From your income (after tax) how much goes to your rent/mortgage?

ms vieria

Just curious as to the percentage of mortgage/ rent to income you guys have?

I have seen the rule of 1/3 of salary is OK amount for Mortgage - do you think that still holds true in Irealnd?

JustAThought

ms vieria wrote: »

Just curious as to the percentage of mortgage/ rent to income you guys have?

I have seen the rule of 1/3 of salary is OK amount for Mortgage - do you think that still holds true in Irealnd?

50% is typically taken in taxes and stealth taxes first before you get your hands on the money you worked for - assuming you work and aome other hardworking schmuck isn’t paying your rent through their tax as ‘rent relief’ or ‘social’ housing / charity housing. Skews the detail /stats a lot.

Renault 5

We are both working.

Combined ( After Tax )Salary our Mortgage works out as 27.82% of our Income

~28% of Net here. Single person household.

Ronney

33% of Joint Salaries going in rent:mad:

On the hunt for a house and or Max Mortgage would be as low as 25% but will probably aim to shorten the term and pay round 28/29%

Interested Observer

My half of the mortgage is ~28% of my net pay. It's hard to calculate exactly for my partner because her pay is different pretty much every month but it would be in the 25-30% bracket as well I reckon.

Smee_Again

2 salaries here mortgage and mortgage protection combined is 15% of take home pay.

We bought based on 1 salary so adding the second made a big difference.

ted1

Single income family and 18% of take home , got lucky and bought at bottom of the market.

Sleepy

Single income family - 19.5%. As we bought a fixer upper, there's near enough that again in other loans though they'll all be cleared in the next 6 months. Will be nice to be able to start saving towards the next round of renovations!

ted1

Sleepy wrote: »

Will be nice to be able to start saving towards the next round of renovations!

It never ends.

rain on

23%, and that was as much as the bank would lend me (single income household).

DaveyDave

Joint salaries, just under 25% after tax and we're overpaying by 10%.

ms vieria

DaveyDave wrote: »

Joint salaries, just under 25% after tax and we're overpaying by 10%.

Is the overpayment in the 25%?

DaveyDave

ms vieria wrote: »

Is the overpayment in the 25%?

Yes the overpayment is included.

The Mighty Quinn

26% of my take home.
14% of joint income.

Like another poster above, was granted a mortgage on my income alone, wife's income has really made it quite a manageable mortgage. Overpaying about 10% from this month on.

galson

Over 50% easily with the ridiculous rents, and it will be more as we were told to move out this year by the landlord.

Paul_Mc1988

Dual income paying about 60% on the mortgage due to overpayment. Payment is about 1250 per month and overpayment is about 2500 per month. Covid means we have nothing to spend the money on and every month the payment comes down.

relax carry on

17.5% of nett take-home. Overpaying by 10% monthly. Overpayment included in the 17.5%.

catrionanic

28% of our net incomes. He works full time and I am part-time. A 10% over payment is included in that.

MarshmallowPop

10.2% of our net incomes. This rented house is fine but we really want a place to call our own but I have Mortgage Phobia. My aim is to have 100k saved altogther and be out of here in 18 months, then have a smaller mortgage and some renovation money if needed.

Creamy Goodness

25%, single income

wench

Single income, 14% now, was 37% when taken out.

cubatahavana

I am pleasantly suprised at the figures quoted. We are 25% ourselves.Not overpaying yet (we just got the mortgage 3 months ago), but planning maybe in the future.

jrosen

Think we are at about 23%. He works FT, I work PT.

The Mighty Quinn

There are 4 people so far spending over 70% of their take-home pay on rent/mortgage.
That's a frightening situation to be in.

blackbox

Mortgage paid off.

thegetawaycar

The Mighty Quinn wrote: »

There are 4 people so far spending over 70% of their take-home pay on rent/mortgage.
That's a frightening situation to be in.

It's relative though, if you are paying 70% of PUP on mortgage/rent at least there is hope you will be back to full earnings soon.

ms vieria

Thanks for all your replies - I know everyone's situations are different but interesting to see what people are doing. For mortgages I wonder if year bought and % of income are mortgage are correlated?

Lia_lia

We are renting a 2 bed in Cork city and it’s 14.5% of our combined net income. Very lucky. Still looking to buy soon though.

Cuddlesworth

JustAThought wrote: »

50% is typically taken in taxes and stealth taxes first before you get your hands on the money you worked for - assuming you work and aome other hardworking schmuck isn’t paying your rent through their tax as ‘rent relief’ or ‘social’ housing / charity housing. Skews the detail /stats a lot.

Last I looked you had to be earning around 670k to make it past 50% tax rate.

Ray Donovan

Built my house with my wife. Mortgage & Mortgage protection is 18.75% of net salary.

December sees the end of my fixed term so will be shopping around.