How much would you be comfortable paying towards a mortgage per month

[builder22]

Assuming you lived on your own and earned 25k, so about 390 a week take home.
I know there are tons of variables but that's fine. Wanting to see the different answers
Just need the figure and maybe the area you live in, and anything else you think is relevant.

 

[McGray]

One gazillion hedracons.

 

[balky12]

Round my way (South-East) you would be hard pushed to get a mortgage for less then £1k a month by yourself. Unless you had a stupidly large deposit. What person on £25k a year has a stupidly large deposit unless they received inheritance.

In fact, round my way, you wouldn't be able to get a mortgage on £25k a year by yourself

 

[GinG]

Have you checked you can actually get a mortgage as a single applicant on that wage?

They are really strict now on the affordability on mortgages these days.

I think we pay around £750 per month and for me that is more than enough and that is with 2 of us. Therefore to answer your question if I was on my own no more than £400 per month!

 

[antijoke]

0, because you would struggle to find anywhere round here to live on a mortgage with earnings of £25k.

Then throw bills and food and actually having a wirthwhile existance on top of that, and yeah, you've got no chance.

 

[Derp]

Between 25% - 33% of my take home pay.

Location is Wiltshire.

 

[leigh_boy]

i live in eastbourne (SE) i am on more then 25k but my 3 bed house is 700 a month. even if you was renting when you add all the other bills on top unless you have money to actualy live with i wouldnt bother as it will only end with you being broke and depressed oh and i did put a 30k deposit down on my 200k house

 

[memyselfandi]

My mortgage has been roughly 25-30% of make take home in general but my expenses are probably a lot less than some others here as I don't drive.

 

[asteldian]

£500 a month, by the time you add other bills you are looking at about £1k a month gone. I am on more than £25k but also have a wife and she does not work, so costs are higher than when I was single.

When I earned £28k and got my first mortgate (with no deposit so interest was high) I was paying around £750 a month. I had no problems living off that but then outside of bills my monthly expenditure was very little. I couldn't do that now I am married

 

[Uther]

0, because you would struggle to find anywhere round here to live on a mortgage with earnings of £25k.

Then throw bills and food and actually having a wirthwhile existance on top of that, and yeah, you've got no chance.

Yes, which is why we are thinking of moving up north, and buying somewhere for cash instead.

 

[rossk26]

Took out a mortgage last year, I'm on £21k and pay £390 a month.

What person on £25k a year has a stupidly large deposit unless they received inheritance.

Depends what you class as stupidly large

 

[Flying_Hellfish]

Very difficult to do it on your own to be honest. I pay about 25% of take-home towards mine, and we bought as a couple

 

[Freefaller]

Depends on how much you spend on other things. Some people may be able to afford anything up to 50% if not more of their take home if not more - surely it comes down to your commitments that you have other than your mortgage? You need enough to have money to spend on living.

 

[stuie]

mines about 500 a month with the same income, am i comfortable with that? dunno but I can still afford to holiday, run a car go to the gym and play golf when I want so I guess im doing ok

 

[Abraham]

I pay about a third of my salary on mine, but I took it knowing my salary is going to increase. I'm not struggling at the moment, but I'd appreciate more disposable/savable cash

 

[deusexlumina]

About 50% of my take home goes on a mortgage, and I survive ok.

 

[Phantom Shadow]

Being in kent/surrey area I wouldn't even think about buying a house on a 25k salary unless there were 2 of you so more like a 50k household income. For the size of mortgage you may get at 25k there wouldn't be anything to buy around here without a 50% deposit.

 

[kayomani]

I think its expected that about 1/3 of your take home wage would be on a mortgage with that income.

 

[Jonny69]

Assuming the bank gives you 4x your earnings, the actual maximum mortgage you'll get is £100k and at 4% across 25 years it's going to be around £550 a month. It's not so much what you can afford, it's more a matter of that as much as you'll be able to get. Even if your rate went up to 10% it would still be under £1k per month which is way under what rent in the SE is going to be.

 

[Muz333]

I survive on a little over £200 a month post mortgage and bills. It's survivable but as a poor student I could see why a lot of people may think I stretched too far.

However, after I finish my PhD next year I'll get a good wage increase and will have finished paying off other debts (DFS interest free loan etc). So it's all about the long game and being frugal for now.

That said, if you aren't going to be in a position after a couple of years where you will be a lot better off then I wouldn't overly stretch yourself. You'll need some luxuries such as a night out or hobbies in order to get enjoyment from your life. Or at very least the knowledge you'll be able to start doing those things again in the foreseeable future.