never felt a huge need to have a massive amount of disposable income each month. I might also go 6-8 months without spending anything on myself (I mean literally nothing, not even clothes). I get joy out of spending my money on other people.

    However, when I do buy something I want it normally costs me a fair amount. I also moved from a much cheaper area so my normal 3 bed to 4 bed upgrade should have an extra 80k in my old area but it cost me 260k extra to get it where I am now. I didn't have much of a commute before (25 mins tops) but now it is only 10 mins if that (and if on the bicycle, 28 mile round trip to to 8 mile round trip). My wife's commute was 50-60 mins but now only 20-25 mins, although she working from home atm :D