Soldato
I wouldn't be happy paying more than about 25-30% of my take home. Currently I pay about 15% which suits me fine!
How much would you be comfortable paying towards a mortgage per month
- Thread starter builder22
- Start date
Soldato
25-30% is fine, but often renting would be reasonably the same. If you have a decent deposit (15-20%) then mortgage is usually cheaper than renting!
I think 30-40% on mortgage would be acceptable, even up to 50% if you knew you would be able to cover things, and you were expecting pay increases in the near future to lower the percentage
) I'm planning to buy in Glasgow so the prices are SLIGHTLY cheaper than some mentioned here
Soldato
We pay 9.75%, mortgage is £400 a month household income is £3900 a month take home. This lets us save a bit and leaves us pretty comfortable, plan is to pay off the outstanding in a few years then maybe move and rent out our current property.
Last edited:
Suspended
We have just started paying an extra 10%, so slightly under 20% of our net salary.
Soldato
But I would also be on more than £21k if I didn't live in the North East.
£23k put down on a £125k house. 30 year mortgage
Associate
Keep it at 1/3 or less of take-home
A decent rule of thumb is that you should be able to afford up to a third of your take-home as a mortgage assuming no other debt. Ideally keep it at or under 25% and/or if you've got the mortgage on a single income you may want to consider redundancy/illness insurance cover for mortgage repayments too.
A decent rule of thumb is that you should be able to afford up to a third of your take-home as a mortgage assuming no other debt. Ideally keep it at or under 25% and/or if you've got the mortgage on a single income you may want to consider redundancy/illness insurance cover for mortgage repayments too.
How did you get a deal that good? That should be closer to 450-500 a month?
Just checked and our mortgage is 32% of my take home.
Taking over payments into account, it would be closer to 50% (of mine), but with two salaries then it's obviously a lot lower in reality, which is how we're currently affording to over pay.
Taking over payments into account, it would be closer to 50% (of mine), but with two salaries then it's obviously a lot lower in reality, which is how we're currently affording to over pay.
The maximum I felt was affordable. Probably about £800/month?
There's not a direct correlation between salary and what we've paid towards the mortgage. For example my take home pay is around 4x what it was when we bought our first house, but our mortgage repayments are lower.
There's not a direct correlation between salary and what we've paid towards the mortgage. For example my take home pay is around 4x what it was when we bought our first house, but our mortgage repayments are lower.
Soldato
About 25-40% of our take home.