How much is your mortgage as a % of earnings or euro

amcalester

amcalester wrote: »

Just less than 14%

If I include Property Tax, Mortgage Protection and also lower net income due to pension contributions that I'm now paying it increases to 16%.

30 years left at 3%, I haven't even paid my first installment yet.

tom1ie

Ginger83 wrote: »

95%?

Yes mortgage is x a month but I pay almost 2x. The 95% comes off the principle.

jonnybravo

13% of net pay (two earners) but overpay so nearly 30% per month. Was around 25% when we originally bought it (2012) but pay increases and lower interest have reduced the amount. Hope to have it fully repaid within 5 years but childcare costs might mean we have to reduce the over payment.

If we were to buy the same house now I'd say our mortgage would be around 20% - 25% of net wages.

worker bee

37%.

2 salaries. 15 years done.

Jem123

17.5% between myself and my husband

Ginger83

tom1ie wrote: »

Yes mortgage is x a month but I pay almost 2x. The 95% comes off the principle.

I get you now. Are you limited to overpayment %?

Cuddlesworth

16% with dual income, 33% with single.

Being able to afford the mortgage on a single wage was important to us.

Fian

psinno wrote: »

Very few people seem to be mentioning when they got their mortgage. Maybe they have them a while at this stage.

This, exactly. Mine is 0%, I took my mortgage out in 1996. Now paid off.

The equivalent rental thread is referring to current rents, this thread is potentially referring to 25 year old mortgages, which will obviously be a very small % of current incomes.

Alf Veedersane

Two of us paying 50/50...so it works out as 17% net for me. Probably somewhere in the region of 12-14% for herself. First repayment was January 2013.


If we were renting the house next door, which is almost identical, my split of the rent would be 47% of net.

victor8600

25% of net income, bought the house in 2008 almost on the peak.

angeldelight

20% of our net take home pay and that includes property tax and our mortgage protection in the 20%... we bought our house 2.5 years ago

Diemos

mkdon wrote: »

agreed i expected circa 30% to be the norm

People tend to sing when they are winning.

We are at 21% of net, 28 years left.

mariaalice

I actually think people are becoming more cautious/ central bank rules kicking in, interest rates are low could be less than 1% for those on a tracker, and if they purchased after the crash and before the recovery they most likely got a bargain.

An Cigire

Would 25% - 30% take home pay be average for single mortgage holders with 30+ years on their mortgage left?

It’s interesting reading the variations in the % of take home pay especially the ones that have stated mortgage length left and location.

Ray Palmer

I hope people who are overpaying have it set properly with the banks to come off the principle. They better also have no other debt too for it to make sense.
A friend of mine was doing this and when I asked him some questions he understood he was doing it all wrong. He was paying a car loan and was just in credit on his mortgage payments. Had been doing it for 2 years.

Purple Sheep

One year in, about 36% including property taxes, insurance, etc.

tom1ie

Ginger83 wrote: »

I get you now. Are you limited to overpayment %?

No. I just pay whatever I can afford to pay at the end of the month from my wife’s and my wages. I try and make a min. Payment of 2x, but if I have extra I’ll pay it. Im 6 years into a 30 year mortgage. The plan is to have it paid off in another 10 to 12 years going by the ccpc mortgage calculators.

tom1ie

Ray Palmer wrote: »

I hope people who are overpaying have it set properly with the banks to come off the principle. They better also have no other debt too for it to make sense.
A friend of mine was doing this and when I asked him some questions he understood he was doing it all wrong. He was paying a car loan and was just in credit on his mortgage payments. Had been doing it for 2 years.

Yes exactly. Pay off your highest rate debts first then concentrate on your mortgage which is usually a smaller apr.
In my case I have no credit card or car loan, and was lucky enough to get a small interest free loan from family when one was required in the past.

mvl

single mortgage, 18% of my net (mortgage is for 20+ years)

MissElle

Bought Sept ‘16 - mortgage is 22% of our combined net income. Overpaying by 60 Euro a month - only 29 years to go! (took out a 35 yr term initially)

q85dw7osi4lebg

17% of our combined net income. 25 year mortgage, 1 year in, live in commuter belt.

Cubah

I'm thinking about getting a mortgage now and this thread has frightened me. I'd be looking at 33% or something.

tom1ie

Cubah wrote: »

I'm thinking about getting a mortgage now and this thread has frightened me. I'd be looking at 33% or something.

33% is manageable, as long as there are no bigger outlays such as childcare which is probably the second biggest outlay nowadays.

Brego888

13.5% of net family income

Conway635

17.2% of joint net income.

Bought two years ago, 8 years left on mortgage.

But have 100km commute each way for my sins.

C635

Geuze

People are asking for more detail.

Bought in 2005, borrowed 155k, was single, 20yr term.

Tracker mortgage, ECB + 0.5%.

Current rate = 0.5%

Current repayment includes approx 30 of interest.

I think I overpay slightly.

Approx 19-20% of net pay, after pension and two insurances.

13-14% of gross wage.

Diemos

Cubah wrote: »

I'm thinking about getting a mortgage now and this thread has frightened me. I'd be looking at 33% or something.

It's on the high end but I would not be too phased by it.
As long as you have no other debt, no car loan, pcp, etc. you would be fine.

namenotavailablE

25.6% of combined net income (we overpay periodically by random amounts as circumstances allow but I'm only including the compulsory amount in this percentage)

Bandana boy

When I bought first house was ~28% but with loans for stamp duty was closer to 40%

When I changed last year it was down to 10% .

If you have a career that growing your income is feasible then over 30% is ok , but there were times in the first few years when money was very very tight and stressful.

unhappyBB

Ray Palmer wrote: »

I hope people who are overpaying have it set properly with the banks to come off the principle. They better also have no other debt too for it to make sense.
A friend of mine was doing this and when I asked him some questions he understood he was doing it all wrong. He was paying a car loan and was just in credit on his mortgage payments. Had been doing it for 2 years.

This has always confused me. Surely paying the mortgage should take priority over small loans?
Maths in my simple mind for a €100 over payment:
100 @ 3% * 30yrs = €90 interest saving
100 @ 9% * 5yrs = €45 interest saving

Also, I don't know how he just went into credit on his mortgage. Mine just looks like a massively negative current account balance. When I lodge extra into it the balance reduces. Interest is then added to it every quarter.

Oh ya: singleton, 28% of net, 1 year into a 35 year but I over pay to 40% when possible