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Corsa Sport » Message Board » Off Day » House Day » Does anyone pay more for their mortgage.

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Colin

Member

Registered: 4th Apr 02
User status: Offline

2nd Oct 12 at 17:37

Than 1/3 of income?

Read a few things suggesting this should be a maximum amount.

RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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2nd Oct 12 at 17:53

Net or gross pay?

Colin

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Registered: 4th Apr 02
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2nd Oct 12 at 18:04

net

Daniel_Corsa

Premium Member

Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline

2nd Oct 12 at 18:23

No, but if was paying it on my own I would be!

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Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
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2nd Oct 12 at 18:47

Used to pay more net when I was on a salary, was about 40% when I first got the flat.

That went down both ways as the interest rate went down and my income went up.

Back to about 50% now though after the career move.

Can't really compare it to yours if you're talking about that new house, at least with mine if I'm a bit short I can do some work and make half a payment in a few days, if you scale that up to a fat house it becomes more difficult to wing it.

[Edited on 02-10-2012 by Ian]

Russ

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Registered: 14th Mar 04
Location: Armchair
User status: Offline

2nd Oct 12 at 18:52

1/7th

Colin

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Registered: 4th Apr 02
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2nd Oct 12 at 19:03

I'm about 1/7th just now & its good having plenty disposable cash each month.

Looking at something that will cost about 1/3rd.

Russ

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Registered: 14th Mar 04
Location: Armchair
User status: Offline

2nd Oct 12 at 19:04

i still dont have any disposable cash

gavin18787

Premium Member

Registered: 22nd Feb 05
Location: Basildon, Essex
User status: Offline

2nd Oct 12 at 19:16

1/4 here and thats more then enough with all the other things you pay for

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dannymccann

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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline

2nd Oct 12 at 19:34

Around 33% if I was on my own, but when I add the missus' pay to our total income its roughly 19%

Toby

Premium Member

Registered: 29th Nov 05
User status: Offline

2nd Oct 12 at 20:14

When I first got it, it was 25% (net - joint with my ex ex misses - we ewrnt fuck all at the time together) and its now around a 13% of my net but I'm not living in it at the moment so take ito account the rent I'm paying to balance against the rent I'm earning its around 18%. Would never go over 30% because it means I wouldn't have much leeway of it went Pete tong and would also leave me buggar all money for anything else like a nice car

John

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Registered: 30th Jun 03
User status: Offline

2nd Oct 12 at 21:56

Mortgage is about 1/4 joint income, everything else on top takes it up to about half.

MarkM

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Registered: 11th Apr 01
Location: Liverpool
User status: Offline

2nd Oct 12 at 22:03

25% of joint income.

drunkenfool

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Registered: 7th Feb 03
Location: Hereford Drives: Audi R8 V8
User status: Offline

2nd Oct 12 at 22:31

Around 1/8th of income if I had to pay it on my own, or 1/10th of joint income.

Ben G

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Registered: 12th Jan 07
Location: Essex
User status: Offline

2nd Oct 12 at 23:54

50% of my net income. Missus pays a bit though, so probably does work out around a 1/3.

AndyKent

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Registered: 3rd Sep 05
User status: Offline

3rd Oct 12 at 07:56

25% of my net for the mortgage, but its a leasehold flat so I also have to set aside money for the service charge every month.

Takes it up to around 33%. When I was on my own still left me enough to save but a bit on the tight side if interest rates went up.

As it happens the missus moved in and that % halved, happy days

RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline

3rd Oct 12 at 08:34

I'm about 25% now I'm on paying it on my own. When my ex and I bought the house, we based what we borrowed on one person's income with the idea that if one us lost our job, the other would still manage to pay it. I'm glad we did that as it meant I could legitimately take on the house without too much hassle.

James

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Registered: 1st Jun 02
Location: Surrey
User status: Offline

3rd Oct 12 at 08:58

28.8%

James

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Registered: 1st Jun 02
Location: Surrey
User status: Offline

3rd Oct 12 at 08:59

It was 32.3% when I still had a student loan.

BYRON

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Registered: 1st Jun 04
User status: Offline

3rd Oct 12 at 10:46

No idea. My tenants pay the majority for me and I top it up by £150 each month for landlords insurance etc.

I pay circa £500 to the girlfriend to live at hers too.

Colin

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Registered: 4th Apr 02
User status: Offline

3rd Oct 12 at 14:40

quote:
Originally posted by Ben G
50% of my net income. Missus pays a bit though, so probably does work out around a 1/3.

Do you not find some months your stretched?

Ive got a 2nd viewing of a house on Friday which will see my mortgage shoot up from 700 to 1200, but also because its bigger will be more in council tax & utilities etc.

Kind of needs some work as well, new kitchen etc.

Mrs wage is about to take a tumble although im getting a raise so will balance out. All in the house will eat half our income.

Wasn't sure if this was normal or not.

RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline

3rd Oct 12 at 14:48

when you say 'all in' do you mean the bills and mortgage or just the mortgage?

if you mean 'bills and mortgage' then I spend well over 50% of my wage on the house but then I have no life and a load of shit toys I don't really need

Colin

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Registered: 4th Apr 02
User status: Offline

3rd Oct 12 at 14:59

Projected bills and mortgage.

Just now I shove a grand a month in an account now and it covers everything with a few quid left over each month which comes in handy for stuff as it builds up.

Current house is spot on, all modern and to my taste, just spent a fortune on doing it up, its just a bit small.

One I want is great size, nice layout etc but hasn't been touched since it was built in 1994, needs decor top to bottom, new kitchen & bathrooms (3 of them!) etc.

I worked out that it will cost me around £1900 a month all in mortgage bills the lot.

Mrs pays for the food shopping and half the car just now. Think with her being on mat leave then going back part time that wont change.

Ben G

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Registered: 12th Jan 07
Location: Essex
User status: Offline

3rd Oct 12 at 15:49

quote:
Originally posted by Colin

quote:
Originally posted by Ben G
50% of my net income. Missus pays a bit though, so probably does work out around a 1/3.

Do you not find some months your stretched?

nope. infact the opposite. every month we end up with too much disposable income which results in impluse buys or spending money on takeaways.

when we first bought the house, we thought it would be difficult, but in fact, we could've taken out a larger mortgage and got a bigger house.

Graeme

Premium Member

Registered: 26th Jul 04
Location: Northampton
User status: Offline

3rd Oct 12 at 17:04

My house with all bills is about 50% of my pay I take home each month but then there is my mrs money so have a good £2800 each month to play with.

I always worked out that if either of us was out of a job the other person would easily be able to afford to pay the bills.

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