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

mkdon

what is a reasonable amount to pay for mortgage in terms of % of after tax income before bills?

theteal

I've read a few places that you shouldn't really let housing (rent or mortgage) be more than 1/3 of take home pay. I'd assume in current times, that's well out the window for a decent amount of people.

In our own case, it's just above 20%

2013Lara

27%

ELM327

I get paid 13 times per year (4 week cycle) and have 12 mortgage payments.
Aggregating my net pay multiplied by (13/12) to give correct monthly, my mortgage is 14% of my net.

mkdon

ELM327 wrote: »

I get paid 13 times per year (4 week cycle) and have 12 mortgage payments.
Aggregating my net pay multiplied by (13/12) to give correct monthly, my mortgage is 14% of my net.

very low

ELM327

mkdon wrote: »

very low

Compare that to just under 50%, when I was renting, it sure is! :pac:
50% is too high, they say you should aim for 30% max

blindside88

Current mortgage is 9% of take home pay, moving into a new house in January and the new mortgage will be 14%

howamidifferent

36%

amcalester

Just less than 14%

Carlos Orange

theteal wrote: »

I've read a few places that you shouldn't really let housing (rent or mortgage) be more than 1/3 of take home pay. I'd assume in current times, that's well out the window for a decent amount of people.

My mortgage is 28% plus a few percent for insurance required by the mortgage. It would be a bit lower if I was in a couple and a bit higher if I went over the 3.5X but I kinda assume the mortgage rules mean everyone ends up more or less the same. I could pay a lot more but that is kinda irrelevant if the banks won't give it to you.

Bought my house 2 years ago since when factors into this a lot.

laserlad2010

I bought myself so my mortgage (with 10% overpayment) is 36%, however with my partner contributing that falls to 25%.

Wheety

We're both working. Mortgage is 16% of net pay. In the process of changing rate, which will drop it to 15%.

As said above, when working this out you don't just multiply weekly pay by 4 or fortnightly pay by 2 to get monthly pay. have to multiply by 52 or 26 and divide by 12 to get your proper monthly net income. May be obvious but some people don't work it out this way.

madwidow

31.5% but i ve set up an overpayment so 35% for now

XsApollo

8.5%
Pretty low

tom1ie

Approx 35% with both incomes factored in for my mortgage.
That includes a 95% overpay.

RiseToMe

9%, joint mortgage and Incomes

Stroke Politics

Including children’s allowance, we pay 34% of our net take home income.Pay them fortnightly. We overpay and have a payment “holiday “ when I get paid three times in the month. This month is our winter holiday month for paying Santa!!

endacl

2 mortgages here. Slightly less than 4% all in.

No complaints.

dev_ire

Just for anyone looking in here comparing their rent percentage to this remember to add in property tax and insurance/s on top of what people are saying here.

mkdon

i was thinking........ seems crazy low

mkdon

also need to consider the term? is the term generally 30 years

;\

anewme

About 15% of my net take home pay

RiseToMe

dev_ire wrote: »

Just for anyone looking in here comparing their rent percentage to this remember to add in property tax and insurance/s on top of what people are saying here.

Mine at 9%,included that but yes it is a consideration

dev_ire

mkdon wrote: »

also need to consider the term? is the term generally 30 years

;\

Also when they took the mortgage out (ie what rate are they on).

Cyrus

23 percent for us

Ginger83

tom1ie wrote: »

Approx 35% with both incomes factored in for my mortgage.
That includes a 95% overpay.

95%?

3DataModem

Was at 18% earlier this year. Then 28% (new job in May). Now 33% (new house in October). But household salary is a little low at the moment as I'm working in a startup and my wife isn't working. Roll on 2019.

_Brian

14.3%, covers two houses one rented out.

L1011

12% or less of combined income. Bought a borderline habitable house (in a generally pricey area) in 2012, interest reductions and salary changes since have all been reductive to that figure. 20 year term.

scooby77

9% of our combined income including property tax and c.35% overpayment. Tracker currently at 0.75% ...only reason we don't pay off...cheap money.

helimachoptor

About 15% for myself and Mrs heli.

Childcare is our expense tbh

chooey

23% of our joint wages.

Teyla Emmagan

It's about a fifth of my earnings. 9 years and I am mortgage free, yahoo!

Westernyelp

12.5% single mortgage

The_Honeybadger

11% here

mkdon

wait... so only 4 % left?

Geuze

My interest bill is 30 approx pm, 0.5% tracker mortgage.

Repayment is just under 20% of net, where net is Gross less tax, PRSI, USC, pension, PRD, income protection, life cover.

Cows Go µ

16% though I'm saving to do some renovations so put away another 30% on top of that.

SteelyDanJalapeno

Are people using gross or net salary?

Alkers

20% after tax and pension contributions (both maxed) which is manageable

28 years of a 30 year mortgage left, 3% rate

Water John

AFAIK 35% of net income is the considered max desirable by Dept of Finance.

AppleBottle

Will be 16% of net wages based on 35 year term (when we finalise the sale/ start paying the mortgage)

Looking to buy at the moment, our mortgage will be roughly 25% of net wages. Will probably overpay a bit once we get settled.

ted1

20% of my take home.
No childcare fees, 3 kids and wife is a stay at home mum.
2.8%

An Cigire

25% of take home pay. 32 years left. Just started over pay by 10% as I’m fixed at 3%.

eviltwin

18% of nett, bought the house in 2002.

FaganJr

16% of one salary
Tracker over 35 years
60% paid off with some overpayments

sydthebeat

11% of net.

whomitconcerns

38%... A lot of people on here with very high salaries or very low mortgages

mkdon

agreed i expected circa 30% to be the norm

liquoriceall

Around 19% which is decent enough really doesn't intrude too much on life