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

ec_pc

Single income family, 33% including over payment of 45%, Payments keep reducing every month due to over payment, keep topping up to a set amount. Really making in roads, if I keep over payments up it will remove over 6 years from mortgage. 20 years down to just under 14.

corsav6

Single income and 0% but at least 100k to finish the house and lands around it.
Moved in with only a sitting room, kitchen and bathroom ready. Steadily over the past 5 years we've 95% of upstairs done and only a utility room left to tile downstairs.
Outside needs fencing, which is in progress, kerbing, driveway either tar or paving, but it's a large area so 30k at least and a half acre to the back which needs clearing and leveling before we even attempt anything with it.
Plan is take it slow and have no debt.

ted1

For those over paying, are you maxing out your pension contributions?
Or just focusing on the mortgage? Surely it’s more beneficial to take the tax advantage of putting it into your mortgage.

LimeFruitGum

13% at the moment between the pair of us and we bought the property in 2014.

Having said that, our salaries have improved a good bit since the purchase, through various job moves & promotions. We also put in a couple of lump sum overpayments. I would say we started off at around 20%.

Harpon

ted1 wrote: »

For those over paying, are you maxing out your pension contributions?
Or just focusing on the mortgage? Surely it’s more beneficial to take the tax advantage of putting it into your mortgage.

It’s a big risk to put any significant amount into your pension, you could be dead and buried before you see a penny of that money. Or if you do make it to retirement there’s a good chance you will have some sort of serious illness or just general ailments like a bad hip, bad knee, arthritis etc that prevents you from fully enjoying the money. People should use and enjoy their money while they are still young and healthy.

ec_pc

Good query about the pension. My personal aim is to be mortgage free as soon as possible and then start to enjoy more travel etc once the world gets back to normal.

DubCount

Harpon wrote: »

It’s a big risk to put any significant amount into your pension, you could be dead and buried before you see a penny of that money. Or if you do make it to retirement there’s a good chance you will have some sort of serious illness or just general ailments like a bad hip, bad knee, arthritis etc that prevents you from fully enjoying the money. People should use and enjoy their money while they are still young and healthy.

Don't join the Samaritans

scooby77

10% including c.15% over payment. Should clear july 2022, 5 years early. Was lucky got very low tracker, and had good deposit.
Down side house worth €60k-€70k less than we paid, and will probably never reach that price again. Newer houses in area more desirable. No plans to move though at moment though, so suppose that's irrelevant.

L1011

14% of combined after-tax income - mortgage is significantly less than 1x combined salary.

Could have it paid off in maybe 3 years if we went insane, but we're saving to do a huge refurb instead. I still want it clear in 6 years for a milestone age; there's 9 years left on the current term.

Buying single and in a deep crash has helped. A lot.

Dick Turnip

Was renting paying 36% of net

Getting keys (hopefully) in couple of weeks, mortgage will be 29% of net pay

Single person in Dublin

onrail

Living in Belfast, paying 9% of our two (net) incomes on rent. Can’t complain

ted1

Harpon wrote: »

It’s a big risk to put any significant amount into your pension, you could be dead and buried before you see a penny of that money. Or if you do make it to retirement there’s a good chance you will have some sort of serious illness or just general ailments like a bad hip, bad knee, arthritis etc that prevents you from fully enjoying the money. People should use and enjoy their money while they are still young and healthy.

Cool story bro, but how is over paying your mortgage any different? You are putting money away you could use now.

whatawaster81

Single person, mortgage is 31.84% of Net

cubatahavana

While this is an interesting thread, I think percentages can be deceiving. Big difference between a 25% of a combined income of 100k net or 50k net.

Harpon

ted1 wrote: »

Cool story bro, but how is over paying your mortgage any different? You are putting money away you could use now.

Because you access your pension at what 66, although by the time anyone in their 20s/30s/40s retires the pension age will have been pushed up to 70 or older I would imagine. The latest a bank will give you a mortgage to is 66, so if someone is overpaying the mortgage it will be paid off sooner. Most people tend not to get a mortgage term lasting until they are 66 so even if they aren’t overpaying they will have access to their money sooner.

ms vieria

cubatahavana wrote: »

While this is an interesting thread, I think percentages can be deceiving. Big difference between a 25% of a combined income of 100k net or 50k net.

Very true but not an easy topic to get a clear picture on but the comments have shed more light. Thanks to all who contibuted

ebayissues

Single, 23%.

stoneill

House paid for!

bilbot79

stoneill wrote: »

House paid for!

Why I oughtta!!!

onrail

stoneill wrote: »

House paid for!

GTFO!

SusanC10

Single income household - 20% of net pay goes on Mortgage.

lawred2

Took out a mortgage over 31 years five years ago. At 4.1%

Now over five years and four remortgages later we're down under 17 years left and a rate of 2.2%

Mortgage currently about 25% household income after tax and pension deductions

Ultimate aim is to be done in ten more years

theteal

14% (actually 18% with the overpayment)

That's likely to change come mortgage deal end in January as we need to decide between increasing the mortgage for some building work or just moving to a bigger/better/more expensive house.

Interest rate currently is 1.26%

ms vieria

theteal wrote: »

Interest rate currently is 1.26%

Not living in Ireland?

theteal

ms vieria wrote: »

Not living in Ireland?

Nope, signature is a giveaway

Treppen

theteal wrote: »

Interest rate currently is 1.26%

At it again.

They also get double Microsoft rewards points where he is.

Grrrrr

JustAThought

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.

HAHA maybe we're the "schmucks" for working getting raped in tax ? then watching the Government squander it.

I am however very fortunate not to have any rent or Mortgage to pay but it still makes me sick watching what's robbed from my wages every month and that's really what it is, robbing!!!

When I add up what we both get robbed every month it really is a disgrace.

Interested Observer

Harpon wrote: »

It’s a big risk to put any significant amount into your pension, you could be dead and buried before you see a penny of that money. Or if you do make it to retirement there’s a good chance you will have some sort of serious illness or just general ailments like a bad hip, bad knee, arthritis etc that prevents you from fully enjoying the money. People should use and enjoy their money while they are still young and healthy.

I don't know why I'm engaging with someone so nuts but:

6% of my gross pay goes into my pension, my employer puts in another 7%. I don't pay any tax on the 6%, so I lose ~3 or 4% of my net pay but gain 13% of my gross pay into my pension. And in a country where the average life expectancy is in the 80s and rising, you think the BIG RISK(!!!) for me is forgoing that 3% for the time being, and not the prospect of going 20+ years after retirement with my pension available? Yeah good one.

Smee_Again

Interested Observer wrote: »

I don't know why I'm engaging with someone so nuts but:

6% of my gross pay goes into my pension, my employer puts in another 7%. I don't pay any tax on the 6%, so I lose ~3 or 4% of my net pay but gain 13% of my gross pay into my pension. And in a country where the average life expectancy is in the 80s and rising, you think the BIG RISK(!!!) for me is forgoing that 3% for the time being, and not the prospect of going 20+ years after retirement with my pension available? Yeah good one.

Every time these type of threads come up you have someone make that claim, it's bizarre and would make you wonder how many people also think it in the real world.

BrokenArrows

About 15 percent at the moment with both working good jobs.

Has ranged over the years depending on jobs. At some point it should have been 50% which wasn't good.

1/3rd is a good rule.