thinking-guru
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50% on the high end. Ideally you are around 36%.
The more you are paying for your mortgage the less you have to spend on other things. |
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thomas953ng
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For more than fifty years there was a rule of thumb that banks and credit unions used. Today it seems to be "Don't worry be happy" but the rule was no more than 25% af your take home pay for Mortgage. In many cases banks would ask for 20% down but now 10% or even 5% is ok. |
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dubie
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40% is usually the maximum the bank will allow to lend you the money i.e. if you earn 1000 pounds a month and have no other debts, the bank will only lend to you if your mortgage monthly payments do not exceed 400 pounds a month. 40% is pretty normal. |
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hmark
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In the USA, the advice was no more than one week's paycheck towards your mortgage/rent. Anything more, then you will have not as much play with your income. However, looking at this country, I sincerely doubt that what is most people are doing. |
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Suzy
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Between 25-30% is about average. |
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Dwan J
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Standard Front end riatio is typically between 25% - 30% of your gross Income. |
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Eeyore
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My mortgage is just over one third of my wages, but maybe my situation is a bit different to others because I have a very small mortgage (although it is still over 25 years) but I only I work part time and live alone. It is a struggle for me to make ends meet. |
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psychoticgenius
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I would not have a mortgage full stop. I do not want a debt that will take 20 years plus to pay off, life is too short. |
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pinkyismygirlfriendniluvhur
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we don't have one
I could see maybe paying $400 a month if the land AND the buidings were both nice |
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earth angel
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It depend on how much you make and how much your mortgage is. Small salary, big mortgage = probably all of it or most of it will go to mortgage. |
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Jesse
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I spend about 20% if I take this other job it will be less then 10%. But I got a small house and I could of had something a lot bigger, I was approved for over $180,000 and got one for $52,000. My wife also works, but she does not pay for the house at all. |
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Muga Wa Kabbz
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40% of our net income is crazy to spend on your mortgage. Someone who does that will most likely be foreclosed in a year or two.
Typically, for your own financial well being it is recommended that you spend no more than 25% of your net monthly income on your monthly mortgage payments. This is usually to protect you against rate hikes in interest rates etc.
I, personally, never spend more than 20% of net income on rent or monthly mortgages. |
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