Income spent on your mortgage

faceman

Curious to gauge what percentage (approx) of your disposable income is being spent on your mortgage? No need to give your mortgage or salary just a percentage. Will be interesting to see how much banks are willing to push it and is their scope for more.

JackieChan

Should be going sale agreed in a few days time and repayments will be 29%(and thats on a single income over 30 years)

elivsvonchiaing

Right now its 31% - but who knows where thats going to go?

samo

Will be moving to 32% of combined incomes in a few weeks over a 25 year term.

ButtermilkJack

40%, but I'm embarrassed to say even that's over 40yrs :eek:

Oral Slang

Think it'll be 34% over 35 years whenever we finally move... Taking the first 6 months off repayments though, so it'll give us time to save & do stuff to the house!

Garth

Ours is about 29% at current rates.

Ice_Box

About 25% for me. Ill be using my ssia and some savings to knock five years off the end and I'll then up the payments. Hope to be mortgage free in 10 years. We've owned a house for 7 years.

The_Conductor

In mortgage and other payments the bank get about 75% of my after-tax income from my principle job. Luckily I have other sources of income- its not easy though......

Lex Luthor

up until last week it was about 15%....now its zero thanks to mine & the wifes SSIA maturing....and I'm just 35....:D

squrm

Currently just over 25% of joint income at the moment but like everyone else says who know whats coming

First payment last month so only 34 years & 11 months left

babaduck

About 17.5% with 17 years to run - want to reduce the repayment term down to 12 years though!

Victor

Lex Luthor wrote:

up until last week it was about 15%....now its zero thanks to mine & the wifes SSIA maturing....and I'm just 35....:D

Is it worth you while keeping the mortgage going to get the tax relief and then put the SSIA into a pension and get the tax relief?

Lex Luthor

Victor wrote:

Is it worth you while keeping the mortgage going to get the tax relief and then put the SSIA into a pension and get the tax relief?

there was very little tax relief left on the mortgage to gain from anyway....it won't be long before I'll be back in debt...we're just about to draw down for a log cabin, so I'll be back with another reply in 2 weeks

Victor

Then keep the tax relief on you principal private residence and reduce the borrowings on the log cabin.

Bulmers

18% combined income, 30 odd yrs left.

Lex Luthor

Victor wrote:

Then keep the tax relief on you principal private residence and reduce the borrowings on the log cabin.

I'll be claiming tax relief on the log cabin as it will be used 3 days of the week during normal weeks and most of the summer

irlirishkev

35% here, over 35 years, single income. Living on my own.
I won't say it's killing me, but I do feel it..

havana

15% with about 30 years left

~Leanne~

31% - 35 years to go!

aniascor

25% - 34 years, 2 months to go.

jimmycrackcorm

Ice_Box wrote:

About 25% for me. Ill be using my ssia and some savings to knock five years off the end and I'll then up the payments. Hope to be mortgage free in 10 years. We've owned a house for 7 years.

I've your twin plan albeit transferred mortgage to offset account at bank for ssia to arrive in.

positron

37.5%, nearly 39 years to go!!!! It’s a CA mortgage, so may be 38 now (considering the savings)

I turned 30 last week, on single income, until recently I had a few extra dosh coming in by renting out a room (300 pm) and might do it again in 07. However, 37.5% does look bad, and if the bubble bursts, I might just as well declare myself bankrupt!

rockdrummer

Mine is just under 33%, with 33 years left, on single income. Could rent out room but like my own space. May rent it out if things get harder....

mjffey

At the moment 15% with 19 years left. We moved to ireland 4 years ago and couldn't get a mortgage that is paid of after you're 60. In the Netherlands it doesn't matter how long you want it; if you can't afford the mortgage anymore you loose your house, simple, so the bank always gets their money.
My father, now 84, got a new mortgage 10 years ago for doing some work on the house. No problem at all.

We are going to build an extension, but the second mortgage will be paid of in 5-6 years time. We can live from 1 income so the main income will go towards the mortgage. After the second mortgage is gone and we still like the way of living of one income, we will tackle the first mortgage. The sooner it's gone the better.

PRman

37% of joint income. 41% next year after fixed for a year expires. and thats over 35 years. plenty in the same boat - fleeced by bertie

thailand_sand

41% - 34 years left