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Discussion Starter · #1 ·
..... right I dont want to know figures as that is a bit personal.

Just wandering how much of your monthly pay or household income you spend on your mortgage..

Ie at the moment my wife is not pulling a wage from our new business.. and the mortgage takes 25/30% of my take home pay

I am looking at a new mortgage/house and it is going to double my payments and take about 55/60% of my take home pay.
 

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1/4 of my wage....but i also have a wife, daughter and another one on the way and 2 cars to run which take another 2.8/4 of my salary...

L[Z]eaving me with 0.2/4 for myself[:D]
 

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Discussion Starter · #9 ·
You guys who split the salary with your partners... can you pay it without therere pay... IE what if they have kids or lose the job.. is that built in to future plans?

See we have 2 kids now and no plans for more. and this new house is in a cracking area is worth nearly twice what we have now its detached with 4 big double bedrroms.. ATM we have an average 3 bed semi and we are falling over eachother and my poor youngest is still in a cot-bed as we cant get a normal bed in his room. We have been looking for 3 years and this house is right... we know we will be happy till the kids are ready to leave and we will have the space we need now.

Now I dont want be disrupting my kids by having to move 3-4 times to get further up the chain. IMO I should just break my back on a big mortgage for 4-5 years rathere than put the family through the strain of several big moves.

However if all goes to plan and her catering business takes off and she brings 15-20 k home next year, all will be fine if however its on my head for the forseeable future.. its gonna be tight. like %55 of my nett take home.....
 

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Discussion Starter · #10 ·
1/4 of my wage....but i also have a wife, daughter and another one on the way and 2 cars to run which take another 2.8/4 of my salary...

L[Z]eaving me with 0.2/4 for myself[:D]
Love the mix of decimals and fractions... I think I get it[:S]
 

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Discussion Starter · #12 ·
... yes it will bust as it did in the late 70s/early 80's and the early 90's .. BUT overall it will rise. as I say if I buy this house I will not be moving for at least 18 years so overall no matter what the economy does it will rise.

My point is even if the market crashes now.. Ill lose alot of equity now and it will be nigh on impossible to move as my own house will be difficult to sell in a stagnant market...

I will fix the mortgage for at least 8 years at fixed rate ... and my salary should increase by 3% every year for the forseeable.

If the Wife starts earning her projected income within 2 years the payments would fall to 25% OF OUR TAKEHOME pay
 

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I would say 17% of salary on the mortgage. Single, no family (still!). I am fairly sure the car needs more money to run it over the course of a year...

Nice idea planning in advance, there are some good long term fixed-rate mortgages out there, as long as the mortgage is portable should you have to move again.
 

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27% for me but discount period runs out Dec so better sort something out - the rest goes on wife, cat, 2 cars and 2yr old twins (not cheap[:p])
 

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You guys who split the salary with your partners... can you pay it without therere pay... IE what if they have kids or lose the job.. is that built in to future plans?
Mine takes up about 25% of my take home wage, my missus lives with me but doesnt pay in to it (ATM).

I currently pay all the bills, gas, water,food etc whilst she is in the process of selling her flat, as we are going to buy a bigger place which will be "Ours"

We've set out what we want to spend on the new place & this still fall in place with just me being able to cover it when the time comes for her to have a "Bun in the oven"

I think to many people have streeeeeetcccccheeeed themselves with mortgages, trying to be "Better than Yow", which should be fun when the bubble bursts.
 

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Same as GreenBeast, around 40%. I only moved in two weeks ago (first time buyer). Seems at the moment that everyone with a hand is sticking it in my wallet! [:S]
 
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